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7 Important things to know before venturing into your own business

7 Important things to know before venturing into your own business

As a startup founder, you may end up doing even the most basic jobs. For instance, one of the world's richest men and Amazon's Co-founder Jeff Bezos used to deliver orders himself in the initial days of his startup venture.

Founding your startup and starting a business is an exciting concept, but only a few people have the heart, mind, and patience to make it to the top. Founding your startup and starting a business is an exciting concept, but only a few people have the heart, mind, and patience to make it to the top.

According to the Economic Survey 2019-20, from 70,000 new firms created in 2014, the Indian entrepreneurial market witnessed a phenomenal growth of 80%, reaching up to 1,24,000 new firms in 2018. 

Even though these impressive stats prove the new-age dawn, it is also true that entrepreneurship can be a challenging game - a high risk, high reward path for which no amount of school and college experience can prepare you. 

Combined with constant nagging, stressful and overwhelming feelings, a startup owner often juggles with zillion things, all at the same time. 

Also Read: Grab opportunity created by closure of plants in China: MSME minister to entrepreneurs

There's no avoiding this reality for new startup founders, but it's possible to manage expectations and take actions with a sense of purpose toward building your startup with a bit of planning. 
  
Against this backdrop, here we have listed seven key things that everyone must know before venturing into the vast world of innovation and entrepreneurship:  
 
1. Is entrepreneurship the right fit for you? 
 
It is vital to know whether entrepreneurship is your cup of tea or not. If you are simply venturing into this world because it is the latest trend, then your business plan might flop before you even begin. Entrepreneurship will dominate a significant part of your life. 

If you aren't ready to take this responsibility in the long run, then you are only bringing frustration, dissatisfaction, and loads of stress into your life. Starting your business is as good as having a newborn baby. 

You've to take care of it day and night, nurture it with love and sleepless nights. And just like a child, despite all the good parenting and hard work, you will never know how it's going to turn in the end, but you'll still support it.  
  
2. Evaluate the pros and cons of your business venture 
  
Optimism is great. It keeps you positive, confident, and cheerful while starting and even conducting your business. However, when it comes to a business venture and evaluating the risks and rewards, staying positively realistic is better. 

Ensure that your startup idea is scalable or not. Is it solving contemporary challenges? Is it an exclusive solution, or do you have competitors? As a startup owner, you'll have to think about all hard-hitting questions before turning your idea into a full-fledged reality.  
  
Most importantly, be honest with yourself. Don't let yourself be caught in the trap of wishful thinking and focus on the existing facts and metrics of the target market. 

Carefully navigate through all pain points, including financial parameters, future possibilities, and worse case scenarios, and check whether your business idea is suitable for your target market base.  

Also Read: What the mix of physical and digital means for new age entrepreneurs
  

3. Know your customer 
  
In the business world, customers are the key that can break or make your business. Before diving into the vast world of new firms, conduct a thorough market and consumer research.

Understand the key demographics about your potential customers and find out what the most attractive segment of your business-- something consumers are looking forward to. 

This step will help you identify the primary USPs of your venture and help gain maximum traction. This will also exponentially increase the success rate of your business because once you get to know the customer, you've already won half the battle.  
  
4. Take risks, but smartly 
  
All that glitters is not gold. Similarly, every risky move doesn't necessarily mean an opportunity for high rewards. Usually, motivation sessions are filled with punch lines like 'take risks', but is taking blind risks without carefully navigating the advantages and disadvantages a good idea? Absolutely not. 

While starting a business, it is essential to take calculated risks, but more importantly, it is crucial to know when not to take risks. 

While taking a risk-laced step, make sure you're capable of handling the outcome if things go south. Taking a risk and making a mistake might not halt your entrepreneurial journey, but taking an ignorant one will definitely take you down.  
  
5. Passion can open many doors 
  
Not many people can reach the peak, fewer can stay there. Similarly, not everyone can be a founder of a successful business because it's a lonely journey. 

The beginning of a startup is almost always filled with unforeseeable difficulties, setbacks, and little positive light. It is ultimately your inner passion that can motivate you to continue going forward.  

It is the only thing that will give you the power to face all possible obstacles and find innovative ways to navigate through the toughest of black holes. An entrepreneur is by default a passionate and driven person because, without it, they are just another mediocre human being running the superficial rat race.  
  
6. The network is equal to Net-worth 
  
The business community is a close-knit one. Here you need people who understand perspective, your ambition, your drive and help you push boundaries. 

While entering the business world, make sure you surround yourself with more competent, skilled, knowledgeable, and experienced people because, in business, continuous evolution is the only way to survive. 

So keep learning, taking suggestions, discussing future possibilities, and constructing a solid foundation for your future growth 
 
7. Airy entitlement is a shortcut for failure 
  
As a startup founder, you may end up doing even the most basic jobs. For instance, one of the world's richest men and Amazon's Co-founder Jeff Bezos used to deliver orders himself in the initial days of his startup venture. 

Today, as of October 2021, Amazon is worth approximately $1.7 trillion. This just proves that if you are sure about your startup idea, you'll do all tasks and get the job done. Initially, you will have to make sacrifices, given your sweat and blood (literally), but gradually there will come a time when you'll start gaining rewards. 

Therefore, stay humble during hard times and not become entitled or feel that a task is too trivial or unimportant for a startup founder.  
  
Take intelligent and incremental steps 
 
Founding your startup and starting a business is an exciting concept, but only a few people have the heart, mind, and patience to make it to the top. 

Do your homework, understand the market nuances, take calculated and well-thought risks, leverage the tremendous experience and in-depth knowledge of your network, build a strong team, believe in yourself and your product, and take one step at a time, success will definitely knock on your doors.  
 
(The author is Founder & CEO, SCOPE)