Vaneet Sood

Entrepreneur and Realtor January 9th, 2017

NEED 3 percent population of entrepreneurs

vs 97percent mainly rely on jobs World has seen how badly people get

affected when economies crumble. Job insecurity, Layoffs, Shutdowns are

becoming frequent. What’s the need to set aside job

and think like a business man= 100%

WHERE TO START

Write down on a piece of paper what you are good at, what you expertise it.

Write down ways you think you can use the same skill to benefit others (these others will be your future customers)

Write down how your skillset/thoughts are different from other companies already in market. Don’t limit yourself based on money.

If its a product idea, draw your designs. If its a new process you think of, draw the blueprint.Take your time

DON’T THINK OF MONEY AND

BUDGET YET!!!

TIME ANALYSIS

NEED ANALYSIS

Ask these questions to yourself and if possible do a survey.

1.Whats the need of your idea?2. How will it revolutionarise the market?3. Ho will it generate money for you?4. What sort of similar

product/service/process are there in market-Local and International.

5. What level you want to take your business?

6. Are you motivated?

KNOWLEDGE AND RESEARCH

Before going further, list down people/networks that know are good entrepreneurs. Don’t share your idea, but seek knowledge from them.

Share your idea based on trust level and if you think that person might be useful to you as an investor or partner.

Read/Know everything you need to know about the product/process. Go for global resources. Google it!! Youtube it!!

More you research, more you will be clear and confident you will be about your idea.

MONEY TALKS

Once you have done your difficult part of researching,surveying, designing and networking Money is easier to get.

There several ways you can get money to aid your idea.

MONEY TALKS

You can finance it yourself. You can borrow/lend money from relatives and friends. You can get a loan from the bank. It will need specific

business plans and ROI assessment. You can approach venture capitalists. If you have a

strong idea, most of them will provide you funding. Go online; Kickstarter, Peerbackers, RocketHub etc.

Where people will donate money if your idea is worth it.

You can sell your idea to some established company and yield lifetime royalties besides selling price.

Or Add up all the resources mentioned above. Start Saving for your idea today onwards.

RISK ANALYSES

This is very essential for you and for the bank and venture capitalists as based on this they will sanction you money.

Do it at various levels, seek advise from external sources as well.

You need to assess risk in all aspects; process, resources, vaibility, change, financial etc.

ESTABLISH A SYSTEM

Once you have money arranged. It is essentail you set up a “SYSTEM” that will work in a way that you start getting income as early as possible.

Get yourself a team( if its a medium to big project) and assign them tasks.

Network with markets where you want to establish. If possible get help from Sales company or hire Great Sales People.

Once your product is ready and is being tested, Start marketing.

MARKETING

It can impact your budget and Reputation negatively if performed wrong.

Start Marketing a few months before launch.

Create curosity to yield best results. Start with smaller market before

branching.

ACCOUNTING

Track your budget carefully. Main reasons many businesses fail

even before launch is because they fume out their money.

Definitely seek expert advise. Accounts management is VERY VERY

IMPORTANT.

KEEP AGGRESSIVE APPROACH

Once you are in market, be aggressive.

Set Sales targets. Analyse results. Get to more and more people. Dominate any competetion that

seems to appear.

READY TO UPGRADE

Everything needs upgrade. Plan your next move. How you can improve and what can

you come up with. Start working on it as early as first

lauch.

STAY MOTIVATED

Success of failure depends 70 percent on your efforts and research.

If you are successful, think big and do more.

If you fail however, learn from your mistakes and possibly correct them to get back into market.