the art of starting submitted by g.tapasvita g.tapasvita 60,mba,agbs 60,mba,agbs

The Art Of StartingThe Art Of Starting

Submitted bySubmitted by G.TapasvitaG.Tapasvita

60,MBA,AGBS60,MBA,AGBS

Great Ideas for startingGreat Ideas for starting

Make meaning-a startup should Make meaning-a startup should have its objective in place, it have its objective in place, it should be able to justify its should be able to justify its purpose (products or services).purpose (products or services).

The entrepreneur should have The entrepreneur should have clear goals.clear goals.

Make mantraMake mantra

Mantra is for the employees Mantra is for the employees which has to be a practice, with which has to be a practice, with the company's values the company's values embedded in it ,which is short embedded in it ,which is short and simple. It differs from a and simple. It differs from a mission statement in a way that mission statement in a way that the mission gives a wide the mission gives a wide description of values. A tagline description of values. A tagline is for the customers which is a is for the customers which is a reflection of usp of the company.reflection of usp of the company.

Get GoingGet Going

Think Big- A entrepreneur Think Big- A entrepreneur should aim high and should should aim high and should build up the required resources build up the required resources to achieve targets.to achieve targets.

Find a few soul mates-Having Find a few soul mates-Having partners in a business venture partners in a business venture can be advantageous .can be advantageous .

Get GoingGet Going

Polarize people-the customer can Polarize people-the customer can either like or dislike the product ,no either like or dislike the product ,no matter what ,the presence should matter what ,the presence should always be felt, they should not lose always be felt, they should not lose interest .interest .

Design different-A person should not Design different-A person should not always go by fad, there are other always go by fad, there are other ways by which one can develop new ways by which one can develop new product. such as by thinking from product. such as by thinking from buyer's perspective understanding buyer's perspective understanding his needs.his needs.

Get GoingGet Going

A product need not be an instant A product need not be an instant hit as market can be shifting .hit as market can be shifting .

Launching prototypes of Launching prototypes of products or services help products or services help achieve early success rather achieve early success rather than to wait for ideal than to wait for ideal circumstances.circumstances.

Business ModelBusiness Model

A business model should be A business model should be specific determining the target specific determining the target segment and succinct.segment and succinct.

Milestones-There are few Milestones-There are few important milestones an important milestones an entrepreneur should take a note entrepreneur should take a note these are essential for survival these are essential for survival of the startup they areof the startup they are

Proving the conceptProving the concept

MilestonesMilestones

Complete design specificationsComplete design specifications Finish a prototypeFinish a prototype Raise capitalRaise capital Ship a testable version to Ship a testable version to

customerscustomers Ship a final version to Ship a final version to

customerscustomers Achieve breakevenAchieve breakeven

AssumptionsAssumptions

Always have to keep a track of Always have to keep a track of these set of assumptions as these set of assumptions as these are linked to the these are linked to the milestones. They aremilestones. They are

Sales call per salespersonSales call per salesperson Length of sales cycleLength of sales cycle Return of investment for the Return of investment for the

customercustomer

AssumptionsAssumptions

Technical support calls per unit Technical support calls per unit shipped.shipped.

Payment cycle for payables and Payment cycle for payables and receivables.receivables.

Compensation requirementsCompensation requirements Prices of parts and suppliesPrices of parts and supplies Customer return on investmentCustomer return on investment

TasksTasks

These are the tasks necessary to These are the tasks necessary to carry out the operations to carry out the operations to design,manufacture,ship,sell.design,manufacture,ship,sell.

Renting office spaceRenting office space Finding key vendorsFinding key vendors Setting up accounting and payroll Setting up accounting and payroll

systemsystem Filing legal documentsFiling legal documents Purchasing insurance policiesPurchasing insurance policies

Internal EntrepreneuringInternal Entrepreneuring

An internal entrepreneur should An internal entrepreneur should concentrate on the company concentrate on the company first not for personal gain.first not for personal gain.

Creating new products or Creating new products or services which would kill the services which would kill the existing products of company existing products of company are to be accepted and are to be accepted and launched before the competitor launched before the competitor does.does.


Internal entrepreneurs can approach Internal entrepreneurs can approach eminent people in the management eminent people in the management for technical, protection and other for technical, protection and other market insightsmarket insights

A new location for a new product A new location for a new product development can be ideal as it would development can be ideal as it would be free of distractions from be free of distractions from management, and should not be too management, and should not be too far from the main building.far from the main building.


In an organization there are In an organization there are people who like to see changes, people who like to see changes, innovations ,their support can innovations ,their support can make innovation, invention make innovation, invention happen.happen.

One can take the support of One can take the support of existing resources and existing resources and infrastructure to make infrastructure to make innovation easier.innovation easier.


Data is of prime importance as Data is of prime importance as at any point of time lawyer may at any point of time lawyer may Question about the existence of Question about the existence of the project therefore one has to the project therefore one has to be prepared with the data be prepared with the data pertaining to amount spent and pertaining to amount spent and status of the project, status of the project, accomplishments and share accomplishments and share them openly.them openly.


The top management should The top management should discover the project and sponsor it discover the project and sponsor it rather than seeking permission to rather than seeking permission to start.start.

If a product is successful the group If a product is successful the group can be dismantled and integrated can be dismantled and integrated into a larger organisation.Later on into a larger organisation.Later on other groups can be created for new other groups can be created for new ventures.ventures.


Starting something new in an Starting something new in an existing company requires a existing company requires a new approach .new approach .

To position a startup one can To position a startup one can consider to foray into a niche consider to foray into a niche market and dominating it.market and dominating it.

Pitching-can be done with 10 Pitching-can be done with 10 slides, twenty minute powerful slides, twenty minute powerful presentation.presentation.


Bootstrapping –A startup has to Bootstrapping –A startup has to sustain on available resources rather sustain on available resources rather than incurring additional expenses.than incurring additional expenses.

Recruiting-A startup can hire people Recruiting-A startup can hire people who are willing to risk their careers.who are willing to risk their careers.

Partnering-A startup has to find a Partnering-A startup has to find a way to increases its sales by way to increases its sales by partnering with others.partnering with others.


Branding-A startup should look for Branding-A startup should look for cost effective methods for promoting cost effective methods for promoting their brand.their brand.

A startup should look up for people A startup should look up for people across every corner who would get across every corner who would get the sales for the company.the sales for the company.

Also helping people who wouldn't Also helping people who wouldn't help them would make the company help them would make the company acquire a good image.acquire a good image.

the art of starting submitted by g.tapasvita g.tapasvita 60,mba,agbs 60,mba,agbs

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