Before you jump in – Keep an eye on the things you need to look at...

There are many challenges faced by entrepreneurs before they start their own businesses, if you are having an entrepreneurial mind with a burning idea? Then it is worth reading this article. 

“The world is filled with brilliant ideas and excellent products but the world lacks seasoned entrepreneurs.” – Robert Kiyosaki

There are some challenges you need to overcome before you go and implementing your business idea in the market. 

The foremost one is: - Developing and screening an Idea 

Developing and screening an idea is certainly not an easy task to perform, it involves lot of research and understanding about the industry and competitors. 

“Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.” – Rich Dad

Building a parachute in the mid air is possible only when you do some home work before you jump in, which is as follows. 

In general for any business idea the basic things we need to ask our self is...!! 

How unique is my product/ service? 

Who are my potential customers and where can they be found?

What is the current competition? Is it local, national and International?

Is my business idea convincible to maximum members?

Am I able to answer all the questions going to ask by angel investors & VC’S? (Funding)

Is my business model legally allowed? What are the legal issues!!

Is it possible to cope with changing trends and technological factors?

“A business has to be involving, it has to be fun and it has to exercise your creative instincts.” – Richard Branson

These are the basic factors you need to look at before you jump in to the market, I left one very important factor among all of the above is Market research. Collecting feedback by doing survey and interviews i.e. market research, gives a lot of scope to understand the present scenario. How effectively you do research on market that much of filtration will happen on your idea which in turn gives a lot of advantage in customizing your business model. 

Second challenging thing is raising capital for your startup,

As I have already written an article on this post. So please refer – How to attract potential investors

Stay tune for next post on assembling a business team. 

looking forward for your feedback and comments 

Have a blessed day

LaLi