Start-up fundamentals for first time entrepreneurs

Posted on June 25, 2019

A study conducted by Harvard Business School shows that 75% of all venture-backed startups fail. A different study shows that 137,000 businesses begin every day, while 123,000 fail in a single day. That is almost 90% of all startups! Statistics show that building a company from the ground up can be a daunting task. However, these statistics also show that the 10% that succeed have all had a few things in common that made them stand out and take their business from obscurity to fame and success. These are the fundamentals of creating a start-up that you need to internalize before taking that first step from employee to entrepreneur.

Network

All entrepreneurs dream of one day having a fully furnished office space with a team that shares their dreams and goals. What they don’t imagine is that networking and team building are just as important as focusing on your product or service. To build an effective service it is essential to foster a network of key influencers in your industry who advocate your product and help sell the service for you. As a start-up founder you can also visit any coworking office space in Mumbai to find other like-minded individuals with similar goals. Coworking offices allow you to work alongside new people in new locations every day. You never know, your next business partner or client could be just one seat away from you!

Learn to manage your money

Every business needs customers, new and old, to keep it going. Understanding and selling what people want to buy, gets you a loyal customer base and a consistent revenue. Most people already want to buy shoes, clothes and technology — all of which can easily be found in the market, but for the right service and the right product they are willing to go the extra mile. 10 years ago it would have been difficult to find just a single desk that could be rented, but today through word of mouth and marketing people have learnt how virtual offices and coworking offices can be an invaluable asset to them. As the number of full-time freelancers grows, the need and range of serviced office providers like AccessWork grows along with them. It’s not about how good or bad your idea might be, it’s about how well you market and sell it to paying customers.

Have a plan to scale

It is important to have a plan of where you want to go with your company, how big you want to get and how you will get there. These plans will change at different phases of your business, but they will serve as guidelines that help make the big decisions. Once you have the large overarching vision for your company, you can establish specific business goals, break them down into plans and action goals. You can utilise resources like AccessWork to scale quickly and effectively while still getting unbeatable value. Renting a coworking space in Gurgaon for 3 and paying for 3 desks can easily be scaled to renting 6 desks, thus effectively doubling your output without having to search for a furnished office for rent. Following an overarching vision while maneuvering the professional landscape is an essential business model for every start-up to follow.

Nobody can predict what the next big break in business and technology will be or where it will come from. Things may not always seem optimal in the field and you will certainly face situations that you did not plan for. However, your ability to adapt and overcome such situations will be the factor that decides whether you can make it to the top 10% or not.

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