Building a business from an embryonic idea on a scrap of paper to a growing, thriving entity is one of the most exciting things any person can do. For entrepreneurs, it is easy to come up with brilliant ideas on paper but turning it into a profitable business is where all the troubles lie. Ideas have a tendency to come by the dozen at any given point of time and almost every idea can be turned into a million dollar business. The path to this kind of success is quite simple.
In order to turn an idea into a business reality, settle on one idea that you think is the best, that can be executed and implemented to get the greatest results.
What are you trying to accomplish?
Note down a set of objectives and goals for yourself and for the company, These end goals will help in formulating the next step forward and making a business plan and whether the idea will help in solving any problem.
Make research your go to process to answer any question. Market research will help you get an idea about all the existing products in the market, the competition, the availability of investors and your target audience.
Create a beta version of your product that can be tested by small focus groups. This exercise will help you further develop the product before launching it in the market. The beta version will also help spread the word about your product in the market and can also bring in investors.
Apply for patents and property rights for your products and services as soon as possible to protect yourself against copycats. At the same time, make sure you are not infringing on any rights or non compete agreements to avoid legal troubles.
Incorporate Your Business
If you think you are ready to launch your final product, incorporate your company and turn your startup into a legal entity.
Choose a Co Founder and a CEO
A co founder will help you in balancing the responsibilities and add to your list of ideas. A chief executive officer will bring in more stability to the company and a sense of structure to execute the more difficult decisions.
While investing from your own pocket does help startups, getting investors on board has its own list of advantages. Prepare a proper pitch deck which describes in detail what the future plans of the company are, the marketing strategy and distribution plan.
Meet with entrepreneurs working in a similar field, speak with experts, attend startup events, participate in competitions and accelerator programs to grow your network. The more people you meet, the better your understanding of the market will develop.
No startup, company, business or empire can be developed in a day. Have patience and stay persistent and don’t put too much pressure on yourself. Take time to appreciate the journey and the destination will come on its own.
Five Ways To Build An Effective Startup Team
No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.
1. Identify The Positions
Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.
2. Envision The Bigger Picture
When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.
3. Adopt A Game Management Approach
Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!
4. Get A Consultant
Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.
5. Post Hire
Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.
Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!
Relationship Between Manager And Employee
The relationship between a manager and employee is extremely vital to the entire mood of the office. A poor relationship brings down the entire moral and effects the productivity of not one but every employee. On the other hand, a good relationship breeds positivity and fosters a functional work environment.
According to multiple studies, more than half the employees were unhappy with their direct supervisors. This friction between management and staff not only manifests itself in poor attitudes and work culture, but it can also have a deleterious effect on a company’s productivity and revenue. What employees lack in the workplace is one simple thing, cooperation.
Managers are successful only if they keep reinforcing the fact that performance at work is not always about competition. While healthy competition is always encouraged, it goes against the overall work atmosphere of the company if the competition becomes too negative too soon. Performance is about coming together to serve a common purpose: that of delivering a brilliant product at the end of the day. As a manager/employee, once you convey this message to your team and tell them you actually mean it, the work flow makes more sense.
As a manager/superior, you can create a positive work life by simply charting out certain details. Delegate specific responsibilities to certain employees and make sure each responsibility is linked with the next in a ceaseless effort to provide exceptional products. Find ways to bring your team together. Hold workshops, have constant feedback meetings and create goals for each team with a reward incentive at the end of a successful task.
Workers without a career advancement or a near goal in mind are usually demotivated. Develop and guide talent to ensure you have a loyal and stable workforce that can fill the needs of the present and future. In short, do not, at any point, make your employees dread coming to work. Get the pay cheques rolled out on time, ensure you have enough number of holidays planned for the year and make sure you and your employees always have a strong connection.
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