Business startup in the 21st century
A business startup is the need of the hour. All the great thinkers have started small to make it big. Everyday innovation & technologies are getting upgraded. people are working on acquiring new skills for better prospects. All the great thinkers have an idea to work on.
They could work on those ideas to make it a reality. There were not 2 ways for them. They gave their all in focusing to build that idea. One of the examples is SpaceX. It has revolutionized the way space travel is possible.
It all started with a negative comment from Russian authorities. When Elon musk went to Russia to buy ICBM’s to send a company of mice to Mars. They told 8 million dollars for a single ICBM’s.
Elon musk told its overpriced and left the meeting. After that, he decided that he could start a company of rockets. That is how SpaceX was created.
Any startup only works with the right planning. Planning a startup idea is very crucial. Everything depends on it. There are many factors to keep in mind before proceeding with a startup. They are as follows:
A Brilliant Idea: An idea can change your life. This is so true. An idea untouched by people can make your startup successful and flourishing. An idea well executed will give the best results. There are so many questions to ask yourself before working on an idea. Once a person has clarity on those questions. Then he is good to go.
Knowledge of Niche: Once you are sure of what kind of business you will start. That is when you will work on gaining the required knowledge & skillsets. It would require speaking with people who know on that subject. Reading books & researching on the net for it. Only when you are sure about it can you make it a reality.
Demand in Market: There will be many questions to ask for. It could be the size of the market, Potential for growth, Market share, Buying habits of the target audience, segments of the market, amount of margin you can make through this. These questions have to be answered for a better understanding of the demand in the market. The Internet makes it possible to understand & research better.
Cost for Running: It is important to understand the startup cost when planning a startup. You will have to know the amount of money required to run the business successfully. Once the business is up & running. You will have to think about the working capital needed to run the business.
Money: This is an important factor in running any business. You will have to assess the money required to make the initial payment. What steps are to be taken to generate funds. Either you have to take a short-term loan or long-term loan. Borrowing of funds requires charges to be paid. You will have to keep that cost in mind. Most of the business relies upon using their savings from their previous employer. It could also be saved from his parents.
Competitors: This is important to understand the amount of competition present in your new startup. Who are the big players? who are their clients? How is their service? what is the most sold product of their company? You will have to understand how well they have worked on their marketing. What are their strengths & weakness? Many more factors to look upon
Right Location: It is important to have a good location to start a business. Since the business is small. It will require to be in a good crowded place. Office location must offer good amenities. Good parking facility, nice canteen, etc. You will have to look into your budget for getting a good location. If your pocket allows you. Then only it will be possible for you to go-ahead.
The right selection of staff: This is very important for any startup to grow. People are everything in business. The right kind of people with the best mindset is important. They will be able to make the impossible possible. Another important thing is about paying salaries to your employees. You can plan as to how many staff members do you require initially. once the business grows then maybe you can have more employees.
Technology: People know technology has a big role to play in making a business grow. Any business requires to invest in having plant & machinery. They are necessary to run the business. You will have to figure out the important investments to be made. That will make your business run smoothly.
If you look at the present scenario after the COVID-19 pandemic. It is alarming to know the effects of coronavirus on new startups. For some startup, they have increased their revenue. But for the majority, there has a lot of cost-cutting happening. People are informed about the layoff and are given one-month severance pay. Each & every country’s GDP is affected. Many layoffs & shutdowns are happening at a big level. A lot of companies are working to stay afloat. They are conserving cash by reducing budget and cost-cutting.
The companies whose business model did not have a back-up plan. They have gone bankrupt or shut down their operations. Many companies have sacked 60 to 70% workforce. Lots & lots of loan defaulters have risen. As people have lost their jobs. They are not able to pay the EMI’s.
There are some success stories of businessmen. who succeeded with their different business ideas. They are as follow:-
Jeff Bezos: Net Worth — $49.4 Billion. CEO and founder of Amazon. The company brought him over $100 billion in revenue. Along with Amazon, He is also the owner of an aerospace company named blue origin.
Warren Buffet: He is the CEO of Berkshire Hathway. He has a net worth of $65.2 Billion.
Bill Gates: He was once the CEO of Microsoft. Today he & wife are working for Melinda & gates Foundation. To help the needy & poor. To work for charity. He has a net worth of $ 76.7 billion. He is also active on social media channels.
Mark Zuckerberg: He is the founder & CEO of Facebook. He dropped out of Harvard College and found a Social network. He has a net worth of $45.9 billion. His stock value is still rising.
The key takeaways for this article are to have a great idea & skills to execute it.
I will finally conclude by sharing that you need to keep your radar-up. Even in the most difficult of time. That is when your idea will be able to see light at the end of the tunnel.
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Cheers !!!
