What do you mean by Start-up?
Ask many people and they will give different answers.
Are you a start-up if you are fresh from the college and just now started a business and you have no industrial experience?
Are you a start-up if you were in employment mode and you decided to become an entrepreneur and started a company now?
A company is a start-up, if that particular business is started recently even if the promoters are well experienced in some other business?
It is time related and if your business is less than 1 year old, then you are a start-up?
You are a start-up if you have not had the break-even even after a couple of years?
It is difficult to decide.
I would settle for this definition: If you are new to that line of business and you are looking for help to run your business, then you are a start-up.
Of course you may need help at any stage. But if the very operation is needing help and if you do not know what to do, then you are clearly a start-up.
Welcome my dear entrepreneur (or would be)!
Why did you become an entrepreneur?
You ask this question to your entrepreneur- friends, you will get replies something like this
- I wanted to be my own boss
- I had a nice idea and I wanted to see that it is successful
- I wanted to show to the world that I can do something on my own
- I wanted flexibility and freedom
- I was doing so much of work, and I was getting paid a pittance.
- I wanted to be another Steve Jobs, Tata or Bill Gates or some role model
- I wanted to make money fast and retire early and enjoy life
- I saw my friend doing business and growing so fast
- We friends had a brilliant idea and we decided to try it out
I am sure the above is a fairly exhaustive list of possible answers.
Well, all the above are true and motivations for starting your own enterprise.
Though they are correct and fine, they are the fruits of hard labor and years of toil to realize (unless you are outright lucky).
In my opinion, the basics of the business are:
- You should have a business idea
- You should be passionate about it
- It must be useful for the market segment you are targeting
- It must be affordable by them
- You must be able to produce it at a cost (if it is a product) or render the service at a cost that is lower than your selling price.
- You should have a clear USP over your competitors
You should be able to meet ALL the above requirements. Then the chances of your success are higher.
Keep visiting my blogs..Feel free to send your feedbacks. There is a lot of scope of my improvement!
Best wishes for a successful venture!