Today in this high competition world getting success to each and everyone is something like i-m-p-o-s-s-i-b-l-e. And starting a business by influencing with it’s by product money, luxury, fame etc., is a great issue in this case only by luck you can get success.
But the real fighters, hustler, problem solver, team player and the one who can get on his feet again and again and can win on every situation then you can be the one best for Entrepreneurship.
Firstly, you have to evaluate your idea by doing research on it and deciding vision and goal and finding that market will value and pay for your business idea or not. It may be service business, product business, manufacturing, tech related business etc. Let assume it’s a product idea than I will learn each and every thing about product (need and want) after that I’ll find out Market size, target consumers, consumer requirement, competitors, analysis of competitor business (it’s product, unit economics, manufacturing, logistics, brand value, marketing and growth strategy, market places values, team value, team contribution, team expenses, learning from competitor mistake and various other aspect’s.),designing product according to the requirement of consumer, search for best manufacturers who can make your product according to your requirement with best price and services, packaging research, logistics research, services to customer like delivery ,return service etc., analyze the requirement of team and what’s the correct time to hire someone, marketing strategy for your product and generating it’s awareness and convert it into a sale, Compounding growth of business according to future, strategy how to present your product story it in front of consumers and in market, search various capital resources in start and make high profit and Learn about all Registration or GST or all compliance related matter and at last of this process always be ready for upcoming problems and issues and situation because this is the most important part of business life and general life also.
So, I have to execute all these process at it’s best with my best skills, resources and abilities to make a successful business and keep updating the whole process at it’s best for business while execution according to the situation.
Secondly, after doing these all research it time to invest minimum budget to design the product with all your learning about product with consumer requirement for this you can hire a professional freelancer designer or you can also design it on your own and built a best prototype. Or you can make a best presentation of your business and present it in front of bank or Seed funding investor (VC, HNI, Individual Investors etc.) or present it in front of gov through policies provided by gov like –
Start-up India Seed Fund Scheme
Aatmanirbhar Bharat App innovation Challenge
Dairy Processing and Infrastructure Development Fund
Creddit Guarantee Fund Trust for Micro and Small Enterprises
In all this process or after this process situation can come to fix official business location register your company to regulatory approval. So basic compliance related knowledge of your business is important and critical. As we talked earlier it’s important part of your research and most complex and critical process.
Thirdly, now after receiving seed funding hire most required skill and it’s also a time to found and make agreement with best manufacturer who can fulfil all your product (Quality, Touch, Feel) requirement and provide best services to your business. So, now make a minimum order to the manufacturer.
Packaging is the mirror of your vision and creating an appeal to solve customer requirement and problem. Packaging and branding is one things having two sides and both make vice-versa effect to each other. Packaging design, fonts, Colour, Tagline, Images, Feel, Touch, packaging product (Polyethene / paper etc. ).
Logistics using most efficient less time consuming and most secured way for your product from manufacturer to the consumer and choosing deciding and fixing best price transportation for your business. And handling of your product during transportation is also very important aspect.
Now for Deciding selling price you should be very good in basic business accounting numbers and concepts and If you are best with your business number then you are good to go but you have to update yourself with all accounting concepts time to time. Pricing the product is some time very difficult to find. Target consumer friendly price. Calculate all your business unit economics accurately and include tax and good profit margin with keeping in mind the target price consumer and competitors price can/will be a concern.
Marketing, today in fast moving modern tech world marketing is used as power by giants and the creative smart one’s. Social media and tech platform are the biggest marketing platforms with trillion dollar industry and with a billion dollar profit’s. But if you understand your consumer and you are a creative mind person then you are good to go. You can hire a marketing agencies, freelancer, hire a person or on your own (you can learn from you tube like – digital marketing, strategic marketing, SEO etc.).
LAUNCHING my product is very anxiety and suspense situation for a entrepreneur. But a smart person will manufacture and deploy according to the need and demand of the customer. Design it according to your product story with consumer need or want.
Product – Touch and feel one’s your first product purchase by your consumer it’s impression of Touch, Feel, Quality, Benefits are the power of the product which give a high pickup to your brand and it’s sale. So, the quality of the product not only increase it’s value but also place it as a brand.
to be continued………….
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