Opportunities abound in the almost unexplored digital space. From grocery shopping to restaurant dining, from taxi hailing to ticket booking, from fashion jewellery to home cleaning services, startups are coming up everywhere.
But the big ticket question that lurks in the minds of would be start up planners is 'how do I begin ?'. The following is an attempt at unraveling the mystery of the new beginning and to enumerate, in the order of importance, a checklist of do's and don'ts for start up businesses. This is the first part of a series of posts. We hope readers find these useful:
- Ideation : the most important and the first big task is to explore possibilities and zero in on your choice. What you want to pursue must be a surmise of your skills, your experience and capabilities, your shortcomings and how best you can cover them. Just to provide an example (not to be taken word for word but to act as a broad guide), the grocery delivery business may require your undivided and focussed attention from dawn to night all seven days a week, with feverishly increased workloads during weekends and special promos mid-week. Further, your capabilities in negotiating better deals with suppliers, both in terms of purchase cost and credit period will have a serious impact on your cash flows and bottom line, in this field of activity. Do you have what it takes? Seriously weigh the business requirements with your strengths and capabilities. However, if you were to retain yourself in providing design consulting services for home interiors, your skills must stem from your design capabilities or ideation ability. Both the businesses are separate and the capabilities required are world apart. It is your job to analyse, introspect and decide on what you can do best.
But remember, just because you cook well does not necessarily mean that you can be a good restaurateur. The skills that are required in running a restaurant are different from the skills that are required in cooking excellent food. So think deep and think well. Consult your well wishers and supporters. Heed their advice but take your own call. Remember, your advisors may not be experts in starting new businesses so they won’t know it all. But they care for you enough to provide you their best advice.