It is alleged that almost 95 per cent of the startups shut down before three years, not because of a bad business idea or lack of innovation but the major reason behind this is lack of business sense and approach they use. Most of the new entrepreneurs do not take support from others which could be because of self-confidence or they just dont want to share their idea. This is the biggest mistake that they do as they are like a newborn child who doesnt have the proper understanding of how a market works.
Once a startup survive initial three years then the chances of being successful get higher so an entrepreneur must do the given below things while starting up.
The initial step is to do research on how you can start your business, what is your target market, there will be higher demand for your product, how to approach customers, what are the resources you require and how to use them, current trends in the market, what will be your business USP, competitors analysis, etc. There are a lot of things that entrepreneurs need to do while starting their business in order to ensure that they are investing in the right direction.
After researching and analysing the market you will need to prepare a business plan. In this plan, you must know how to allocate resources and what you want to achieve in the next one year. Once you set your objectives then start working on it but with time you need to upgrade business plan when you learn something new and think that it will benefit your business.
Find a Mentor
No entrepreneur can manage everything on their own as bookish learning is not enough to survive in this competitive environment to find a mentor. A mentor is a guide who will help you and your business to find the success that you deserve. They not only act as a business support but also help you personally with their experience and knowledge.
A mentor can only help you in making the right decision but an incubator helps you in providing co-working space, financial resources, and guidance but only for a limited period of time. They do charge fee but they have the capability to boost business growth with their understanding and experience. You should approach an incubator if you want to succeed in your startup.
Every startup needs funding as an entrepreneur cannot bootstrap its business for a long run. If you are having financial troubles then you must look out for investors/lenders to raise funds. But make sure that you have a proper pitch prepared before approaching to investors.
Once you have accomplished all the steps then you should plan to expand either by entering into new markets or increasing your product offerings. It is essential to expand operations from time to time in order to grow. Incubator, mentor, and the investor will help you throughout the process of expansion.
By following the above-mentioned steps you will surely be able to survive more than just three years but if you are having trouble in finding an investor, lender, mentor or incubator then do not worry there is one solution i.e. BusinessEx. This platform helps startups in networking with trusted investors, mentors, incubators and lenders.