India has become an overpopulated country with more than 1 billion people residing inside its boundaries. Even after getting a graduation degree from esteemed institutions many students are not able to grab jobs and are unemployed. The ratio of people applying for one particular job is 1:10. Also, the people who are working in large corporate organizations are not able to move towards the top. It is a fact that the richest people in the world are Entrepreneurs and after India became one of the biggest startup hubs of the world, and the government of India is also promoting people to build their own startups by providing different kinds of incentives.
India will generate an unemployed population of 21 crore by 2030 – UN World Population Prospects
So, Avoid the unemployment race and startup now.
5 Steps to Start Your Own Business
1. Idea
To start a business it is one of the most essential requirement to have an idea. You might have a bunch of ideas in your mind but choose the one you are most passionate about. Don’t choose an idea which is trending right now, but will not give a way to earn money afterwards in the long run. So before you go on making a business model or reach investors for money, don’t go empty-handed, have something concrete to show.
2. Self Analysis
After choosing the best idea, evaluate the idea from every angle possible, don’t just start working on your idea right away and waste all your resources. Do a feasibility analysis, assess all the resources available to you and conclude whether it is possible to make your product or service a reality.
3. Create a Business Plan
After evaluating the feasibility of the product create a business plan which is necessary requirement if you will pitch your idea in front of investors. The business plan should reflect each and every part of your business – Management, Product, Cost Analysis, Profit Margins, Cost of Hiring, Cost of acquiring funds, etc. It should demonstrate the Mission and Vision of the Company. It needs to outline the strategies needed to achieve the long term and short term goals and the way in which the product will be sold to customers. Things to focus on while creating a business plan.
4. Funding
You will need funds at the beginning to start your business before it starts making profits. There are many different sources of funding which is available to a business. You need to analyze each of them, you need to determine the costs to procure funds from each of the sources, also you need to keep in mind your Business plan, and decide which of these sources you should use to acquire funds for your business.
Different Types of Funding
- Crowd Funding
- Bank Loan
- Venture Capital
- A loan from Family and Friends
- Savings
- Angel Investors
- IPO
5. Marketing
Marketing is one of the most important tools to create consumer awareness and demand for your product. You need to have a great marketing management team to create innovative ideas and approach customers differently, creating a brand and establishing a market for your product. You might have a great product, but if people don’t know about it, you won’t be able to sell it. Marketing helps in creating a public image of your product.
Techniques of Marketing
- Digital Marketing
- Mouth-to-Mouth Publicity
- Sponsored Marketing
- Hoardings and Banners
We have launched India’s first-ever B.Com (Hons) in Entrepreneurship. This course is specially designed to give the knowledge, exposure, and provide resources to students so that they can start their business at a young age.