THOUGHT✨ OF THE DAY - Series # 0107
For Aspiring Startup Entrepreneurs
THOUGHT OF THE DAY- Anyone who wants to become an entrepreneur has many a thoughts in their mind. They look for support/ clarifications.This is an attempt to support them with enlightenment.
Thought of The Day #107 :Why you get a shock when someone calls your
startup Idea “ STUPID”⁉
WHAT TO DO!
Mohit Mamoria is the curator of a weekly newsletter, UNMADE
He talks about comments made on idea.
This may motivate you not to give up
Not once, not twice, but an uncountable number of times I’ve been told that the startups I was building were laughingly stupid. Every time, someone said the words ‘your startup’ and ‘stupid’ in the same sentence, I wanted to punch him/her in the face. The conversation usually went like this -“Hey, we are building something. Would like to know your thoughts on it…”“Sure, go ahead. What do you do?”“<Insert some sentences about making the world a better place and about putting a dent in the universe>.”“That’s just stupid.”*heartbreak*
In the beginning, I would take my fallen face and leave. After the story had repeated for a few more times, I started asking to follow up with more questions, mostly out of frustration.“Why do you think so?” I’d ask.I would get one of the following answers.“Because there’s no market for this.”“Because if I am using the current best alternative, I will not move away from it just for this additional feature.”“Because <insert a large company name here> might bake this feature in their already successful product.”“Because it is too ahead of its time.”For each of those reasons, I had answers.There’s no market? We’ll create one.Won’t you migrate? We’ll offer discounts.Someone else might build it? We are David, and we’ll demolish the Goliath.Too ahead of its time? The world will catch up to us.Like every startup founder who had invested a lot of sweat, money and time in building something, I stayed adamant like a lioness protecting her cubs. Once I asked them, “Don’t you realize how much efforts I’ve put in building this?”The person replied, “I do realize. But I don’t give a rat’s ass to it. You were stupid to waste your efforts to build this pile of shit.” (These are the exact words I was told.)But I still hadn’t forgotten this .
Read how he overcame these comments and succeeded-Click-https://hackernoon.com/why-i-hated-when-someone-said-my-startup-is-stupid-7d33811da15
Thought of The Day #106 : How to be a successful Solopreneur ?
How to Become a Solopreneur in 10 Easy Steps-Amber Avines
Solopreneurs, entrepreneurs who single-handedly run their own businesses, are finding personal and financial success by creating their own work and making their own rules. But, how do you create work for yourself? What do you do when you’re starting from scratch?
Read, Watch, Listen
Never underestimate the power of knowledge. When I got laid off, I wanted to make the most of all my free time. I read every business book I could get my hands on. If I didn’t know how to do something, I taught myself. Whether you choose to read books or blogs, listen to podcasts, or watch video tutorials, learning new skills makes you more marketable. And, then, you can charge people for your new found knowledge. See how that works?
Go Beyond Your Comfort Zone
Being comfortable is nice, but it never yields change. And with change comes growth. If you want to strike out on your own, put yourself in situations where you’re out of your element. Whether it’s a social situation or trying to learn something new, don’t throw up your hands and walk away because it’s not easy. Very few things in life worth having come easily.Relationships take time to develop and trust is earned, so it will take awhile to get some momentum going. But, perseverance is key if you want to become a solopreneur. You’re worth the time, so make the investment in yourself.
Rest click:https://www.huffpost.com/entry/solopreneur-entrepreneurship_b_2
Thought of The Day #105 : Why Online Presence Essential for Startup
Having an online presence is not only important, but vital in the digital era. Despite the size of your business, in order to have a strong impact, it must have an online profile.
These days, people like easy access to things, including information which can be available just a click away. Any business, having an online presence is bound to create an unexplainable trust factor among customers, making the business more viable and genuine to them.
Almost everyone is equipped with a smart phone these days, which means they have direct access to information available on the web. Having a website or any sort of online presence is bound to give your business the advantage of being available to the customers anytime they want.
Any business in the modern times should be active on social media if they want to sustain in the long run. And in order to achieve this, it is important that your business should have a gripping online presence.
Source: 6degreesit.com
Thought of The Day #104 : Dark Kitchens
A boon for aspiring restaurant startups
Opportunity knocking at your door to realise your dream/test your ideas for a food startup!
Dark kitchens are a way for restaurants to pool resources and reduce overheads to increase their capacity to serve the food delivery market, which is currently growing by by 17.6% annually. A group of different restaurants can operate out of the same shared dark kitchen, with the purpose of cooking food purely for delivery, rather than eat-in customers.
These kitchens have no restaurants for consumers - the only people passing in and out of their doors are those cooking the meals and the couriers whisking away completed orders.
Source-lifestylefood.com
Dark kitchens could be a great way for budding entrepreneurs to test restaurants in new markets, because data from delivery apps can predict which restaurants are likely to succeed in particular areas.
Shayne McCallum, chef and director of 8bit
Thought of The Day :
How Being A Mom Can Make You A Better Entrepreneur-Jo Piazza-Forbes Contributor
Time Seems Too Precious to Waste
"I am in a constant time crunch, so when I'm not on-duty with my son, I'm working at turbo-speed. Time seems too precious to waste. Also, multi-tasking gets a bad wrap, but I do think mothers do it naturally and that extends to being able to take on more with work. Parenthood is also about resourceful problem solving, which is a great business skill, too." Katie Hintz Zambrano - C0-Founder Mother & Founder In Good Company.
Moms Are the Toughest People on the Planet
"Moms are the best negotiators. They are empathetic, they value other people’s talents and time, and they are the toughest people on the planet. Show me one mom who hasn’t had her life changed after spending a first night awake with her feverish baby, or navigated the hurt feelings that her child comes home with from the playground.
The Tenacity Muscle Develops
"Being a mom has given me the ability to cut through crap. Because time is more precious than ever, we've developed the skill to recognize instantly if something is a priority and if it's not, we let it go. Also, there is a selflessness that takes over you when you become a mother.
Thought of The Day :Why Startups Should Use Social Media
To be honest, probably the biggest reason why you should make use of social media as a startup in 2019 is because everyone else is on it. This means everyone else has a pool of over 2 billion people to potentially become a customer. Wouldn’t you want to join in?
Marketing is one field where the professionals are going to be a bit pricier considering how they are such a crucial part of your business process.
They usually handle a lot of different campaigns, and they can be in short supply, especially the competent ones.So, your choice should be to make full use of what you do have. One such ready tool is social media.
Even the big corporations make full use of the power of social media, as that is where their target audience will gather. If you are able to make full use of it, your startup will grow in no time.
Keep in mind how half of all people on social media will interact with a brand at least once a month.
If you’re not on social media, you are missing out on a great way to interact with your ideal customers and clients.
88% of all companies make use of social media, and you should be part of them. Here, we’ll talk about how social media can help your business grow.
Click on-https://www.squarefishinc.com/why-startups-should-use-social-media-in-2019/
Thought of The Day : How Technology can help aspiring Event Management Startup Success?
Technology in Event Management
The Role Of Technologies In Event Management-Ryan Branson
Planning large events can be demanding. It requires an event manager to make sure that every part of the event is properly taken care of so that everything can go smoothly.
Event management technologies can help to enhance the experience of attendees. Technology makes the work of an event manager easier and allows them to focus on the main parts of an event. It helps in all aspects ranging from attendee satisfaction to project management so make sure to try it out at your next event!
Technologies that are taking over the event planning industry include:
Event Management AppsSocial
MediaEmail Marketing
Live Streaming
Rest Click-https://magazine.startus.cc/role-technologies-event-management/
Thought of The Day :Winning Customers with reasonable price and consistent quality
How to Ensure Consistent Quality and Happy Customers- A true Story
Forty-two percent of consumers said they would pay more for a friendly, welcoming experience, and 52% would pay more for a speedy and efficient customer experience. Of course, price and quality are still the top considerations when consumers make a purchase decision.-cmo.com
Producing quality workmanship and consistency in business is essential to acquiring and maintaining a loyal customer base.
In fact, to ensure repeat sales and customer loyalty, it is important that interactions with customers are consistent and quality based. A customer's confidence in the company increases if consistent service quality is maintained, which in turn makes the customer feel valuable.
Arogya Agara is a good story for the above concepts.
The above restaurant in Bangalore is a solid example of offering quality vegetarian breakfast, lunch and evening snacks.The prices are unbelievable and quality is very consistent..
Thought of The Day :How affiliate Marketing help Startups
How To Use Affiliate Marketing For Your Startup-by Davis Tucker
For startups, affiliate marketing programs can provide a wide range of benefits that have a considerable impact on their bottom line. In a nutshell, affiliate marketing refers to a setup in which your business gets potential sales referrals from third-party websites or businesses. One advantage of affiliate marketing is that it allows you to widen your marketing campaign’s reach and connect with the right audience to buy your product or service.
One thing’s for sure, such programs normally won’t require a large investment to pull off. You only need to focus on creating valuable relationships with people and organizations that can support your goals. Here are a few tips you can apply in your affiliate program to gain maximum results in your revenue and brand-building.
https://60secondmarketer.com/blog/2018/10/30/how-to-use-affiliate-marketing-for-your-startup/
Thought of The Day :
⦁Why Risk Appetite for a Startup Entrepreneur?
Key Entrepreneurial Trait
Myth Buster: We've Got the Relationship Between Risk and Entrepreneurship All Wrong-Entrepreneurs are uniquely comfortable with risk. That’s part of what makes them entrepreneurs, and the rest of us… not.
A new report suggests that we've got the relationship between risk and entrepreneurship completely backwards.
Except that commonly-held belief isn't actually true, at least according to a new research paper. The authors, Matthias Brachert and Walter Hyll, both of the Halle Institute for Economic Research, say that those who study entrepreneurs have long made two classic errors: They assumed that people's preferences (in this case, risk-tolerance) don't change, and they mistook correlation (entrepreneurs are comfortable with risk) for causation--that is, comfort with risk is part of what causes certain people to become entrepreneurs.
The relationship between risk and entrepreneurship may instead be quite different. Risk-tolerant people don't seek out entrepreneurship. Instead, entrepreneurs learn how to handle risk as part of running their companies, and in the process, become relatively comfortable with it. "Personal willingness to take occupational risks changes over time, [and] it changes differently for people who become entrepreneurs than for non-entrepreneurs," write the authors. That conclusion also suggests that people who aren't particularly comfortable with risk can adapt or train themselves to embrace it.
To figure all this out, the researchers used data from the German Socio-Economic Panel Study, a representative survey of 22,000 Germans that began in 1984 and has been conducted every year since. Of course, it's a major caveat for those interested in U.S. entrepreneurship that the study uses data from Germany. But frankly, we’re unlikely to ever have access to this same kind of data in the U.S. Even the American Community Survey portion of the Census--which Congress has recently threatened to de-fund--doesn't collect information at all comparable to that of the German, Danish, or Swedish governments.
The survey asks respondents how comfortable they are with risk. It also asks if they work for another company or are self-employed, and if they work for themselves, what share of their income comes from that endeavor. And in some years, the survey has asked people if they anticipate becoming self-employed in the next year or two.
The researchers found no differences in risk tolerance between people who continued to work for other companies and those who went on to become entrepreneurs. They checked to make sure that their entrepreneurial respondents didn’t know they were about to become self-employed, to ensure that they didn’t somehow train themselves to become more risk-tolerant before starting their new ventures.
Thought of The Day :
⦁ How to Convince customers to change habits-True Story
Startups with ideas which requires customers to change their habits/ beliefs face dilemma how to convince them to buy.
Read the story of Ram N Kumar Founder of. NIROGSTREET-He created a platform to connect trained Ayurveda Doctors.Convincing first 100 Ayurveda doctors to use software platform as difficult. The model did not charge them for enrolling on the platform but a fee on medicines.
Source- TOI-Sunday Edition
Visit -https://nirogstreet.com/site/clinic
Book Hassle free appointments
With our experienced and specialist Ayurveda doctors.
- Reasonable wait time
- Nominal consultation fee
- Consultation with specialist Ayurveda doctor
Thought of The Day : Curiosity Is the Key to Discovering Your Next Breakthrough Idea
Jeff Boss- GUEST WRITER in Entrepreneur-Leadership Team Coach, Author, Speaker
As a startup founder you need to know more than you ever anticipated. All the marketing, business planning, networking and product developing that you though you knew enough about, never is.
If you’re a solopreneur there’s one characteristic, one trait that separates successful entrepreneurs from all the rest. It’s not resilience, it’s not smarts, and it’s not perseverance (although if you don’t have any of those I’d venture to say you have an uphill climb). It’s curiosity.
To be curious is to hunt for answers to the seemingly mundane questions such as “what’s this?” or “how does this work?” in hopes of placing the last piece of the mental puzzle. Perpetual learners continually seek new answers because they realize curiosity starts us on the path that leads to new discoveries. If you don’t believe me (don’t worry, you’re not the only one), take it from Walt Disney who said, “We keep moving forward, opening new doors, and doing new things, because we're curious and curiosity keeps leading us down new paths.”-
Curiosity is the bread and butter of every entrepreneur. If it wasn't, then starting a new venture would have less appeal. However, curiosity can wane over time. Stay curious
Source:https://www.entrepreneur.com/article/252956
Thought of The Day :Why is Technology Important in Healthcare? Spot your Opportunities
Here are 5 reasons why technology is such an important part of healthcare today.
SPOT YOUR OPPORTUNITIES
1. The efficiency of one, real time record, accessible to everyone, all the time
2. Significant clinical data for analysis and treatment
3. Improved medication safety
4.Better medication reconciliation
5. Higher quality communication and connectivity
Click on-https://blog.cureatr.com/why-is-technology-important-in-healthcare
Thought of The Day : Opportunities for startups by 60 +
Cheer up- Right age for a successful startup
Study of 2.7 Million Startups Found the Ideal Age to Start a Business (and It's Much Older Than You Think)
If you're in your 40s or 50s, you might think it's too late to start a business. Wrong: It's actually the perfect time.
Check out these stats:
- A 50-year-old startup founder is 2.2 times more likely to found a successful startup as a 30-year-old.
- A 40-year-old startup founder is 2.1 times more likely to found a successful startup as a 25-year-old.
- A 50-year-old startup founder is 2.8 times more likely to found a successful startup as a 25-year-old founder.
And if you want a really fun statistic:
- A 60-year-old startup founder is 3 times as likely to found a successful startup as a 30-year-old startup founder--and is 1.7 times as likely to found a startup that winds up in the top 0.1 percent of all companies.Read
Read full blog at;https://www.inc.com/jeff-haden/a-study-of-27-million-startups-found-ideal-age-to-start-a-business-and-its-much-older-than-you-think.html
Thought of The Day : Opportunities for startup in Health Tech
Technology offers and bridges the gap in availability of health care services as there is shortage of resources like doctors, hospital beds etc. Improves accessibility and brings down costs.Growing fast and AI is adding to diagnostic capabilities.
Health Tech startups are working on supply side, demand side and also on preventive care side
Some Ideas
1.Remote Health Care System for old people
2.Healthcare transcription services
3.Health Care services at door step
Opportunity knocking at your doorstep for startup.
Thought of The Day : Opportunities for Startup in Rural India
70% of population is away from metro town and live in villages. Rural India is getting connected. People's aspirations are increasing.Supply chain and services are urgent need. Problems are opportunities for anyone aspiring for a startup without hassles of metro town.
25 Best Business ideas for Small Towns, Rural Areas/Villages
Starting a business in a small town has its upsides. Firstly, smaller capital and lower overhead is required to start business. And secondly, it’s easier to organize a business in a small town where people know each other.
https://www.profitableventure.com/rural-small-towns/
Thought of The Day : I want to step into startup world but has less risk appetite - Franchisee!
Franchising is popular especially in restaurants preschool services like home cleaning etc.
Established brand and minimises burning your bootstrapped capital for marketing
Quicker cash Flow
If successful growing and diversification is easier
Thought of The Day :Are you looking to start a restaurant?- Tips for you to succeed
You must know your market niche, target customers, competitors very well.
Restaurant Business is highly competitive- What difference people can notice?
Engage your customers
Quality & Hygeine are basic- What else you can offer as a differentiator?
Service with smile
& Warmth
Thought of The Day : What Are The Best Ways To compete for a Beauty salon Startup
This sector offers opportunities especially to women entrepreneurs to set up business with low capital.
Trained manpower availability and retention is a key issue. Further, providing consistent service quality to retain the customers is a challenge.
Key Success Factors
1. Location could be a critical factor
2. Franchisee route can aid in attracting customers
3.Developing a Niche
4. Study Competition in your area and determine how you can be different
5. Customer Oriented Staff
6.Hygiene and Customer safety
7.Availability of Trained professionals
All you want to know about Beauty salon Startup:Clock on the link below
https://www.10minutebiztools.com/Beauty-Salon-Startup.html
Thought of The Day :What Are The Best Ways To Think Of Ideas For A Startup?- Dan Lewis, Head of Product at Wavii
IMPROVE YOUR CHANCE OF STARTUP SUCCESS!!
Ideation is fun and freeing, but it is the easy part of the process. Execution of your idea separates the wheat from the chaff and is where most people fail. Coming up with the right idea will improve your odds of successful execution.
Three primary paths to a new business idea
1. The spontaneous idea
2. The insider idea
3. The deliberate idea
Click on the link below for full Blog
Thought of The Day : Tips for acquiring your Startup's first Customer
Find Your First Customer
Find Your first Customer - Avoidable Pitfall
Many startups are tempted to go broad and want to sell to
everyone. But there's much truth in the old adage: if you try to sell to
everyone, nobody will buy your product.
You can still expand later on, but to get that initial traction,
you need to be laser focused on a specific group of people so that you can
tailor your messaging, your offering and your value proposition to their wants
and needs.- Steli
Efti, Chief
Hustler @ ElasticSales.com
https://www.10minutebiztools.com/Find-Your-first-Customer.html
Thought of The Day : Why Startups should understand the importance of SEO
SEO is important to drove traffic and make potential customers aware of what problems are you solving.
Presence in the web world is non negotiable and therefore an essential tool.I searched google and I find invariably the following two blogs are in the top. You too can benefit by reading them.
Top Blogs on SEO
Probably the go-to site to visit first as you check out the day’s SEO news, Search Engine Land is the hugely successful brainchild of marketing guru Danny Sullivan. We’ve found it invaluable in refining our keyword research techniques. Danny lays out clear how-to guides and has a knack for clear exposition. It’s a great place to find the latest research.
2. Neil Patel
Neil and his team have been explaining the ins and outs of digital marketing since 2001, and his takes on Google algorithm updates are essential reading. Patel has a real flair for simplifying the concepts that lie behind SEO rankings, and he always offers concrete advice about how to improve your performance. There’s hardly any marketing going on – it’s all about offering expertise.
Courtesy- Grat Content.com
Thought of The Day : Why Cash is critical for Startups??
Cash and Startup- Cash is KING
90% of small business failures are caused by poor cash flow. - Dun & Bradstreet
“Number one, cash is king... number two, communicate... number three, buy or bury the competition”.-Jack Welch
How to improve Cash Flow ?
Receivables
- Cash sales only if your business allows
- Advance payments along with orders
- Credit Sales only to established business
a. Tracking payment due dates
b. Sending reminder in advance for payments
Payables
- Credit from suppliers
- Negotiating volume based discounts from suppliers
- Bill discounting schemes offered by commercial banks.
- Cash discount for early payments by customers
- Just in time concept
https://www.10minutebiztools.com/Cash-and-Startup.html
Thought of The Day : Selling Skills - Critical for Startup Success - Master them
Learn Art of Selling
Tip-Build relations-Sales Will Follow
Learn Art of Selling-Expert's View
“Mastering the art of selling involves mastering the craft of providing your clients the education, products, services, and personal contact before, during and after the sale that they want, need and, more important, deserve. That’s how you succeed. That’s how you’ll not only survive and grow in this business, but will thrive, prosper, and achieve greatness through it.”
―Tom Hopkiuns, How to Master the Art
https://www.10minutebiztools.com/Learn-Art-of-Selling.html
Thought of The Day : Startup Scaling up Challenges-NINE TIPS for Success
Startup Scaling up Challenges
The challenges can be within or from external environment. It may be easier to handle internal challenges but external environment may be difficult.
The first challenge could be lack a team as the initial phase was managed by a solopreneur or a team of 2-3 startup team members.Growing is resource intensive and vitamin 'M' is in short supply.
Scaling a business is an important part of growth, but it’s easy to make mistakes.
- Build Management bandwidth.
- Perfect the product/ Service
- Rapid Growth/ Moderate Growth decision is key
- Assess key risks at growth stage.
- Mobilizing capital for expansion
- Have operating Team to run existing business and growth focus should be by the entrepreneurs team
- Believe in delegation
- Problems do not disappear of their own.
- Keep flab at bay and use technology/ Improve Processes
Avoiding the above pitfalls will help the business scale successfully, bringing the increased profits, growth and longevity one desires.
https://www.10minutebiztools.com/Startup-Scaling-up-Challenges.html
Thought of The Day : How can Digital Marketing help me for growing
my Market- & Mistakes to avoid
Do you know which digital marketing strategy you should adopt to boost the growth of your business?
The blog by Shane Barker gives you the answers.
9 of the Best Digital Marketing Strategies for Startups
Marketing has changed at a rapid pace. Some marketers even believe that marketing has changed more in the past two years than in the previous 50 years.
Most startups these days have adopted digital marketing. But not all the weapons that digital marketers have in their arsenals are equally effective. Some digital marketing strategies hit the bullseye, while others don’t even come close.
https://shanebarker.com/blog/best-digital-marketing-strategies-for-startups/
Thought of The Day : How can I launch my Product. A question uppermost on the mind of any startup?
Any startup by nature is short of vitamin "M"- Money. Launching a product/ Service requires marketing effort.A successful launch is a morale booster for the entire startup team.Business News Daily blog answers your question. The key is can you articulate the benefit of your product in one sentence?
Two experts have given sharp answers for you to act and have a successful launch .
Ready, Set, Sell: How to Successfully Launch Your First Product
"Product launches are tricky because, unlike other marketing efforts, you really only have one chance to get it right," said Daniel Waldman, president of PR and marketing firm Evolve Communications . "There's not a lot of room for testing and refining tactics. Launches need to pack a punch."
If you want to get your launch just right, it's going to take a lot of careful research, planning and measuring, some of which must occur before you even get to the development phase. Here's how to ensure that your product makes a lasting impression, regardless of your budget or experience.
"Always think from the outside in," added Nicole Prefer, a senior consultant at brand consulting firm Vivaldi Partners Group .
"Start with a deep understanding of your customers. Who will this help? Who will you sell to and who might be interested in purchasing this product? [Then,] solidify the proposition. In one sentence, can you articulate the product offering and its benefits?"
https://www.businessnewsdaily.com/6030-product-launch-tips.html
Thought of The Day : How to evaluate the opportunity /Idea for your startup?
All great startups start off with an idea followed by years of hard work. So how do you evaluate quickly and efficiently whether the idea merits further investment of your time and money?
The following article describes the process that we have seen play out with great success for the companies we have been working with over the last 2.5 years.
Key takeaways
Quickly recognise your assumptions by using a Lean Canvas
Interviewing and observation help test key assumptions quickly and develop your product instincts;
Create a well-designed but minimal digital product to test out the key value proposition.
Dharmesh Raithatha-Product Partner @ Forward Partners
thepathforward.io
Thought of The Day : Freemium Model -Will it work for my startup?
How Can You Make the Freemium Business Model Work?
4 Questions to Ask-Clint Fontanella @ClontFont
The freemium model is rooted in the idea that if you give your customers a taste of your product or service for free, they will come back to your business willing to pay for more.
Creating a groundbreaking product or service is an intensive journey all its own, but once your prototype is ready for launch, you have a new challenge of finding customers to share it with. While that may sound simple since your product is clearly awesome and a must-have for all consumers, the reality is that you may find it surprisingly difficult to build a steady customer base.
So freemium is simple right? Create something awesome, give some of it away for free, wait until people turn out their pockets for more? Not quite. Just like any other business approach, there is no guaranteed formula for success and if you search enough, you can find plenty of companies who have failed using this model. In order to put your business in the best position to succeed while using this approach, here are four important questions to keep in mind when getting started executing your freemium business plan.
Click the lik below and unlock the secrets for success
https://blog.hubspot.com/service/freemium-business-model
Thought of The Day: How to be successful in content Marketing- A Case Study-Design Pickle
Imagine if your first 1,200 customers were generated solely by content. That was the case for Design Pickle and its founder Russ Perry.
Design Pickle was created to make graphic design a more convenient and available service. They started a subscription service where subscribers could receive unlimited graphic design help for one easy, flat rate.
Perry’s launch strategy centered around employing guest blogging. Russ wrote blog posts on marketing and design and posted them on affiliate blogs. Inside each post, Russ was able to offer promotions and information about his services. With this strategy, Design Pickle was able to capture their first 1200 customers. They have now served over 100,000 project requests.
https://www.toprankblog.com/2017/06/success-content-marketing/
In 2014, Russ Perry considered himself a failed entrepreneur.
His previous company, an agency, had folded after, in his words, “doing things wrong for so many years.”
His wife, two daughters, and debt owed from his failed business would’ve made it easy to scramble for short term opportunities to pay bills. But what Russ really wanted was for his next idea to be both profitable and a source of personal fulfillment.
He picked up a few consulting jobs, a lot of simple design jobs he facilitated, but mostly, he had a lot of time to think.
He read Dan Noriss’ The 7 Day Startup and became inspired by the parallels he saw between his design consulting and WP Curve’s business model of subscription WordPress updates.
Russ thought, “I wonder if I could make subscription-based graphic design work?”
That was his eureka moment.
Design Pickle launched in January of 2015 as flat rate, unlimited graphic design help.
A little over three years later and they’re on pace for $10M in revenue in 2018.
Russ loves to talk about Design Pickle, but he wanted to tell the whole story, starting with the failure of his previous business and why it didn’t work out…
https://databox.com/design-pickle-ground-up
Thought of The Day:How To Find Angel Investors Who Can Give Wings To Your Startup
How To Find Angels Who Can Give Wings To Your Startup-How To Find Angels Who Can Give Wings To Your Startup-Bhumika Khatri
As an entrepreneur seeking funds, should you pick angel investors from your personal and professional network or are there any angel networks you should look out for? Who is the best person to approach? Who is most likely to understand your passion and commitment towards your venture?
Do you begin by posting on LinkedIn or Twitter that you want to raise funds or should you comment on posts of every investor you can find on social media and ask for funds? Or do you need to make rounds of their offices?
Read for answers by clicking the link below
https://inc42.com/features/startup-101-how-to-find-angels-who-can-give-wings-to-your-startup/
Thought of The Day:
Startup Worries - An Obstacle for any one to setup a business.
HOW do you overcome it?
4 Startup Worries You Need to Overcome-Ilya PozinFounder, Pluto TV
For an entrepreneur, what-ifs can be paralyzing. You're investing your time, money, and soul into something that involves a lot of risk. Worrying about what may go wrong is natural, but it can also hinder your success.
There will be a lot of sleepless nights. You'll have moments of doubt. The trick is knowing which unknowns you have control over so you can confront them and move on quickly.
Here are some common what-ifs entrepreneurs face and how to overcome them:
1. What if no one buys into my concept?
2. What if we run out of money?
3. What if disagreements tear the team apart?
4. What if I make a mistake?
Being an entrepreneur can be terrifying. But that's also what makes it so exhilarating. You have to look your worries and doubts straight in the face and walk right past them. If you don't, you're only holding yourself back.
Thought of The Day:
How to evaluate your startup idea ?
All great startups start off with an idea followed by years of hard work. So how do you evaluate quickly and efficiently whether the idea merits further investment of your time and money? The following article describes the process that we have seen play out with great success for the companies we have been working with over the last 2.5 years.
Key takeaways
- Quickly recognise your assumptions by using a Lean Canvas;
- Interviewing and observation help test key assumptions quickly and develop your product instincts;
- Create a well-designed but minimal digital product to test out the key value proposition.
https://thepathforward.io/how-to-evaluate-your-startup-idea/
Dharmesh Raithatha-Product Partner @ Forward Partners
Thought of The Day: How to Spot Startup Opportunities ?
Source- TOI-19-05-2019
Kunal Khemu -Actor sources Cruelty Free and ethically sourced bags
Google Search throws up 857 K results
Do you see an opportunity knocking at your door?
Thought of The Day:Importance of Listening Skills in Negotiations
Every negotiator needs good information, which demands that we understand fully what we hear from other negotiators. This article shares how to improve your negotiation listening skills.
‘Do you hear what I hear?‘ That’s the flashing, neon question mark at crucial moments in our negotiations. When negotiators gather together after hearing someone speak, we discover that we often recall somewhat dissimilar versions about what was said. People digest what others tell them and provide their own unique interpretation about what was said to them. We’re typically overconfident of having correctly heard the speaker.
If someone were to tell you that you have to hone-up on your listening skills, you would probably feel a pang of resistance, thinking that your listening skills are already above average. Truth is almost all of us could do with sharpening up our listening skills. You’d think that your hearing was one of the five senses you’ve been using since the cradle, so what can we do to improve our listening skills for negotiating more effectively? You’d be amazed how much we can gain in negotiation skills through sharpening our ears. This article explores how to go about boosting our negotiating listening powers.
Source:https://www.negotiations.com/articles/listening-skills/
Thought of The Day:What are the mistakes to avoid while choosing a Co-Founder??
3 Biggest Mistakes When Choosing a Cofounder-Jessica Alter-Cofounder & CEO of FounderDating
http://www.onstartups.com/tabid/3339/bid/97391/3-Biggest-Mistakes-When-Choosing-a-Cofounder.aspx
After spending a significant portion of the last couple of years talking and collaborating with countless entrepreneurs (through FounderDating) a few clear themes have emerged around partnering with cofounders. We’ve noticed some valuable best practices…as well as some very common mistakes. In the hopes that we can save more entrepreneurs some time and heartache, here are three of the biggest mistakes:
1.Need 2. Approach 3. Timing
Find the right cofounder is game changing – make sure you approach it like you would a partner and make it an early priority.
Thought of The Day:Why failure rate is high in restaurant startups
The biggest mistakes restaurants make, and why they have a high failure rate
The restaurant business is tough. Everyone in it knows it. Everyone looking to get in it ignores it.
The cold fact of the matter is that opening up a restaurant may be one of the worst investments you could make with your money. That’s a horrible, sobering statement coming from someone like me who’s in the business of helping restaurants succeed, but it’s the truth. Most restaurant fail. Oh, the failure rate isn’t the “90%” you may have heard from friends and family, but according to Cornell University, and the National Restaurant Association, 60% of restaurants fail within the first three years of operation. After five years, the number might be as high as 75%.
Uggghh!
Why the hell would anyone want to get into this business with a failure rate like that? Risk and reward my friend, risk and reward.
Thought of The Day: Networking Blunders-How to avoid them?
9 Networking Blunders That Undermine Your Reputation
Darrah Brustein-Founder of Equitable Payments, Network Under/Over 40, and Finance Whiz Kids
I have been called the "queen of networking" for longer than I can remember. At one point, I felt like this was, perhaps, an insult, since so many people think networking is a bad word. But I later realized that’s simply because too many people do it poorly, thus giving networking a bad name. After countless conversations, speeches, and seminars teaching people how to better network, here are the nine ways that you might be contributing to the bad wrap that networking gets.
You think you don’t need to network.
As someone who hosts monthly networking events in three cities for hundreds of people at each event, I often hear this when I extend invitations. When you say you “don’t need to network”you’re saying you will never be in need of the help of others nor do you want to meet anyone new to help them.
Networking is a fancy word for relationship building, so you’re basically saying that you are happy to live with the circle you’ve created and have put up a wall to anyone else. What you may mean is that you’re not currently looking for something you think you can gain from meeting new people or that you don’t like big events, in which case, express that.
Source:https://www.entrepreneur.com/article/254259
Thought of The Day:Post Product--Market Fit Steps
Where to Go After Product-Market Fit: An Interview with Marc Andreessen
I think the single biggest thing is that every
market has early adopters. There are early adopters for everything, and it’s
kind of amazing that that’s the case. But there are always people. There are
people on product sites every day looking for the next new consumer thing to
try. There are even early adopter CIOs. There are Fortune 500 CIOs who pride
themselves on discovering the next new whatever it is — the new relational
database, AI, whatever it is. They’re all over it.
And a lot of product/market fit is the fit with the early adopters. And so you get these extremely enthusiastic people, who in a lot of cases have sought you out as the vendor, saying, “Wow, your thing is really cool. Can I please use it?” And that’s your sign of product/market fit.
The problem is, the early adopters are only ever a small percentage of the overall market. And so a lot of founders, especially technical ones, will convince themselves that the rest of the market behaves like the early adopters, which is to say that the customers will find them. And that’s just not true.
In the consumer world, it’s not true because people have plenty of existing things they can spend their time on. They have to be convinced to try the next new thing. And so whether you want to call that marketing or growth hacking or user acquisition or whatever you want to call it, there’s some distribution function there, for all these things, that’s critical.
And then for sure for B2B. Most businesspeople in the world, most CIOs or whoever is going to buy technology in a business, don’t wake up in the morning and say, “Gee whiz, can I go find the next hot thing to take a chance on?” That’s not how businesspeople live their lives. And so there needs to be some distribution capability to get to them.
Again, the danger there is a market share thing. If you stick to the early adopters, you’ll get 5% of the market, but you’re not going to get 95% of the market. And that means, sort of by definition, somebody else is going to go get 95%.
https://a16z.com/2018/07/20/after-product-market-fit-marc-andreessen-elad-gil/
Thought of The Day: Gig Economy and Opportunities for Startups
The gig economy has already
transformed the way we work, and more change is ahead.
For entrepreneurs, the gig economy can increase agility while minimizing financial risk. Whether you’re experimenting with providing new services or are in need of short-term help with a technical problem, the gig economy can grant access to top-tier talent at the click of a mouse.
By embracing the gig economy, you might even gather the resources to introduce the next big disruption yourself.
Michelle Delgado--startupnationcom
Thought of The Day: Signs of a Creative Entrepreneur
Creativity is an important aspect of any startup It helps in having competitive advantage What are the tell tale sins to judge whether the startup has a creative culture.
Creativity does give an entrepreneur a competitive advantage, but how does one assess whether they are creative enough or not?
Following are characteristic features indicative of a creative entrepreneur:
1. An entrepreneur adheres to rules and principles only when they add value to the organization and have a potential to attract more customers.
2. An entrepreneur experiments with his ideas as the first step. The second step is learning from the experience and the third step is implementation of what they have learned.
3. An entrepreneur is less afraid to lose and is always keen to experiment in new ventures.
4. The entrepreneur is not afraid of creativity and believes that creative ideas will only help their enterprise.
5. A creative thinker will take inspiration from new ideas in every area directly or indirectly related to the enterprise.
6. An entrepreneur is not afraid to go beyond the industry and enter new markets. This opens a wide range of opportunities to formulate new niches.
7. Every product and service is not good enough and has room for improvement. An entrepreneur realizes that very well.
8. A creative thinker is interested in bringing totally opposite things together to create new products or services.
9. An entrepreneur creates new products for existing services and new services for existing products.
10. Creative ideas come more quickly when someone is not afraid to appreciate new ideas irrespective of who comes up with them.
11. An entrepreneur shares an idea and is open to feedback that improves and refines the idea.
12. Creativity comes from learning different things, whether they are related to the industry or not.
These indicators show that entrepreneurship and creativity go hand in hand with each other. Entrepreneurs are more flexible and seek improvement more than they seek perfection.
https://www.cleverism.com/why-creativity-is-so-crucial-for-entrepreneurs/
Thought of The Day - E- Commerce Startup Opportunities
Digital Health Care is undeserved Market-Sweta Patil
Source:bigcommercecom
Thought of The Day - Eco Friendly Home Idea
Embrace natural cleaning products
Using harmful
chemicals to clean is very bad for the environment. When you wash them away you
are simply putting them into the water supply. That means water will take more
purification before it is safe to use again. But the good news is that in the
majority of cases you really don’t need to use them. For most day-to-day
cleaning tasks, natural products like vinegar, citric acid from citrus fruits
and bicarbonate of soda can be used in place of caustic chemicals to great
effect.
Thought of The Day - How to Get Product- Market Fit RIGHT- the #1 reason for startup failure
Product/market fit means being in a good market with a product that can satisfy that market.
Source:https://blog.toggl.com/product-market-fit-need-know-embarrassed-ask/
According to data from CB Insights, the number one reason that startups fail is that there’s no market need for what they’re offering. That reason for failure even ranks ahead of running out of cash.
It makes sense—if there’s nobody interested in buying what you’re selling, your business is destined for failure.
But, product-market fit isn’t only necessary to sustain your business—it’s also important for growing your business. By ensuring product-market fit, you build a solid foundation on which to scale your company.
Before Product/Market Fit, trying to scale through marketing and advertising may actually do more harm than good for your company. You’ll be throwing money away, and alienating potential customers before you’ve even created a product that they’re truly interested in,
-explains a post for TechLaunch,-
Thought of The Day - How to Get Recurring Revenue from Blogging- Tips from Erine Chase-five dollar dinner
Finding a Balance of Free and Paid Content
With two paid subscription models proving so popular you can understand pulling back on the blogging a little, but this is not an option for Erin as she said, “you have to keep producing quality free content.” It’s important to keep up relationships with your audience, be active in communities, and relevant to keep producing new articles. Erin summed this up with a nice statement, “that is what helps get me up to the office every day; I want to help someone.”
I asked Erin how she decides what content to publish for free on her blog, and what content she keeps for members, she summed it up by saying:
You teach people WHAT to do at the free level.
Behind the pay wall you show people HOW to do it. There is a dividing line, separate your content between the, what to do, and how to do it.
Sources-https://www.sidehustlenation.com/blogging-for-recurring-revenue/
Hi! I'm Erin Chase and I am on a mission to help you spend less money on your groceries!
https://www.5dollardinners.com/
Thought of The Day - Pricing Dilemma of Startups
- Prices are not cost related – the only rule is that price must be more than cost
- Price is what the customer is willing to pay; there are different kinds of customers so there is a price band available. One of the key tasks during the startup phase is to discover this price band
- Some customers are bargain hunters, others look for value and there is a category that couldn’t care less (price insensitive). Ensure you have a product (suitably packaged) for each category.
Pricing strategy should recognise differences in customer types and price products to cater to each of these. Product offerings must be created to cater to different categories. These changes need not be substantive nor cost very different. Value , a bit like beauty is often in the mind of the beholder; price reflects this value.
http://www.startupbuddy.in/product-pricing-a-startup-dilemma/
Thought of The Day - Fears of Negotiations- Especially Women
Five Fears of Negotiation (And Why You Need to Overcome Them)
Cindy Robinzon Wiesel
Why don’t women ask? What are some of the fears that women harbor around negotiating with bosses, coworkers, or even friends, that get in the way?
Thought of The Day - Opportunities in Sustainable Inclusive growth
Problems to be solved are plenty.Water, Air, Waste, Quality education.
Startup Entrepreneurs are you ready?
Thought of The Day - Opportunities in Rural India
Rural India- Digital Village Service Center opportunities 100K Centers are being planned
Source: TOI-15-03-2019
Thought of The Day - Restaurant Success- A Key Ingredient
Concept and Location
The first step in opening a new restaurant is deciding what type of restaurant it is going to be. Do you want to open a high-end fine dining restaurant? A casual 1950s-style diner? Do you have a specific type of cuisine in mind, such as Italian, French, or Indian? Perhaps a microbrewery or a pub.
Location, location, location. It can make or break a restaurant.
Before you sign a lease for your restaurant location, do your homework. Is the restaurant location in a busy area with plenty of foot traffic? If not, is there enough parking? Have several other restaurants opened and closed in the same spot?
Thought of The Day #0056: Entrepreneurs solve societies problems- TWO Mangoes in one stone
Stubble burning is a major problem especially in Punjab causing pollution in NCR.
Entrepreneurs have come out with a solution to convert the stubble left over in the field to pulp
Pulp is used to produce plates and cups.
This solves the problem of reducing plastic usage which is a major pollutant.
Thought of The Day: Air Pollution - Simple Solutions
Converting diesel exhaust into ink
According to a study conducted by WHO in March 2018, 14 out of the 20 most air polluted cities in the world are in India. A significant part of this air pollution is contributed by vehicular emission.
Graviky Labs, a startup from Bengaluru, has invented a device which when fitted into the tailpipes of generators and vehicles, can capture carbon emission even before it has entered the environment, and convert it into industrial-grade ink.
The exhaust is cooled in a heat exchanger where the soot particles come together. The carbon from the soot is then isolated and converted into ink, which can be used for writing, painting or anything else - proving, once again, that something good can come out of something bad.
https://weather.com/en-IN/india/pollution/news/2018-07-09-innovation-tackle-pollution
Thought of The Day:Low Cost Technology Ideas
Tech Podcast
Similarly, you could start a podcast where you talk about the new gadgets or innovations in the tech industry.
Tech Video Channel
Or you could opt for creating video content about technology, using a platform like YouTube to earn revenue.
Livestreaming Influencer
Livestreaming has become a popular way for people to communicate online. You can build up a following on platforms like Facebook Live and Periscope, then earn an income as an influencer.
Livestreaming Service
You could even start your very own livestreaming service that other people can use to share their thoughts and connect with followers.
Source:smallbiztrends.com
Thought of The Day: Marketing Blues of Startup Entrepreneurs
Marketing is not a department; it’s a culture! Most entrepreneurs suffer from “blinded love” for the products, services, or the ideas that they want to bet on and invest in. Love is fine but, it’s the “blind’ part of the love that hurts
Pratik Dholakiya, Director of SEO & VP of Marketing at E2
Marketing won’t happen without bottlenecks
Thought of The Day: What are startup opportunities in IoT Space
Rapidly growing and hence plenty of opportunities
What lightning does to mushrooms, IoT has done to startups!-Suprita Anupam
Using IoT to save energy by connecting Devices
Thought of The Day - Portable organic Farming
A new opportunity to build organic farming in buildings
It requires an investment of INR 6-8 lakhs to builda store of 1200-1500 Square feet
Source: TOI-19-01-2019
Thought of The Day: Dilemma of Newly weds with their wedding gifts
A business idea to help them by disposing of gifts not useful or they are moving away to a far off place
The couple during wedding always receive gifts from family, friends and relatives.The couple may receive many similar items or they may be settling down in a far off place.
You can tie up with wedding event management company to help them to dispose off or offer as a vale added service in case you are running an event management company.
Thought of The Day: What an Idea?
IDEA+ INNOVATION- An Inspiring Example of Saving Environment
STOP TALKING. LET’S START DOING!
Amsterdam Entrepreneur Marius Smit's novel way of fishing out plastic waste from City's canals.
Plastic Fishing Tour has become popular.
Recycle the plastic waste and used it to make plastic boats ( Whales) to fish out more plastic waste
Recently they have started making office furniture from the plastic waste: https://plasticwhale.com/
Source: The Times of India
Thought of The Day:Partnership With Friends
Pros & Cons
I am planning for a startup. My friend wants to join meas equal partner. I am wondering whether it is a good idea? What are the factors one should consider?
https://www.10minutebiztools.com/business-partnership-among-friends.html
Thought of The Day : Is Warehouse Startup a Good Idea?
I have vacant land in an industrial area. I would like to build and run warehouses.
Warehouse Startup Opportunities
Warehouse Startup opportunities are plenty in the current environment especially due to e-commerce explosion.
Warehouses play an important role in Supply Chain Management. Normally ,warehouses are located close to the market. It facilitates faster replenishment of sellers’ stock so that it is available when customers want to buy.
The third party logistics service providers offer warehousing facilities as a part of the supply chain. The transport industry has added this activity as a value addition to their business.
A company, producing variety of SKUs ( Stock Keeping Units) may be in one location or may be spread across different locations. The dealers, who sell to end customers, will need a mix of these SKUs. The company cannot dispatch the mixed bag required directly from their factories. The warehouse assembles the dealer orders and dispatches the mixed bag.(Kitting).
https://www.10minutebiztools.com/Warehouse-Startup.html
Thought OF The Day-Which are the best ideas for a startup?
There is nothing like a good idea or bad idea.
Essentially any idea should solve a problem or create convenience for the user. The higher the criticality of the product / Service to the customer the probability of the success is good.
However execution of the idea and the individual entrepreneurs traits are equally important.
Every product seeks to solve a problem. For most startups, it’s easy to know whether there’s a market for a solution to that problem. The difficult part is what happens next: determining whether your solution is the right one, building an actionable strategy for making the market aware that a solution exists, that is yours.
Mosquito Vaporizer became a success as it was a critical product.
Me too have products have lesser chance of success.
Startups are cash short to focus on creating need through marketing efforts.
https://www.10minutebiztools.com/Product-Market-Fit.html
I want to start a food truck business?
Is it attractive? What are the opportunities? What is the investment required?
https://www.10minutebiztools.com/Food-Trucks-of-Bangalore.html
Food Trucks of Bangalore- Startup Opportunities
The food truck business is a viable startup opportunity and costs can vary from INR 200K to 1500 K depending on the design of food trucks.
Every food truck startup creates their own niche. The mantra is simple: fast, healthy and delicious! There’s no end to the cuisines you can try, as every food truck experiments with something new!
There are trucks which sell ice cream, Cakes, western food, local cuisine etc.
I want to start a fast food restaurant with a budget of INR 1 million.
What are the critical success factors?
1. Consumers are highly price sensitive
2. Speed of service,
3. Location,
4.Quality of food
5.Cleanliness
https://www.10minutebiztools.com/Restaurant-Business-Startup.html
I hear that a strong network is one of the ingredients for success for any startup. How to build network?
"Networking can provide all the things every entrepreneur needs, be it market access channels, product development advice or management guidance.
The foundation for launching your business and scaling it exponentially with speed will depend on outside forces. You will need access to a wide array of expertise to be successful with your company: market access channels, sparring on product development from industry experts, management guidance, and so on. All things that can be found through good and intensive networking. That is why you should network.":-Prasad Vanga
https://www.10minutebiztools.com/Startups-Networking.html
My startup has acquired a few customers through my close friends. I keep hearing lack of understanding the customer acquisition cost is Achilles heel for many startups.
What is the significance and what are the key factors in calculating the cost.
Customer Acquisition Cost is the cost associated in convincing a customer to buy a product/service. This cost is incurred by the organization while convincing a potential customer. This cost is inclusive of the product cost as well as the cost involved in research, marketing, and accessibility costs.
‘Dividing the total costs associated with acquisition by total new customers, within a specific time period’- This is customer acquisition cost.
https://www.10minutebiztools.com/Customer-Acquisition-Cost.html
I am planning to use Digital marketing for my startup
What are the tips?
https://www.10minutebiztools.com/Digital-Marketing-Tips.html
I am planning to start a service business routine maintenance of offices.
Essentially a B2B business. I understand it is less risky and marketing requires minimal effort.
- Yes it is a good option.
- Networking skills are critical
- The payment cycle may be longer
- May have to deal at multiple levels of an organisation
https://www.10minutebiztools.com/B2B-Startup.html
I want to write blogs about how one can build skills for employ-ability/ Career Growth.
I also want to establish a recurring revenue stream from my blogs.
What is the best way to go about this ambition
Startup and Blogs - How blogging can be an effective Strategy ?
Blogging is an effective way to communicate to the prospective customers about one’s product/service. It just kindles interest in the customers who may want to reach out to a startup entrepreneur.
https://www.10minutebiztools.com/Startup-and-blogs.html
I want to transit from Executive to a startup Entrepreneur. I keep reading fear of failure is the most common worry of any startup.
Failure is part of any startup. Risk is inherent in any business whether it is a startup or running business. Sometimes a new product introduction may completely upset successfully running businesses. There are many risk mitigation strategies.
You Can only minimize chances of failure and there is absolutely no guarantee for ZERO failure.
https://www.10minutebiztools.com/Startup-Risk-Assessment.html
Is Outsourcing digital Marketing the right choice for my fashion garment startup?
I keep hearing digital marketing is vital for my fashion garment startup.I can not afford to hire a full time employee to manage digital marketing.
https://www.10minutebiztools.com/Digital-Marketing-for-Startups.html
https://www.10minutebiztools.com/Digital-Marketing-for-Startups.html
I want to be part of the exploding market for Edutech Startups.How to go about it? What are the opportunities?
Online education in India will see approximately 8x growth in the next five years, says a recent report by Google, KPMG. This will have a significant impact on the edtech market that has a potential to touch $1.96 Bn by 2021 from where it stands now i.e. $247 Mn.
--INC42.com
Look at the following Example
Flashnotes-
A straight forward and convenient way to study for an upcoming test, interview, or speech. This app supports the ability to create your own card sets or download ones from online.
Remember the doodling days on the side or back of your notebook while you tried to take copious notes from your boring teacher? Would you be more motivated if you knew that your notes would not only give you an edge on the exam while earning you a bit of cash?
Flashnotes allows students to upload their lecture notes and also sell them to other students who need more help or resources. The general pool of knowledge expands as students continue to share their work with one another while The rating system allows the best note takers to get more business.
As a startup and solopreneur I get scared whenever I have to negotiate.
How to be an effective negotiator?
Is it art/ Science? How do I acquire negotiation skills?
Do not worry- Negotiation skills can be acquired. There are key rules of negotiation.
Prepare & Practice
Have a mind set it can be win -win for both of you.
Take courage and walkout if you cannot reach an acceptable solution
https://www.10minutebiztools.com/Negotiation-Skills-for-Startups.html
I am constantly hearing any startup should prepare business plan. Is it necessary? What is a Business plan? How will it help my startup?
If you fail to plan you plan to fail
Business Plan for Startups
Business plan for startups will be required at some stage or other.
- Helps in disciplined thinking
- Sets Milestones
- Faster Proactive action if any surprises from environment
- A Business Plan for startups is a must during growth stage and seeking external funds
https://www.10minutebiztools.com/business-plan-for-startups.html
- But the real reasons to write a business plan have nothing to do with other people: They have to do with you.
Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier.
Why Affiliate Marketing is a risk minimizing strategy for my startup?
Affiliate marketing is great for a startup or someone who wants to grow faster, who doesn’t want to take the risk and spend money on marketing. If you want other people to drive sales for you, and you only pay them for results, it’s a great deal. There’s little to no risk. Sure, you’re going to have to watch out to make sure you’re not getting big credit cards going through your system, but you should be tracking that anyway.-Eric Siu
Alternatively you can become an affiliate Marketeer. This will hone your selling skills.
https://www.10minutebiztools.com/Affiliate-Marketing-Opportunity.html
I am a solopreneur.
I am growing.
How to build my team?
What are the employee attributes I should look for?
Employee Attributes
i. Passionate Individuals
ii. Willing to multitask
iii. Need Salary for survival
iv. Not looking for a 9-5 job
https://www.10minutebiztools.com/Startup-team.html
I hear Franchising as an option to be a startup especially when I am a first time entrepreneur.I am planning a Preschool startup?
Why is it called a risk minimizing strategy ??
You want to set up your first business and can only invest a small amount of capital. Then, read on.
Small business startups have limited cash and would like to quickly establish the business and earn return on their investment.
It offers an ideal platform for a startup business as many requirements are taken care of by the parent company. The idea has been tested and the brand has been established. Systems and processes are made available.
https://www.10minutebiztools.com/Why-a-Franchisee.html
I want to validate my business idea Is there a process
For any startup the crucial first step is Validating Business ideas. Ideas are plenty and a structured process can be used to validate the idea before precious resources can be committed.
An Example of Validation
A woman entrepreneur wanted to test her idea for homemade chocolates. She lives in a huge housing complex where she has lot of friends. She supplied chocolates for childrens’ birthdays which she and her children attended.
She also participated in exhibitions which mainly attracting youth .
The word of mouth publicity increased her orders. Later, she went for online sales within a local delivery area of 2 kilometers.
At the end of one-year period the business operations have to be shifted to a larger area where she hired more employees to cater to the growing business.
https://www.10minutebiztools.com/Validating-Business-Idea.html
I am a mom. I am starting a home based business.
My question is how can I be a successful mompreneur?
Moms like you who aspire to become entrepreneurs need to be encouraged. The entire family gets benefited. It imparts entrepreneurial mindset which are life skills in the entire family.
Remember the Nike Slogan-‘Just Do IT’
https://www.10minutebiztools.com/Successful-Mompreneur.html
Why Product-Market fit is important first step for any startup?
It is reported that 42% of businesses fail because of poor Product Market Fit. (PMF)
If your customer describes correctly the usefulness of the product/service and is willing to pay for it- that is the first step in PMF.
https://www.10minutebiztools.com/Product-Market-Fit.html
Pricing Strategy for Startups
Are you facing the common syndrome of which is right Pricing Strategy for Startups. you are not alone.
Any startup founder either in product or service will vouch the dilemmas they faced by them on how to price. One wonders whether any magic formula is available.
https://www.10minutebiztools.com/Pricing-Strategy-for-Startups.html
I have a spare room. I love fashionable looks and new trends- Any tips for beauty salon startup?
All you want to know about Beauty salon Startup:
Starting a beauty salon has become an attractive option due to the changes in the attitude of both men and women towards spending money on their looks. The beauty salon business is growing at more than 20% and the average spend per person is also increasing. These factors have attracted many new players creating intense competition.
As I have already mentioned any startup has two options. They can either set up their own salon or become a franchisee.
A beauty salon can be started with as low as initial investment of INR 500 K. The space required is also a mere 500 Square feet.
https://www.10minutebiztools.com/Beauty-Salon-Startup.html
I am stay at home Mom.
I want to start a home based business.- Any Business Ideas for me?
Looking for low capital investment ideas!!
Business ideas for Women
As a woman are you looking for business ideas or toying with many ideas.
You are undecided about the business you want to start. The key to success for any idea is how it solves the customer's problems. The ideas should be based on your strength of understanding the customers or the market you want to serve.
Business ideas for Women-Home based business
The ideas covered in this blog are for those women who want to work from home. Majority of the women entrepreneurs always give overriding priority to their family requirements and business comes second. The business ideas listed below fulfill the need for women who want to balance home and work, at least till their children grow up.
https://www.10minutebiztools.com/Business-ideas-for-Women.html
What are the Customer Acquisition Mistakes Startups Make?
Customer Acquisition Mistakes by any startup entrepreneur can lead to frustration and result in waste of time. The cash will get depleted and business may be at the brink of closure.It Costs Five Times More to Acquire a Customer than to Retain a Customer
Cost vs return to acquire customers is a key parameter startups should track
https://www.10minutebiztools.com/Customer-Acquisition-Mistakes.html
THOUGHT OF THE DAY from 10minutebiztools.com
Startups need inspiration and Ideas to stimulate
How to Bootstrap MY Startup?Are their any wise words for ME
Bootstrap Startup- Why ??
First-time entrepreneurs often have trouble getting funding without first showing some traction and a plan for potential success.
It is due to limitations in securing external funds for untested ideas.
Tips
DESIGN A BUSINESS MODEL THAT GENERATES CASH QUICKLY
Not all businesses are equally ripe for bootstrapping. The most successful bootstrapped companies have a business model that generates cash as quickly as possible. Without any cash inflow, you’ll burn your reserves before gaining any real traction.
https://www.10minutebiztools.com/Bootstrap-Startup.html
What is Lean Startup?How does it help in minimizing Risk for my startup
Lean StartupThe concepts of lean startup can be termed as risk minimizing strategy. It is well known that only 5-10% of start up businesses survive the first year. The lean concepts help in minimizing the failure as the business model has to be agile. These help in changing the model quickly if a product or service does not attract customers.
https://www.10minutebiztools.com/Lean-Startup.html
Why is Cash Flow Important for my Startup?
What is the relationship between Cash and Startup? How critical it is?
The sad truth is that cash-flow surprises kill many startups.
90% of small business failures are caused by poor cash flow. Put simply, not enough cash coming in the door and too much going out. Getting paid on time and managing your outgoings is critical to business success. – Dun & Bradstreet (dn smallbusiness.com)
Managing startup-cash flow is critical.
Startup business needs cash to start and more cash to grow.
Managing the cash till the business starts growing is one of the icebergs that the startups have to negotiate till outside support is possible.
https://www.10minutebiztools.com/Cash-and-Startup.html
Customer acquisition is becoming a problem for my startup!
How to generate leads for my business?
Commonsense approach is following the principle of Fishing. Go to a source where maximum fishes are available
Lead Generation Tips-Two Step Process
Generating leads for your business requires two steps:
1) attracting the interest of potential customers, and
2) collecting their information.
https://www.10minutebiztools.com/Lead-Generation-Tips.html
I have acquired a few customers. I want to grow rapidly.
What is the recipe for success.
The strategy adopted for acquiring customers at the initial phase cannot be replicated in the growth phase. Further, there is a need for a paradigm shift in the mindset of the startup entrepreneur. The skill sets required to succeed in each phase of the growth (startup to medium to large size) of the business is different
https://www.10minutebiztools.com/Startup-and-Growth.html
How can I minimize my Startup failure?
It is common knowledge that 90% of startups fail.
Is there a secret recipe to reduce failure?
Even though one cannot completely avoid failure there are ways to minimize failure
The caliber and quality of decision making by the startup entrepreneur can be the main reason for failure.
Certain skills are critical for success. Absence of these affect the quality of decision making.
Lack of Product- Market Fit
https://www.10minutebiztools.com/Minimize-Startup-Failure.html
Are you stressed?? On your aspirations for a startup
For You- Useful tips on Startup Steps
Startup Steps
1. Assessing Yourselves
2. Testing Business Idea
3. Assess Resources Required
4. Bootstrap or external funds
5. Hiring Startup Team
6. Legal Requirements
7. Start Trials
8. Build Network
9. Evaluate the results
10. Course correction if required
https://www.10minutebiztools.com/Startup-Steps.html
Why Social Media for startups like mine??
Using social media for marketing can enable small businesses looking to further their reach to more customers. The customers interact with brands through social media. Therefore, planning a strong social marketing presence on the web is the key to tap into customers’ interest. If implemented correctly, marketing with social media can bring remarkable success to any startup business.
Several Social media platforms are available and a startup can use a combination of these platforms. The message should suit the kind of audience in those platforms.
https://www.10minutebiztools.com/Social-Media-Marketing.html
How do I know my idea has a chance of traction???
Change the fearing Face to smiling face
by answering this simple question as a first step
Is your idea solving a problem( Pain Killer) or is it only would love to have if money is available ( Vitamin)
https://www.10minutebiztools.com/How-to-Test-Ideas.html
Why should I write blogs? How does it help my startup??
Startup and Blogs - How blogging can be an effective Strategy ?
Blogging is an effective way to communicate to the prospective customers about one’s product/service. It just kindles interest in the customers who may want to reach out to a startup entrepreneur.
Why should a startup business write a blog
1. Communication platform with potential Customers
2. To showcase entrepreneur’s expertise to a large number of audience
3. A brand building process
4. Feedback from several sources
5. Improves search engine rankings
6. Helps you to establish as a thought leader and you can create a set of loyal followers
7. Helps in building credibility
https://www.10minutebiztools.com/Startup-and-blogs.html
What is the relevance of minimum viable products for my Startup ??
A minimum viable product (MVP) is a strategyin which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users.
Risk minimizing strategy= MVP Approach for Startups.
This approach is also called lean startup. Minimum Viable product is built by the startup team to test their idea and also to quickly get a feedback whether someone out there-customer is willing to pay.
Market Survey to collect opinion is unlikely to yield desirable results as the prospective customers are only spending time in filling the questionnaire, not actually spending cash.
The MVP strategy helps you build, measure and analyze the real customers’ feedback. This in turn helps a startup to change course /modify/ abandon the idea. This is truly lean startup principle as resources are not wasted.
You will learn what works and what does not work.
https://www.10minutebiztools.com/MVP-Approach-for-Startups.html
How do I acquire my FIRST CUSTOMER?
The first step of acquiring customer may be an easy one or if your offering does not have market fit you may have difficultly in getting the first customer.
Study the story of Karsan Bhai Patel of Nirma fame.His first product liquid detergent failed. But he succeeded when he produced detergent powder at an affordable price he succeed.
Always sell to the customers directly so that you establish rapport and also get feedback.
The network you have may have positive influence. If you are in B-B business may be you will acquire first customer with little less effort.
https://www.10minutebiztools.com/Low-Cost-Customer-Acquisition.html
Is innovation a must for startups?
Startups by nature are vulnerable to competition. Every business be it service or product needs competitive advantage to succeed. Innovation is the KEY.
Can be radical like Apple or incremental innovation called JUGGAD
Look at Cavincare which introduced shampoos in sachets at one rupee
https://www.10minutebiztools.com/Startup-and-Innovation.html
As a startup how do I build network? Is it Important??
How to build Network??
Informal professional networks and communities are more important for entrepreneurial success than formal structures such as incubators and accelerators.
It Should be a planned activity
It is strongly recommended that start-up entrepreneurs build in their schedule, at least 3-4 hours per week to attend a networking event. It should be a continuous activity and the work pressure should not prevent them from compromising on the networking calendar.
https://www.10minutebiztools.com/Startups-Networking.html
Does my Startup need Mentoring Support??-At What stage do I need the support?
As a startup entrepreneur when you dive deep into the world of entrepreneurship may face situations where you are stuck. You need someone to support or a person whom you can turn to for advice. Solopreneurs especially need the mentoring support.
- Mentoring improves the success rate of startups
- Formal mentoring support system is available
- Trust between mentor- mentee critical
- Angels and venture capitalist provide strong mentoring
https://www.10minutebiztools.com/Mentoring-Startup.html
Can my spouse be a partner?-A Dilemma Faced by many aspiring Startups ????
Has merits. Willingness to adjust, have role clarity and seek professional help in case of disagreements over business
Difficult part is to avoid carrying family tension into business
Spouse as Business Partner-What are the success mantras for couple to succeed, in both personal and business life?
https://www.10minutebiztools.com/Business-Partners.html
Should I go SOLO or have a partner???
IS IT A Million Dollar Question?
Partnership could be better than being solopreneurship.
Complimentary Skills should be there
Capital Gets Divided
Clear Roles and responsibilities from DAY ZERO
Lack of trust and role clarity can lead to
However this could be recipe for disaster if there is no chemistry
https://www.10minutebiztools.com/Why-Partnership-is-Important.html
What is the one critical skill I require for my Startup???
Customer is key for any business. Selling/ Convincing Skills is essential especially for solopreneurs.
You can sell any product / offer services even before you venture to implement your idea.
Experiential learning includes rejection for getting the EMOTIONAL QUOTIENT RIGHT
https://www.10minutebiztools.com/Learn-Art-of-Selling.html
How do I get Ideas for my STARTUP?
Normally all of us find solutions to problems we face. We call it light bulb moment.
We can expect others also facing similar problems. Your solution can have have commercial value. Test it.
Who knows you might have stepped on your entrepreneurial journey
https://www.10minutebiztools.com/Eureka-Moment.html
THOUGHT OF THE DAY Series # 0003
Why Aspiring Startups should learn about Michael Porter's 5 Forces Model ??
You never operate in isolation. Strategising is integral part for any business
Five Forces
1. Buyer's ( Customer) Power
2. Future Competition power( Low entry barriers)
3.Customers power
4.Threat of Substitution
5. Supplier's Power
THOUGHT OF THE DAY Series # 0002
Why Swimming in Shallow Waters Concept for Aspiring Startups??
A swimmer swims in shallow waters before they deep dive. This is for acquiring domain knowledge and a risk minimizing strategy. Same applies to any startup
You have your eureka Moment- An Idea
You need to test your idea for market acceptance
Bootstrap and test in a small market.
Get Customer acceptance.
Do not sell it to family members, relatives and friends.
In certain tech ideas it is freemium model.
This concept may not apply to ideas requiring investment to make the product and test.
THOUGHT OF THE DAY Series # 001
If you are aspiring entrepreneur learn how to compete
Learn how to compete from local Pharmacist. There are at least 3-4 in an are of 500 meters. All of them run profitable business.
Is it the Margin?
Is it the Service?
Is it customer Loyalty?
