5 Basic Tips for Business Start Up

It is pertinent for an entrepreneur, particularly for a first generation business to be most choosy and cautious in following any starting up guidelines. Yet more caution is required if the business is manufacturing in nature instead of trading. The scale of business; whether large, medium or small is also a determining factor in this regard. In this article, one of the most successful entrepreneurs, Mr. Ajdin Sejdiu shares with us 5 tips for your business startup.

1.       Introspection of Self Personality

The essence of any business is the element of ‘Risk” that calls for an adventurous spirit backed by business acumen, active physical habits, foresight, sociability, sense of right judgment, presence of mind, educational and family background, leadership qualities and the cushioning for any financial adversity. After a thorough analysis and introspection, make up your mind “I can do it; I’ll do it.” Patience, persuasion and patience are the key mantras for success in business.

2.      Technical and Financial Feasibility

Make Feasibility report either on the basis of your own technical and financial knowledge or obtain consultancy service from reputed firms. Profitability, Return on Investment (ROI) and the Pay-back period are the major indicators for starting up any business. Making a SWOT Analysis to find out the Strength, Weaknesses, Opportunity and Threat of the proposed business gives the best guideline for decision taking.

3.      Technical Perception of 5 M’s

The chief constituents of business, particularly of manufacturing natures are Market, Man, Machine, Money, and Material. One needs to have knowledge about these elements of business, their sources, cost, technicalities, and the chances of obsolescence and sources of funds. Human Resource (HR) is the most important asset of any business. Business can’t be carried out alone. So, pick up the right ‘Man’ for the kind of business you are going in for.

4.      Status of the Product

You may have to face competition for a product already established in the market, but you can always find out a better way for grabbing a part of the established market. But if it is new in the market and consumers are not acquainted with the product, it may be a difficult task to create a new market. For an established product, you get an edge over your competitors if you add any new features in the shape of benefits to the consumers.

5.      Minimization of Gestation Period

Time costs money. Therefore, the earliest the project generates income, the maximum benefit can be reaped from business. The business project should therefore be divided to smaller period of activities with deadlines and monitored and managed to complete with the least loss of time.

 

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