The number of start-ups in India is expected to grow from 3000+ in 2014 to more than 11,500 by 2020. From young graduates to experienced professionals and industry veterans, all are taking a plunge and scripting entrepreneurial success stories.
Today I woke up with 6 start-up ideas, potentially 2 of them what I considered to be path-breaking and million dollar business ideas. However as once told and what I now realize, Ideas in themselves are worthless. What makes them worth is the Execution.
In the past three weeks, I carried out a survey among my friends, colleagues and professionals.
Out of the 162 people surveyed, 123 (76%) had some idea for a new business start-up, however only 29 were willing to execute the idea themselves. Try answering the following to yourself when you decide to take a plunge in the start-up world?
- List the reasons you want to go into business for yourself
- Are you willing to work long hours even if this business doesn’t make money immediately?
- Have you ever worked in a similar business?
- Describe what you plan to sell in one or two sentences?
- Describe your typical customer
- How big is the market? Is the market growing, static or declining?
- How much of the market can you reach and how?
- How will you get your products or services to them, or how will they (customers) get to you?
- Who are your competitors and how will you distinguish your products or services from theirs?
- What is your pricing strategy? What are the fixed expenses?
- Is there really a need for a business like the one you are planning to start?
- What have you done to find out what your potential customers really want to buy?