Every aspirant entrepreneur in this world fancy to have a thriving global business and to establish that newcomers need to start from a scratch. What do you need to get started? Here is the step by step illustration
1. Concept:- you will need an area of your interest
2. Planning:- without a plan you cannot run any business small or big
3. Strategy:- strategies sets you apart from others and ensure your success
4. Investment:- money resource is the major pillar to get started
5. Commitment:- how much committed you are towards your startup
6. Deadline:- deadlines will make sure your professionalism and authenticity
7. Products & services:- quality, quantity, diversity, stocks
Advantages of Starting up a Business
Independence:-“Being Your Own Boss”
Every business owner is his/her own boss and it is a fact which means all the significant business decisions are wholly in your own hands and you are not dependant on anyone. No one will ever fire you for your mistakes. You do not have to answer anyone and you are free to use your intellect for your dealings to make it bloom.
Personal Satisfaction: – “Liberty at Your Fingertips”
Your business is going to be booming if you choose a field of your interest and enjoy planning for what’s next. This will help you in executing your comprehension and skills fully in your business. With all this, you will gain personal satisfaction. You will be free to implement your own creative ideas, watching your business grow and working with the desired clients.
Opportunities To Gain Knowledge: – “Learn More And More”
You are not a part of the business, but it’s your own which means you have your contribution to all the trade aspects. This state will result in diverse opportunities to gain defined perceptive about different business function. The more you learn the more your business will flourish.
Business Image: – “Your Business Your Way”
It’s your business and you have the competence, self-determination to make your own business image in your own way. Your creativity will find wings at this stage and the way you portray your business will put a lofty impact on your future business triumph.
The disadvantage of starting a business from a scratch
There are ups and downs both so it is also imperative that you prepare for the cons as well.
Financial Risk: – “Prepared For the Loss”
To start and to take your business further you will need financial resources and needs to be extensive. The majority of people choose to go in debt to start their business. Every business is risky and every aspirant needs to keep this in the mind the moment they even had a thought of starting a business in their mind. Also, there is no assurance that you will immediately start earning. Initially, there might be just loss and nothing.
Time Commitment: – “It Can Be Time Consuming”
We start a business so that we can have a good life, more time and money for our family and for that you might have to sacrifice your time before. You might lose all your freedom to meet your friends, have parties, plan for a nice weekend, etc. as business owner your responsibility is going to be more than everyone else working with you.
Stress: – “Everything Is On Your Shoulders”
Stress is a part of business which comes from factors like paying bills, paying your employees, decisions, competition, customer issues and the list goes on and on. No matter how much superior you are at managing problems, you will undoubtedly have to find a way to deal with the stress that is a usual part of any business and it grows a little because it is your startup.
Competition: – “Overlooking Your Competitors “
You have invested everything from skills to experience and from your every dime to efforts; one hard fact is that you will need to face immense competition. Today there is a throat-cutting competition in most of the business sectors so make a strategy to get through it.
These are the pros and cons that one has to keep in their mind when you plan a start-up business as it will help you realize the graph of strategic implementations.