How to start your own business? 5 factors responsible for the success of any business.

Starting your own business can sometimes feel a bit overwhelming. Its like jumping into a vast ocean of uncertainties and trying to find your way towards the shore. Worry not, in this article you will learn how can you start from scratch and build a sustainable and revenue positive start-up.

There are many important factors that lead to the foundation of any successful start-up. We will be discussing about how, when and what are the factors that you should consider when you are planning to start your own venture.

When Should I start my business?

I have met and known many people who are scared of starting their own venture because they feel that they are not ready yet. However, I have also met a lot of people who started off their business with the very little knowledge and skill they had and has achieved wonders. The point is that you are never gonna get anything if you will never try.

In reality, no one is ever ready to start something that they are not truly aware of. I believe the right path for any aspiring entrepreneur is to start first and then learn along the way while he/she embraces this beautiful journey.

The baseline is that you should start your business when you feel that there is a demand of what you are offering to the society. If it is a product that is going to make our life better then hell yes! what are you waiting for? If it is a service that will get my job done in minutes which otherwise would take hours then yes start it today, start right now!

5 Factors responsible for the success of any business

Business Idea

When you start your journey as an entrepreneur you will understand that Idea is one of the most crucial factors while starting any business. Sometimes finding the right Idea can become a huge problem for many but then again this is what separates normal entrepreneurs from the good ones.

Any aspiring entrepreneur should understand that the role of a founder is not to start a business or earn good money, it is to solve the problem around them. The only way to solve any problem is to know about the problems around oneself. In order to find the problem one needs to have good observation skills and a knack for helping others.

Once you find the Idea that you think can change the life of others then everything else is built around that idea. Imagine it as the Sun, everything about your business will revolve around it.

The A-Team

Mike Tyson once said that everyone has a plan, until they get punched in the face, and quite frankly it applies in the world of entrepreneurship and business as well. When you start off a venture there are many problems that will come across your way and like any other entrepreneur it is extremely important for you to understand that you need to have an A-Team, a team that could take on hits, take on those punches and would still move ahead.

The founding team plays an extremely important role in the success of any start-up. Many start-ups never even see the light of success due to internal disputes over roles and equity. Therefore, it is extremely important for you to understand that you need to find members/co-founders who are ethically and morally strong.

This team is going to be responsible for either the success of the failure of your start-up, therefore you need to find professionals who are extremely good at what they do or are clinically inclined towards the success of the start-up. They will be the ones who will work harder than anyone else to ensure that the business reaches its full potential.

Business Model

Once you are done with formulating the perfect Idea and hiring the A-team. It is time for you to create a business plan which will entail all the details regarding the business. The business model is extremely important for early stage start-ups as it provides them a path to walk on.

Having a strong business model not only affects the growth of your business but it also helps you to create a good impression on Investors and Venture Capitalists.

You can always use the Business Model Canvas to determine the early routes to success but with time you need to develop a solid plan that can generate stable streams of income. It should entail all the details from partnerships to customer acquisition.

Funding

When you start your own venture, it is extremely important for you to understand the funding plays a major role in the success of any business. Any start-up needs some good initial investment in order to stabilize the cash flow.

Funding can be achieved through various methods. It can either be seed funding, Series A, or angel investing, but the bottom line is that you need it so that you can create a sustainable and long lasting revenue positive business.

Funding plays a major role in the success of any start-up since it gives you more than enough financial resources to hire new members, buy more raw material, so on and so forth. A founder should always spend the funds wisely if he/she wants to create a sustainable business.

Timing

The timing of any start-up is the mother of all factors, we can say that plays a major role in determining the success of any business. When you are starting off your own venture, make sure that whatever solution you are providing others is required.

You cannot make covers for a mobile charger and expect your product to be successful. The timing has to be acutely correct, it cannot be late, neither can it be early.

Although, there is a small catch. There are many problems that lies with certain sectors which are not visible to any person normally.

If you can find such a problem and can create a solution for it then you might have to educate people about it. Few examples of such cases are OYO, UBER, ZOMATO, PAYTM. Let me help you understand this with a small example.

Assume that these start-ups never came into existence and you had to travel to other city, the first thing that you would have done after getting down at the railway station would be to find a taxi/auto to drop you to the desired location, then you would have to search for a good hotel with clean and hygienic rooms.

After such a tiring day, you would have to visit local stalls or shops for getting some food, all the while paying almost everything in cash.

Now let us look at what we do today, we book a hotel way before reaching the destination. We book a cab as soon as we reach the railway station and then we book a cab to the OYO rooms via UBER.

After reaching the hotel we simply order some food through ZOMATO and all this is done without just minimal efforts through payment options like PAYTM and GPAY.

When these start-ups came into the existence they had to educate a lot a people, since the problem was never really treated as a problem but was treated more like an inconvenience. Time your start-up to perfection and there is nothing that can stop you.