Why to work for someone else when you have that talent to be your own boss !
It doesn’t matter in which field or trade you are specialised in , always think of making a product which can solve the real world problems, and that’s what I call as an entrepreneur’s life.
Think of a product which solves problem When you think of a product than you should have a market (by market I mean volumes) , now you should have a vision for your product as in what you want to achieve from your product .
- Want to be a billionaire – if you want to make an empire than do note , it is very much required that your product create jobs for others , if people don’t make money from your product than you will be in vain .
- Want to be a millionaire – it is not required that people earn from your product , in this you only have to think how you can earn money .
Competitive analysis
There are two scenario in this , you may have a competitor or you may not have
A. you have a competitor – it means that , from a whole cake you can only get a pie not the whole of the cake , in this there is risk that you can fail but the risk percentage is not that high because if you have a good sales team than you can survive in the ocean .
B. you don’t have a competitor – it simply means that you can get the whole piece of cake but the risk of failure is high , so an expert sales team is required .
Raising capital
Never ever put your whole money in the product , because when a product is viewed from different stakeholders perspective that the ground reality comes into the picture , always start your product with at least one partner . When you raise funds , you should keep in mind that the investor should be interested your product , finding a right investor is also a job so do take that seriously .
How to make a product up and running ?
To make a product and to run a product are two different things , many people think they can manage both of them at the same time but many a times , it doesn’t happen .
One should have a basic technical knowledge! As to make a product , one should have some technical knowledge because in now days in 90 percent cases you require a website or an app to run your product , so in order to get the exact cost estimation of developing a product one should have a basic knowledge of website and apps .
Always keep a note that you define a deadline for your product to be developed and for that always start your business with cost which we call as a “SUNK COST”, this is a cost which we regard as an income, which will not come to us or we lost it ,so when you start a business your sunk cost should be minimum so that even if you fail you don’t loose much !
As an entrepreneur your sunk cost should be 1/10 of the income or wealth , so that even if you loose , in short span you can recover your expenses, Once your product is developed , take a note on the design , people love simple and clean design , one should prefer a combination of white, black and blue for example http://bhashalekhan.com.
Launch your product at the right time and place and even if your product fails than do note the mistakes you committed and start thinking on the other product only two percent people gets success from their first venture so BEST OF LUCK !.