Ahmedabad, Gujarat Oct 11, 2021 (Issuewire.com) - More and more entrepreneurs are letting themselves be tempted by business creation.
But the hurdles and confusions stand in front of them from day one and during running a business.
Alok Koshti was planning to start a new business that help individuals and businesses who were facing issues like lack of expertise for their projects and so on.
It is an approach that calls on many skills and requires a significant personal investment on the part of the project leader.
Often, business creators with an idea have difficulty getting started like
- Where do you start? or
- What are the main points? or
- Is it better to start a new business or take over an existing one? or
- In what order should the topics be addressed?
And more.
In this dossier, the manager's blog offers you to deal with all the questions related to the creation of a business. We will also take advantage of this file to share our experience and provide some concrete advice that will allow you to avoid the most common mistakes.
Find an idea for starting a business
Some entrepreneurs want to start a business but find it difficult to come up with an idea to start a business.
An idea is a response that a business or person is able to give to a problem experienced by a group of individuals or companies and for which they are willing to pay a sufficient price. In short, an idea is a concrete response to a problem or a real need.
There are several ways to find a new concept.
Some will use their skills, their passions, or an added value that they can bring to identify a need and respond to it, others will take advantage of innovations to develop, modify or even revolutionize (disrupt?) A product or service.
There are also those who will identify a need, a difficulty by analyzing for example the moments of annoyance, nervousness, waste of time, and find a solution most often thanks to a practical mind, a little ingenuity, innovative elements, or associations of ideas.
There are many ways to identify a need and imagine an appropriate response (observation, brainstorming, group work, and so on). There are organizations that can help entrepreneurs identify and respond to a problem. The CCIs in France can help you find the right contact person.
Business creation: Methodology
When you have found a concept that seems promising, it is interesting to plan ahead to test its potential and imagine the business model that could be put in place.
Above all, it is necessary to validate the quality and feasibility of the project. Thus, creating a business goes through different stages that must be validated one after the other.
However, there is no ideal way to develop your project. The course is made up of successes and failures, convictions and doubts.
There is, therefore, no ideal course to follow, everyone develops their own course. However, there are important landmarks that allow you to mark the route and mark the stages. This is what we present to you in the rest of this dossier.
VALIDATE THE IDEA AND THE PROJECT
When a concept is close enough to heart to fully invest in it, the entrepreneur must begin by validating its commercial and technical feasibility.
Check the commercial feasibility.
Verify the commercial feasibility to elements that make it possible to ensure the commercial feasibility of an idea: the existence of a need and the presence of a sufficient market.
Coincidentally Alok Koshti met his childhood friend. Mr. Koshti's friend was facing problems in his business due to a lack of connections.
For an idea to be marketable, it must meet an expectation. It must solve a problem experienced by a client.
Thus, before embarking on a study on the creation of a commercial enterprise, the first thing that an entrepreneur must do is go to meet his future clients in order to precisely define the problem (or "pain point »In English) that he wishes to solve. He must make sure that his potential target actually needs and is ready to buy his product, or service, to meet them.
After making sure that the idea solves a concrete problem, the entrepreneur can carry out a market study. This will confirm the commercial interest of the product and allow the target market to be studied (size, segmentation, regulations, competition, and so on.).
Check technical feasibility
Before embarking on a business project, it is important to consider its technical feasibility.
Numerous possibilities make it possible to test the technical feasibility (have students study, call on university researchers, get closer to industrialists, etc.). Most often, technical feasibility is achieved by carrying out a POC (Prove Of Concept).
The POC consists of a technical model comprising the main functions of the product. It makes it possible to check that all the elements are available to produce the product to be marketed (skills, tools, components, and more.).
Of course, before entrusting your project to third parties, you will have to make sure that you have protected the idea, at least by means of a Soleau envelope and by having confidentiality agreements signed by lawyers whose responsibility it is.
What is a good project?
In the end, before embarking on an entrepreneurial process, the project leader must ensure that he has a good business subject but above all a quality project. This does not represent a guarantee of success, but it is an important starting point.
To be of quality, a project must:
- Based on a good idea (responding to a need)
- Be supported by a motivated, competent, and adapted entrepreneur or entrepreneurial team.
- A sufficiently large market is ready to accept the product or service.
- Make an inventory before starting
- Take stock before starting your business the motivation of the project leader is an essential criterion for the success of the project, his ability to mobilize resources (personal, family, professional, financial, relational, and more.) will also be an important success factor.
Thus, once the feasibility of the project is established, it is necessary to take stock of the strengths and weaknesses of the project. This allows you to build on your strengths from the start and prepare to find solutions to compensate in one way or another for your weaknesses (skills, starting capital, and so on.).
Alok Koshti has started Lawyer4help
With L4H, we are helping patients/sufferers who are struggling to get the right attorneys to fight their cases, long application procedures, and awful fees by getting compensation with the help of the right attorney and making filing case procedure easy with fair fees. We connect them with a suitable attorney for their case in no time.
Media Contact
Alok Koshti : alok@key-cms.com +91 95377 88885 BH-512, 5th Floor, Business Hub, Arved Transcube Plaza, Opp. Ranip BRTS Bus Stand, Ahmedabad, Gujarat, India - 382480 http://www.alokkoshti.com
