Pandemic is a situation in which everyone is in fear, but it also gives rise to a lifetime opportunity to grow as an entrepreneur and solve the problems in the real world. The world is right now facing one of its worst pandemic and it is a very essential time for entrepreneurs to fix this problem up and create an idea and start up through which they can really solve these problems and this could be a chance where they can create one with the biggest startup in this difficult time. It is very important for you to know that the biggest startup in the world started during the recession during times that were very hard for the world and for the country so you should be very familiar with this and you should consider thinking about your idea and starting it right now. This is the era of people who can find opportunities out of the worst situations in their life and can grow to excel.
The need of entrepreneurship and startup and how to create one?
Today the need for successful startups globally is rising and in this pandemic situation one can create new opportunities for the one who can pick them. Our country is full of problems and you need to think about solving them. You need to think how we can make this world a better place to live in.
Then comes the second step. Setting up a business plan and increasing the reach of your service or product and deploying your plan into the real world. Testing your business idea on real people and the market is essential as the idea may look very interesting on paper and plans but it may not be very great in the real world. You must consider testing your idea on a small group of people and then deploying it in the real world. Let’s take two situations to understand it better.
You have a product to launch as your startup idea.
If you have a product as your startup idea, then you can create something known as MVP (Minimum Viable Product). It is your product with all the basic and core features of your idea and can be manufactured at low cost. This can help you to get an idea of what your customers want and what you can deliver to them. This will also help you to gain knowledge about the market and competition which you are really facing. Then you can test those in the market and slowly add features to your product and therefore increase the value. This will help you to know what is working for your customers and what not. Once you are ready with a fully feature packed and tested product, then you can bring it in full production.
If you have a service as your startup idea.
If you have a service as your startup idea, then you should strongly consider real world testing and then deploying it. Start by mastering a small area or market and then try to enter larger markets as there will be a lot of competition there. You can also consider making a minimum viable form of your startup idea and then testing it on real people and the market.
How can I raise funds for my startup idea?
As an entrepreneur you should really be concerned about raising funds for your startup as money is the fuel on which your business runs. Now you can consider any one of the following ways to raise funds for your business.
1: Convincing local people and businessmen to fund your startup.
You can convince local business and investors to invest in your business by explaining your idea to them and how it can generate profit for both of you. You can consider showing a small presentation to them and explaining your business plan.
2: Contacting angel investors and people who invest in new business ideas.
There are many people and companies who are ready to invest in new business ideas so you should be constantly looking after them. This is the best way of finding investment for your business as investment through this way comes in a very huge amount and you can implement your business on a very large-scale true angel investors and people who invented new ideas. Explain your idea to them. Explain to them how this idea can make profit and grow in future. There are some websites that can help you to find angel investors.
3: Generating funds from crowdfunding.
Crowdfunding is a very popular way of raising funds for your business. There are many websites that can help you to achieve this and grow your funds. There are also Facebook groups and social media groups who are ready to help new investors and make their idea come to life. So, you should always consider checking new Facebook groups through which you can raise funds as this is a very great way of raising funds for a startup. Don’t forget you can crowdfund your business idea through your friends and families and they can help you bring your Idea and reality.
4: Raising funds through mailing and writing letters.
This is also a very popular way to fuel your business and raise funds. You can write mail or letters explaining your business idea to investors and businessmen. You can find the emails of various investors on various sites and always look for the investors who are really investing in startup ideas who can fund your business.
How can I be motivated and confident during the development of my startup idea?
It is very important to believe in your idea and work accordingly. Read a lot of books and articles regarding business and regarding how you can grow your business to excel. Being motivated and being informed about how to grow your business is very essential in today’s era there is a lot of competition and there is a lot of companies working and offering similar services.
The most important things to consider.
If you are starting a business and thinking of a startup idea it is very essential for you to consider the points which I mention in this section. Globally the rate of success is very low, and you need to know the reason to make your startup successful. If it were easy everyone would do it. Money and lack of resources is one of the main reason’s startups fail. So, consider fundraising as a very important part of your business. Also make sure you are giving the best quality products to the customers along with the best quality service. You should always keep track of the flow of money. Always look to avoid mistakes that would disrupt the money flow. Remember your startup ideas should be unique. If your idea is not unique how will you stand out amongst the competitors.
If you are considering starting a startup remember you are an innovator, you are inventing something new and your new vision can really change the world. Consider constantly thinking about your idea, how you can improve it and how you can make it economically cheaper and more profitable.
Our government is also helping new startups and ideas to grow and flourish all over the world so you can take help of the new services offered by the government to help startups and gain new possibilities. Think about is your idea active and usable on ground level and always think that will this idea work on a bigger scale and could generate higher profit for your investor and fundraisers. Generating profit is a very important part of a business but solving real life problems is much more important.