IDEAS do matter a little but what matters the most is the execution, on the above mentioned startup ideas the common factor which is most important to all is the execution of it. Do not bake the potatoes half, its waste of efforts and you don’t even enjoy it. Below are the listed rules for every startup
#1 YOU ARE PASSIONATE ABOUT IT
Passion towards the business is the most motivating and driving factor towards it, as it flows in your mind day and night and passion drives the positive thinking towards it. JUST for the sake of applying the Idea which someone has done it and he has reaped success doesn’t stand of any help, so get into the business which relates to your passion and you look forward to it beyond 10 years from now.
# LET IT BE SIMPLE
Let the idea be simple and do not complicate it with too many things at one time , it’s like putting in straight words one customer , one service , one revenue stream . Generally the startups that succeed the most start with one basic idea executed smartly, the developments, auxiliary business can follow then as you develop your team in times ahead. So keep it simple
#3 STICK ONTO SINGLE REVENUE STREAM
Do not complicate with too many things on the hand, just focus on the primary revenue stream to start with, later the same can be developed into various opportunities, you should consider yourself to be lucky if you are able to shell out revenue from the projected stream.
#4 PRODUCT, PRICE, PEOPLE, PLACE
Do not forget the old school business management principle, right product design at right price a for right target people and at right place. These are mandatory principles to adopt on every startup. Do not lose your focus on these when executing the business startup. Focus on these should be maintained even on every step of your marketing and establishing reach to potential customers
#5 CREATE A SWOT
Creating a SWOT is utmost important , you want to sail through new streams , how can that be possible without acknowledging the prospective dangers in it ,same applies to the startup business , do a thorough SWOT analysis to identify the shortcomings and possible dangers to the project. This will make you physiologically, materialistically and resourcefully ready to face the challenges.
#6 BE IN THE MARKET NERVE
Every business has a nerve centre of the market which drives the business, you cannot be aloof of the same, keep yourself connected through more than one resource and gather all possible information ,projections , future forecasts of the market you are operating in. this in turn helps you focus on challenges and plan yourself accordingly.
#7 CONTROL EXECUTION COSTS
It normally happens when we start up a small idea from back of our garage, we are over excited in execution and during this we tend to forget the small costs that mount big when accumulated , the task here is to control these small costs and let them not mount in, this does happen even more when we are not planned for it , lack of financial plan or expense plan. Don’t let these petty expenses overtake your ambitious plans.
#8 IDEATING BOARD OR WHITE BOARD
This is must to do , keep a ideating board ready , at times when you are following your passion , you breathe in the ideas to promote or scale through various challenges during the settling process. This white board keeps you reminding as write down anything productive which comes to your mind as the time will come when you need a recall and application
#9 STRONG PEERS AND MENTOR NETWORK
It has been observed, that new entrepreneurs or business beginners can expect greater relevance from the peer and mentor networking than the product in whole. These are the people who are force behind the driving wheel and help in easing out in difficult situations. Peers we all have social and business environment but the industry mentors can be adopted from professional sites like LinkedIn .com and other such social media networking sites.
The positive business environment supported by the networking of peers and mentors gives us a boost in taking up the obstacles and take on the challenges much stronger. Other market networking can be established by the industry groups like Chambers of commerce and industry, market associations, industry research centers memberships and other such mediums.
#10 FLEXIBLE APPROACHES
When you start up , you cannot be ardent with your approach towards the business plan, flexible approach have to be adopted towards sourcing , resourcing or building channel of supplies or sales. Remember you are a startup and are entering the business environs; you cannot set the commands but in turn you have to follow to be in stream.
Your approach towards the business plan has to be flexible to adjust to frequent changes and policies of the market ,do not constraint yourself to the rule book.
