To-do list for Aspiring Entrepreneurs
Reshma Kanase | Oct. 29, 2020, 3:37 a.m.
Every aspiring entrepreneur has an idea but, is confused about where to start from and does not know what to do and what not. And a to-do list always helps to stay focused and be more productive, so here is a to-do list for all the aspiring entrepreneurs, which will help to bring dreams into reality.
1. Build a network:
It is essential to have people, to whom a budding entrepreneur can reach out for advice to get for the enterprise. A person with expertise in a field can be the most helpful to get out of dilemmas that a teenage entrepreneur often goes through due to inexperience. Also, people in an entrepreneur's network turn out to be customers or investors.
2. Market research:
Market research is the most essential task an entrepreneur should do before building a prototype and also after the product or service is launched in the market. It helps in designing the product, which will fulfill the needs of customers at an appropriate cost. An entrepreneur should understand what is required and also what is not required, and should not make assumptions but look for actual requirements of the customers.
3. Build a prototype :
Building a prototype not only involves designing the product but also the product should have a unique character and should be competent enough to rise over other existing top enterprises. While building a prototype, short-term, and long-term goals should also be set.
4. Set up a team :
At the initial stage of a startup, an entrepreneur may or may not require helping hands, but it depends on the type of enterprise. If an entrepreneur requires a team, then he should build a team that is equally enthusiastic about the venture and believes in the entrepreneur's vision.
5. Financial planning :
Gathering funds and planning their distribution wisely is the most tedious task for a beginner. There are many sources available to procure funds at early and later stages of business and all have their advantages and disadvantages. An entrepreneur may start with bootstrapping or seed funding, so the entrepreneur should determine when he should select which option, considering all possibilities. To know more about it, do check out these blogs -Bootstrapping-Startup stage#1,Seed Funding Stage#2, and Equity-Based Seed Funding Sources. Also, running out of cash can't help an enterprise to grow, therefore an entrepreneur should always keep aside some capital that can be used when required.
6. Take legal advice :
While starting an enterprise there are many legal formalities to be completed, which the entrepreneur can't skip over. Therefore, one should consult a person who has proper knowledge about it, as it is very essential for an entrepreneur to ensure that his enterprise is following all laws and rules set by the government. An entrepreneur also needs to get all licenses and approvals from concerned authorities.
7. Revise through the business model :
An entrepreneur should finally revise his prototype thoroughly and also ask for advice from people with expertise in the field and those who have years of experience, to create a prototype that gives good returns.
