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The Art Of Starting

The Art Of Starting. Submitted by G.Tapasvita 60,MBA,AGBS. Great Ideas for starting. Make meaning-a startup should have its objective in place, it should be able to justify its purpose (products or services). The entrepreneur should have clear goals. Make mantra.

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The Art Of Starting

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  1. The Art Of Starting Submitted by G.Tapasvita 60,MBA,AGBS

  2. Great Ideas for starting • Make meaning-a startup should have its objective in place, it should be able to justify its purpose (products or services). • The entrepreneur should have clear goals.

  3. Make mantra • Mantra is for the employees which has to be a practice, with the company's values embedded in it ,which is short and simple. It differs from a mission statement in a way that the mission gives a wide description of values. A tagline is for the customers which is a reflection of usp of the company.

  4. Get Going • Think Big- A entrepreneur should aim high and should build up the required resources to achieve targets. • Find a few soul mates-Having partners in a business venture can be advantageous .

  5. Get Going • Polarize people-the customer can either like or dislike the product ,no matter what ,the presence should always be felt, they should not lose interest . • Design different-A person should not always go by fad, there are other ways by which one can develop new product. such as by thinking from buyer's perspective understanding his needs.

  6. Get Going • A product need not be an instant hit as market can be shifting . • Launching prototypes of products or services help achieve early success rather than to wait for ideal circumstances.

  7. Business Model • A business model should be specific determining the target segment and succinct. • Milestones-There are few important milestones an entrepreneur should take a note these are essential for survival of the startup they are • Proving the concept

  8. Milestones • Complete design specifications • Finish a prototype • Raise capital • Ship a testable version to customers • Ship a final version to customers • Achieve breakeven

  9. Assumptions • Always have to keep a track of these set of assumptions as these are linked to the milestones. They are • Sales call per salesperson • Length of sales cycle • Return of investment for the customer

  10. Assumptions • Technical support calls per unit shipped. • Payment cycle for payables and receivables. • Compensation requirements • Prices of parts and supplies • Customer return on investment

  11. Tasks • These are the tasks necessary to carry out the operations to design,manufacture,ship,sell. • Renting office space • Finding key vendors • Setting up accounting and payroll system • Filing legal documents • Purchasing insurance policies

  12. Internal Entrepreneuring • An internal entrepreneur should concentrate on the company first not for personal gain. • Creating new products or services which would kill the existing products of company are to be accepted and launched before the competitor does.

  13. Internal Entrepreneuring • Internal entrepreneurs can approach eminent people in the management for technical, protection and other market insights • A new location for a new product development can be ideal as it would be free of distractions from management, and should not be too far from the main building.

  14. Internal Entrepreneuring • In an organization there are people who like to see changes, innovations ,their support can make innovation, invention happen. • One can take the support of existing resources and infrastructure to make innovation easier.

  15. Internal Entrepreneuring • Data is of prime importance as at any point of time lawyer may Question about the existence of the project therefore one has to be prepared with the data pertaining to amount spent and status of the project, accomplishments and share them openly.

  16. Internal Entrepreneuring • The top management should discover the project and sponsor it rather than seeking permission to start. • If a product is successful the group can be dismantled and integrated into a larger organisation.Later on other groups can be created for new ventures.

  17. Internal Entrepreneuring • Starting something new in an existing company requires a new approach . • To position a startup one can consider to foray into a niche market and dominating it. • Pitching-can be done with 10 slides, twenty minute powerful presentation.

  18. Internal Entrepreneuring • Bootstrapping –A startup has to sustain on available resources rather than incurring additional expenses. • Recruiting-A startup can hire people who are willing to risk their careers. • Partnering-A startup has to find a way to increases its sales by partnering with others.

  19. Internal Entrepreneuring • Branding-A startup should look for cost effective methods for promoting their brand. • A startup should look up for people across every corner who would get the sales for the company. • Also helping people who wouldn't help them would make the company acquire a good image.

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