Checklist before you start your business !

Starting Up is never soon and never late, it's just your timing of how you're confident of about your conscience.

Often people end up getting found in a stressed situation due to the excitement, the newness, and joy of becoming independent with the responsibility of adding value to the society.

We get to hear more success stories tan failure stories in the journey of entrepreneurship and startu-ups. But Rome was not built in a day. These companies founders have them every other alternate way or an idea before we get them to know who they are. Instagram founders Kevin Systorm and Mike Kregier founded a couple of startups earlier to Instagram which either got acquired or got closed too.

Similar are the cases of startups and businesses. Failure or closing down companies and isn't just related to people and its founders, many at times, the viability of the idea, purpose of the product, need of the product, vision and many other things come into the picture. Example, Google a global search company which had many successful companies under its name too failed in many aspects too like Google+, Hangouts, Answers, Buzz, Video Player, and many more and reasons can be endless for lack of clarity to lack of purpose or even insights and need too.

This read is regarding let you know how to be prepared before starting up and what all it takes for a transition from employee to an entrepreneur.

Save Money -

Save lots and lots of money wherever there is an opportunity in your daily transactions and expenses.
It is believed that to become a successful business owner one should save 1 year of living expenses and save in a bank. In regular intervals, one can invest in shares, FDs or grant a loan to a known person at a competitive rate of interest but in legal terms only.

Money can be saved in buying a mid quality level of clothes, stopping eating outside unnecessarily, researching for the best options to across the products, examining whether its worth the equal amount of effort measured in terms of hours worked, or delaying purchase of expensive things by analyzing the market in search for a better alternative too. An economist named Amartya Sen said a normal person can save enough to live a life for the next  1 year covering his living basic expenses.

Research -
It's a very important aspect to research your industry before entering into it. Having known people in the industry is an added advantage with whose help you can gain the knack of running the business. Google hired Eric Schmidt to expand and create a business out of it rather than their founders themselves, because of their connection with someone who was better at something and which was uncommon.

Businesses both well established and newly founded companies actively try to understand the pulse of the market to be in advance than the target group and gain a first mover advantage.

That knack of running a business is important to survive an be relevant in that space and pace.

Knack is something where you understand how to deal and what's the pain point for the market and how it needs to be addressed. In short, knowing your customer, simple.



Partner with relevant people:

Like Ajay Devgn says in Once upon a time in Mumbai a movie "Jab dost banakar kaam ho sakta hai toh dushman kyu banaein?"

As Google did it by hiring Eric Schidmt, it's better to partner than to make them rivals. Expertise is never available free in the market provided your respect what an expert in his/her work wants.

By leveraging the power of partnerships, businesses can reach new heights or explore new customers too and even understand their customers deeper too. Partners come in various types, an investor primarily angel investor, knowledge partners,  business partnerships, hiring special talent to scale up and what not, which can enhance the business purpose.


Creating a business strategy- 
At the end of the day its all about strategy and its implementation. It's regarding an action plan to achieve an overall objective divided into small parts with short term goals and how you're doing things differently as well.

A well-written business strategy includes few points
- A clear vision and mission statement
- Sustainable product or a service which should fit exactly as per your target's needs
- Standard definition of an audience as to who your ideal customer
- Meaningful timeline to achieve the targets and creating benchmarks too
- and Budget, which is an integral part of it whn it comes of implementation.


All in all, before starting up make sure you're covering almost most of the checklist points.

These are the best practices, one should follow before diving into the world of entrepreneruship and rather be in the dark !