In today’s world, the one who makes his own path is the one who leads the world by example. It takes more than courage to carve one’s path and establish an independent business on your own. Entrepreneurs are often handsomely rewarded for their courage and risk-taking in the form of high-profit margin and self-satisfaction.
Entrepreneurs are usually good at the judgment as they also get decision-making power as the superior head. They don’t have to bend to someone else’s demands, they can call the shots. So if one ventures entrepreneurship, the chances are that one is not only helping themselves but also others in the process of sustainment.
How to come up with an interesting and a profitable start up idea
1. Solves Problems
To come up with a unique idea, you must venture on new paths and start a business that offers an affordable solution to an existing problem or take up a business field of your expertise. An idea that solves problems and provide solutions to pre-existing problems that make life easier and comfortable.
2. Passion-Driven Profession
You must find something you love to do in the first place so that you can stick to it through undeterred commitment. Suppose you specialize in computer programming, you can build apps and web pages and offer services in the same field of your specialization. If you have in-depth knowledge in the bakery, then mixing and baking help you establish it solely. Hence, it is advisable to offer a product or service where you have basic foundation knowledge and technical expertise.
3. Common Household Goods and Services
If not the above two, then it is advisable to indulge in a business that has the most market share and is in regular demand by people. Have you noted that Unilever has a steady market because it offers daily care products? They know their audience, which brings us to our last point.
4. Market Recognition
Develop a product or any service that people want and desire. For that purpose, you must recognize the target audience and keep factors like age, demographic location, income level, and tastes within your mind. Customers always choose a product based on their determinant background based on these factors.
How to raise funds for the business
There are multiple tricks to raise funds for a business venture. 1. Public Funding
One can go for public funding if the business is based on public interest and returns to society. GoFundMe is a great platform for such projects. Not only do these platforms help you get financial aid enterprise, but they also add visibility to your enterprise. Public Funding is probably the quickest and attractive option if you seek growth through the community’s contributions.
Apart from public funding, you can try to enter a partnership with a party willing to invest its resources or time in your company. A partnership may be active or dormant and may saturate your control over your own company. It may limit your power over decision-making but put you at lesser liability and would give you the funds you were looking for in the first place.
3. Shares and Stocks
If you are against that, releasing your start-up’s shares and debentures in the public domain and offering stocks would be a good option since it can gather an impressive and colossal capital amount within a short period.
Shares would make your company a stock-listed company, and you would have to pay the investors for profit on investments. The entrepreneurs may get heavily saturated at this point.
4. Government Aid
Since your start-up will boost your domestic economy, you would be eligible for special incentives and schemes are given by the government. These schemes will encourage new businesses and start-ups. For example, the Startup India Initiative was started in 2016, which offered financial incentives and tax benefits. Similarly, MUDRA Banks can finance young businesses and do not demand high returns like other public domain options. Here, the entrepreneur’s decision-making powers are not affected.
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