Now whatever may be the type of your business all venture has to go through a FOUR- STAGE-GROWTH model.They are
Early growth stage
Later growth stage
Do you have an IDEA ? If YES then proceed to
Business Concept Identified :After an idea emulate, an entrepreneur has to transformed that idea into reality.And that transformation has to be done by step by step in a planned manner.Unless otherwise failure is going to overwhelmed you. Entrepreneur should have the capability to ask or to point out the right questions about his venture concept to lead forward.
what is the goal of the venture to be start-up ?
What do you want to achieved or accomplished with this venture ?
Market Study : Before plunging into the business, do research about your product and market in detail again and again. Do not try venturing out without marketing.If you want your venture to be flourishing differently then specialize in the marketing segment of your product or service.In fact what are your marketing strategy to thrive in the market ?
Product research :Is the product or service feasible ? Realistic?viable ? What about the patent ?
Market Research : Who are the customer ? Where is the market ? who are the competitors ? What are the niche ? Is it possible to established the niche and how ? What are the different aspect of marketing strategy?What are the characteristic of the niche ? What about growth rate ? How to implement the sale forecast ?
Financial Planning :
Financial planning is nothing but cash management to be done in your dream venture .This is most important aspect and to be done consciously. Because cash is the key.No cash no business. A complete financial projection to be envisioned beforehand. If you are thinking about zero to million dollar business flourishing then how are you going to earn it and planning for it sincerely,diligently? Do whatever need for your business survival.
What cash needed or cash estimation and from where ? What about Cash flow generation ? How about ROI ? How to maintain the balance sheet ? How to manage the cash flow shortage or excess and if any financial crisis happened beforehand ? what about operating cost ? What debt/equity management? What about Seed capital arrangement /management ?
This is the stage from where business started as planning paradigm. So all the basic necessary needs to be arranged like physical infrastructure,office equipment,lease/rent etc. Depending on types of venture whether its agricultural/mining, manufacturing,real estate, transportation or utilities resources is to be arranged accordingly.All the administrative aspect to be cleared or arranged in this implementation stage as solid base.
To Be continued……………..