START-UP STAGE activities :
Now what are you waiting for ? Lets start your plan in action.
Start to SELL after SELL after SELL your product or service as envisioned as projected.So that business started to run and generate cash flow positively,profitably.During start-up stage some aspect have to observed and managed like inventory control, inventory manage,stock,demand and supply,statistics of profit and loss,ROI,cost vs expenditure etc.etc. Even a little unusual can lead you to closer of your venture.You may get warned from real examples which are happening or already happened.
Adjust accordingly with the external environment which may be or may not be conducive to your dream business.Don`t let happened to your business like the way Titanik ship drawned.
Positioning your business in the market is another focusing start-up activity.If you success in it then its a big turning point in the market against your competitor.This is a strategy to lead ahead your venture.Without it your business is in the amidst vast sea floating. Why market positioning ? In fact,this is a survival strategy. It is to be done for long term survival of your dream product or service and short term profit.Clear enough your specific product or service or niche segmentation and after that set on at specific market .Right niche at right market at right time is the success mantra.Hence Market research on your specific product or service is a must before start-up. So now test it,retest it, validate it.verify it.
TEST,RETEST,POSITIONING,REPOSITIONING. till customer accept it ,like it and like to live on it.
EARLY GROWTH STAGE :
At this stage, business grows continuously.Stepping forward very slowly then continuously growing up and rapidly at full speed.No time to look back or stop. Lot of things happened like expansion or invention of new product,attract affiliation with great comp.,merger with large comp.etc. etc. Entrepreneur works within a comfort zone without any risk.
LATER GROW STAGE :This is the stage after successfully growth or overcome the EARLY GROWTH STAGE . Though this is the last stage but it does not mean at end of the dream business.These stage signified survival,abundance, extension,prosperity.So needed Professional Management to handle its assets and liability it acquired.Company has to follow corporate strategy to survive and lead ahead amongst tough competition.
“You can’t cross the sea merely by standing and staring at the water “.——– Rabindranath Tagore
To be continued………………………
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……………..