Do you need capital to start a business?

Many get daunted with the idea of starting a business because they are worried about the capital.

Do all business need capital? Before that lets think why do we need capital?

When you start a business how will others know that you have started something that they can use or buy?

In business scalability is important. Today you may be able to give your products to say 100 people.

Tomorrow? It might scale up to 10000 people. How are you going to manage that?

If you are not ready to scale up, then as well you dont start.

Again it all depends on your needs. If you want to grow, expand and make a name worldwide then be ready for the exponential growth.

Or if you want to be know just to your neighbours and your friends again that is your call.

To scale up, to make people know that you are doing something, you need money.

You need to spend a lot on promotion. Ten days if you don't see an advertisement about a product on the television, we tend to think that they closed that product.

Generally with what I have seen, we hesitate to spend on advertisement, to share our information and knowledge,  to collaborate and work,  to take risks, then how can we start a business? Because starting a business is all these put together.

Starting a business

We keep getting enquiries as to they want to start a business and that we should assist. True we can assist. But its you that have to decide what or which business to start.

Starting a business, checking for its viablity, implementing it and executing is not a small task. You need a lot of tenacity and determination.

Getting a seed of viable business idea itself is a big challenge.

People say that you have to start something that you are passionate of!

True, but I have seen people succeeding in businesses that they are not passionate of!

So what do we start?

In my experience I would say start something where there is a need!

There are so many opportunities around you. Look for a gap, and that might be your business idea.

Though almost all businesses have taken up their space in this world, there is still so many areas that has to be untapped.

It need not be a new business idea, it can also be an improvised one from the existing.

Business Ideas and personality traits of an entrepreneur

Today MYIDentityforwomen conducted an interactive session on how women can become entrepreneurs.

Mr.Parthasarathy, entrepreneur, mentor threw light on many topics.

He also discussed various business options that women can start.

He talked about 'Lakshmi syndrome'. This is referred to the concept that when there are so many oppurtunities around us, we fail to see them and search for an ideal one.

The following are the some of steps that needs to be taken into mind before starting any venture.

1. Gap analysis and research: What is the requirement in today's world. There are so many businesses that give us solution, still there are so many gaps that are not addressed. Identify that gap and research on that.

2.  Brainstorm the ideas with your friends, relatives, colleagues. Get their inputs. You will be amazed at the questions that they are asking on that product or service whatever you are launching. This makes you ready to answer questions from anywhere.

3. Assess what skills you have to produce that market or service and if you have the expertise to do it. Personality traits plays a key role here.

4. Build a solution model based on your research and collect data on how to actually implement it.

5. Prepare a project report that talks about the implementation, cost and the Return on Investment.

6. Start selling your concept to Venture capitalist, angel investors or banks to get your funding.

Solar business - 1

How to get into Solar business?

Everyone must be hearing about solar panels and going eco-friendly. My opinion is that since the Sun God shine on us abundantly we should make use of the resource optimally.

If you have been thinking that solar business is only for men then here are the inputs to think otherwise.

Women can get into production of solar panels, maintenance of installation and also market for orders.

You either market for solar panel installation or you can into production.

When you are marketing for solar panel installations, its easy as you get a referral fee or commission from the installation team. That depends on the size of the project. Small installation small amount, big one, big amount.

Your job is to just give contacts of people who will be interested in solar installation.

Who are the potential people that you can contact?

Building owners, apartment owners, schools, colleges.

Before you contact people for installation, remember to have lot of information in your hand. You should have statistical data on the following

1.       What is the cost that will be incurred to setup a solar panel for their requirements?

2.       What will be the savings that the owners reap if the panels are installed.

3.       What will be the maintenance routine?
       What are the schemes that govt gives subsidy for installation?
     
       More info on my next post.
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