Strategic Consultants presents CORPORATETIPS.IN
Strategic Consultants presents CORPORATETIPS.IN
A new idea is what ideally amounts to startup. Many things to be borne in mind are:
1. Finances: It is known that ventures backed by angel investors are more likely to remain in business longer, have substantial growth, and witness a greater rate of return.So identify one if the capital in hand is short of the goal. Unlike other loans from commercial establishments, Angel investors go a long way and show involvement and nurture with their experience. Their contacts too add value in most of the cases.
2. Business Planning: The plan should be crisp and audit able. It should also include Plan B followed by Exit Strategy with Pros and Cons clearly identified. The market/ target segment to be clearly identified/ defined. Should be divided into stages like Pilot/Prototype Phase, Then expansion plan in stages (if desired), break even timeline, revenue projections,
3. Marketing & Promotion Strategy: Is one of the most concerning area once the baby is born. Its high cost and high risk stage/activity and must be followed by prudent follow ups and evaluation of RoI on every strategy exercised.
4. A Dedicated Team: Should clearly identify the guiding team and driving team. If angel investor is involved, then due consent/presentation/acceptance is always recommended. This primary team/promoter should be clearly confirmed for the 100% availability whenever the call/need arises and should be clearly available for not less than the estimated break-even timeline anticipated/projected.
Any drop out/backing off should be clearly termed with consequences, terms of agreement should be clearly drafted and signed keeping that in mind, as a drop out in the mid of the START UP process can cause great dangers.
5. Competition: If the product or services of the startup already exists in the market, then study of the competition & the market scope is a MUST. Also should understand if the market is saturated and if it is a game of grabbing the market from competition of there is cope of untouched market which you can target and cater to. If the product/service is niche, then need a altogether different approach.
This synopsis is provided by Mr. Sivakumar Parthiban, CEO, Strategic Consultants, Bangalore.
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