This is the next stage after you have taken a decision about the idea you want to pursue. It tells you how to take your idea further. These few pointers should be kept in mind while starting your venture
While starting a venture you might need people who you want to start business with. Finding a suitable colleague who has the mind-set and vision to take this idea forward is really important. Apart from this you might need some people who are experts in a certain field and can help you focus on your core competency. You also would need people to support you during this time. After all each company is about the people which can be in the form of people who are working there or buying your product or your prospects.
While starting a venture you would need to plan out how you are going to put the money into the idea. Will it be through funding or is it going to be your share. What is going to be the division of that share among the founders/VC’s etc.
How are you going to utilize the funds and where would you spend it comes under this section. How are you going to use it according to short term and long term goals would also help in defining this part.
You would have to think of fulfilling all the legalformalities. Whether you want to form a company, LLP, one Person Company or partnership will all depend on type of business you want to pursue. For more details on which type you should chose has been discussed later.
Handling bank operations, recording transaction and book keeping would come under this head.
- Covering Risks
There are many types of risk some of them can be management, product, customer and market risk. The list is exhaustive. You need to cover and take care of all of them in order to make sure what if something does not happen to plan.
It plays a majorrole in how well you are able to take a product to a market. Suppose you want to start a website. There are numerous other websites. How and why would a customer come to your website? How can you get him on the website? All this would require marketing your product
These are the main factors you should keep in mind when starting a business. This should not deter you from going ahead as all these things can be taken of easily if you have a business plan which would help you in execution of the idea.