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STEP 1: Plan your Business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

  • Market research and competitor analysis
    1. Identifying markets
    2. Scoping products
    3. Investigating the best marketing options
    4. Analyzing business success
  • Select Business Name
  • Understand the Challenges
    1. A great and unique product or service
    2. Having a strong plan
    3. Having Technical & Marketing knowledge
    4. Having sufficient capital and cash flow
    5. Working more than you expected

STEP 2: Legal issues

Licensing is one of the most common legal issues small businesses encounter. Make sure you're in accordance with your local government's requirements for business licensing. Otherwise, you will likely find yourself facing fees that could easily have been avoided.

  • Form a legal entity - The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
  • Register for taxes - You will need to register for Professional taxes before you can open for business and registered GST before start trading.
  • Open a business bank account
  • Obtain necessary permits and licenses - Udyog Aadhar Registration, Shop and Establishment Act License, Trade License

STEP 3: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

  • Intellectual Property Protection - Unless a startup protects its patents, designs, and trademarks using Intellectual Property Rights, its rivals can copy them and steal market share. Intellectual Property Rights allows a startup that has developed an innovative device to compete effectively against large companies after patenting its invention.
  • Establish your Web Presence - An important part of modern marketing is how you use the internet. You have a professional website and you keep it updated. The key to an effective web presence is to make your site truly useful. Drive Traffic to Your Website.

STEP 4: Focus on Building a Great Product

Every entrepreneur has a goal to build a well respected brand, company culture and amazing team around awesome products. Developing and maintaining a product pipeline is not as simple as simply coming up with new ideas in a few brainstorming sessions, that is part of the company's overall strategic plan.
To build great product-focused organization:

  • Create a strong, clear and flexible road map
  • Create Your Customer's Dream Product
  • Conduct user research and product discovery
  • Test, measure and understand

STEP 5: Raise Startup Capital

Money is the bloodline of any business. According to a recent study, over 94% of new businesses fail during first year of operation. Lack of funding turns to be one of the common reasons. Some of these funding options are for Indian business

  • Bootstrapping (Self-funding) your startup business: First-time entrepreneurs often have trouble getting funding without first showing some traction and a plan for potential success. You can invest from your own savings or can get your family and friends to contribute. This will be easy to raise due to less formalities/compliances, plus less costs of raising.
  • Startup's Co-Founders: If you are the original founder and brains behind the idea, a good argument can be made for more than 50% ownership.
  • Raise Funds - Make a Great Investor Pitch Deck

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