Know the requirements before you start your start up

Every individual dreams of starting their new venture but before you start the execution of your plan, check to know wheather your plan is in demand currently. Check to know wheather it has any growth in the competative market, do your product competate the big fishes of the market, do it has that something extra which is not found out, then go ahead with it. 

Business plans usually have sections on the team, the problem your business is trying to solve, how you plan to address that problem, the market and competition, how you plan to make money and financial projections.

Before you start your venture plan this accordingly

1. The Team: When you write the section on your team, you should highlight not only the people who are involved in the day-to-day running of the company, but also the advisors and the mentors around the team. People are everything in a business.

2. The Product: This is where a lot of entrepreneurs get stuck. They’ll talk about a product that might exist someday in the future, but they don’t have anything to show. If you can go to an investor with a prototype that makes it easily visualized—even if it’s just wireframes, mockups, or a 3-D printed version of your future product—you will get much further with those investors.

3. Financial Model: This section is about how you’re going to make money. A lot of companies in various countries struggle with figuring out their revenue model. There’s a sense that if you build it and get users, you’ll be able to raise money. And if you can raise money, you can scale and then figure out the revenue model later.

4.The Problem: Describe the problem you’re trying to solve and show evidence of the demand for this solution.It’s important to clearly illustrate that you understand what the problem is, you have a clear plan to go about solving it, and you know for whom you are solving this problem.

5.The Market: In the section on market, You should include information on the challenges that you’ll face in getting there and the barriers to entry within that market, whether it be capital or knowledge. You should also be able to talk about the relative intellectual property field and what patents are out there within your sector. Seek out some analyst reports to approximate market size, and discuss what stage your market has reached in its evolution.

Source


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