A Business startup is a great advancement for any individual, yet it can often be very intimidating and perceived with much uncertainty. With the right guidance and support, establishment can be eased and successfully implemented. Here are some of the most frequent questions asked by our startup clients.
1. When do you know its the right time to start your business?
An innovative tool in determining the right time for establishment is the Opportunity Analysis Canvas. This is an effective method for analyzing whether the prospected product or service is ready to enter the market, through a series of problem and solution related questions.
2. Do you have the right team?
It is important to remember that when hiring for a startup, it is not just about filling in for a position but building your own brand. In the haze of a startup, it may be difficult to determine where one’s position start and end. Mistakes tend to relate to hiring an individual to take on many responsibilities. They may be competent in one responsibility but only somewhat competent in others, thus hindering a business’s full production potential. Hence, it is crucial to make clear, what positions are needed, and why, then proceeding to find a person who can best fulfil that position.
3. What are common mistakes entrepreneurs make when starting out?
One of the main mistakes that entrepreneurs make is that they focus too much on attracting attention or finding financial resources. Although these factors are important, they should be supporting activities. The main focus should be on developing the right product that is able to meet the needs and demands of targeted customers. Another, is that entrepreneurs often perceive their new products as worse or should be cheaper than competing businesses. Often, this is unlikely the case, you need to be able to realize the value of your products and price accordingly.
4. Where can I get Investment?
A lack of financial resources is usually a common obstacle for startups. However, there are sources in which you can obtain money for investment purposes. These include:
- Government grants: These grants are not expected to be paid back and can be used for activities such as research, business development, education services and other endeavours used to support a common cause.
- Crowdfunding: Entrepreneurs are able to have their projects or startup funded by a large number of people via the internet in exchange for some sort of reward.
- Angel Investors: These investors provide funds to help support startups in its difficult early stages, in exchange for ownership equity (shares) in the business or convertible debt.