TIPS FOR START-UP BUSINESS PLAN

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business plan

TIPS FOR START-UP BUSINESS PLAN

It is sound too interesting. Yaa? Obviously, because it has a feel-good condition. We verbally became an entrepreneur in our own imagination. So, students appeared in MBA who are interested or aimed to be acting as an entrepreneur in near future, must be focused on this topic. It is because, through learning business plan, you can get the necessary essence of how to be a successful entrepreneur. But wait, please! Though it sounds good its implementation, in reality, is too hard. It is too technical to use in every step in contemporary market and get your desired result from it.

For suppose, you want to be a café owner. Then, your primary targeted customers must be between ages 15-45. Here I have used ‘primary’ word because these age groups are fond of coffee and more or less every day they visit their nearest and favourite, friendly café. Therefore, your café location must be in any posh area or in any college or university campus. Right? But, if your café will open in any slum area or local areas then? No, it doesn’t work good and not give you the desired result. So, before starting up your business, planning of its technicalities are too much important otherwise single mistake is enough to shift your dream into ash. So, please go through with our following tips before planning your start-up business.

Select startup business:

First look into your passion. What you want to open and why? Ask yourself first are you ok with your planned business. Have you all those support that you need for your future business. Select your business after getting answer these entire question otherwise, it will demolish in its first move. Try to get answers from your insight and plan your business accordingly.

Do market analysis:

Next thing is proper market research. You must have to know your planned business could get any appreciation in the contemporary market or not. If yes, then plan for next step but if not, then start from the beginning. You have to select other business options. Other than that, you can do a little survey that why your previous entrepreneurs are failed to start up your planned business. Is there any loopholes in their strategy or the market itself not needs that. Analyse your previous entrepreneur’s strategy first and try to find out their strategic issue. If there any issue, then try for a demo project. If not, then you have to plan for something else.

It is like your research paper. When you try to find out any issue, you first have to complete your literature review to know previous author’s viewpoint. Market analysis is similar to the literature review. After getting understand previous entrepreneur’s viewpoint, only after you can proceed to next step.

Select targeted customers:

Check once, are there any targeted customers for your start-up business or not. Please be specific to your targeted customers. Start it from their age groups. Try to fix your target in specific age group. It will helpful for you to continue your startup business. It is too similar to a pilot study in a dissertation. Through pilot study, you can get understand the possible outcomes of your entire research paper. Similarly, through targeting any specific age group, you also can be understood the possible success of your business plan.

Check financial support:

Now its time for checking your financial support. Survey a lot that how much you need to start up your business and then check your fund. If you have not sufficient, then you have to manage it before implementing your business plan.

Project financial condition:

Yes, here is the section to apply your all-academic knowledge that you have learned through finishing your finance assignment or report. Budget analysis, profit and loss statement, break-even point development all are needed to be projected in this area that will indicate whether your project will be successful in near future or not. Whatever you may do, just remind it must and must be realistic.

Build your management team:

It is time for building your management team for your start-up business. Please remind your MBA module guide and assignments. Who do you need? Yes, accountant, human resource, market analyst and one IT person. One or two of these members must be experienced otherwise it will be difficult for you to continue your business. Project your financial analysis to them. Take their views. If all, are they agreed then you may start your business. However, just remind, always don’t rely on other’s statement. Here is the phase to apply your own knowledge and academics in real implementation.

Develop company description:

Now, the time is come to develop your company description. Design your website and prepare your company description. It’s the tome for preparing newsletters and sending mail burst. Rest is ‘waiting for your best’.

Be ready. Time is come to fulfil your all desires and dreams. it’s the time to project your capability towards the world. Plan properly; be confident and implement your business plan. Hope you will do your best. Good Luck!!!


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NEED OF GROUP DISCUSSION!!!

    • Hey, Guys! You all are here…
    • Ya, want to relax for some time. Today’s marketing class is too much boring. I don’t like too many data and statistical presentation at all. Pheewww…
    • Hmm, but we need to complete our marketing assignment right? So if we don’t attend the class how would we proceed?
    • Don’t worry guys! Internet is there. Dude, don’t look at all those statistical data… Just concentrate on analysis. It is important.
    • Yes, I am totally agreed with this. Our analysis is important more than graphical presentation…!!!

    (Back to present context)

    Are you people familiar with such conversations? Yes, it is like plain discussion that you have in your canteens or libraries or college premises. Why do you this? Ya, I agreed this is too much silly question but is not you observe it as group discussion. You people mostly have these kinds of discussion after watching any movies or plays. Why you discussed those all? May be to develop your knowledge or may be to find out the insight of the play or the movie or something else. Right? Have you done such discussion for your semester preparation? Consciously or unconsciously you have. Don’t be worried. It is a very good effort for you. Through group discussion, you only can able to develop yourself, critical analytical mind. So don’t be shy. If you are still out of any group, please join your friend circle and take part in their discussion. If you have no opinion, then just listen for first few days. You will definitely develop your personality and self. Below are some points are given to project need for group discussion. Just go through it.

    Interaction skill: Well, the first advantage that you get through group discussion is developing your interaction skill. Students who are not too much friendly in speaking with others can join group discussion. Make sure, you have your familiar groups. If it is not in your friend circle then discuss with your family members. It will also give you same improvement in developing your interaction skill. Further, it will help in getting success in your interview table because, if you are found too much shy, then it is not so impressionistic for your interviewers. Your attitude must be professional and confident. So if you are still feeling shy, then don’t hesitate, join your familiar group and take part in group discussion.

    Self-confidence: Obviously, your self-confidence will be developed as you will be involved more and more discussion part in your groups. Why? Too simple, group discussion is not one-sided communication You are allowed to present your views to your members. In beginning, you may fail to go with your members because of your lack of knowledge or not having sufficient information, but I will advise you not to hesitate. Take part in discussion. Listen few days first. Automatically, your learning eagerness will be developed. However, it is depended on you that whether you are eager to take out yourself from your inner shell or like to be inside. If you choose the first option, then it is very good and proficient decision for you.

    Plurality development: Group discussion will develop your plural mind. As you are listening all voices, therefore, your one way of thinking will be decreased and accept plural views will be developed. You can use these viewpoints further in preparing your assignments or papers. Students those who studied in abroad, specially need to develop this otherwise, you cannot take out yourself from your native shell.

    Logical understanding: Through group discussion, plurality among students will be developed. One way thinking will be lost and members will accept plural viewpoints. So, if you are participating in group discussion then, you also be able to think logically about your every query. I will advise you to create your group discussion whenever you have assigned one research project. It is because it requires lots of logical thinking and your critical view points. So, if you need to develop your theoretical arguments, then group discussion is the best method to develop yourself.

    Easy to understand: Sometime you will find any difficult point easily understandable in group discussion because of having pluralistic viewpoints and friendly atmosphere. Basic psychology says that the code ‘classroom’ creates a heavy and serious image in our mind and therefore, we cannot concentrate freely while taking notes in classrooms. But in friendly atmosphere or in our college canteen??? Whenever we will start discussing that note or that lecture, it is easily understandable to us. This is the basic advantage of group discussions that reduce complexity from any serious situation and makes it easy to accept.

    Developed analytical mind: As stated before, through group discussion, students will able to develop their analytical mind because they are able to accept plural viewpoints. Make sure, you applied your analytical viewpoints in your research papers or assignments. Specially, while your assigned project is related with any case study, analytical thinking requires more there to analyse and justify it more specifically. Take help of your friends to sort out your selected issues to proceed in your assignments or reports.

    Raising queries: Well, you often have raised queries in your class room’s right??? Why? Is it because you have difficulties in understanding? Then why it is needed in group discussion??? Yes, it is required. It is not about because of having its familiar atmosphere but because of developing your own self. You can find an urge of requirement of some unconscious facts through group discussion. It is because, this familiar atmosphere has developed your own self and analytical mind and for this, some natural queries will rise in your conscious mind that cultivates your knowledge.

    Relaxation: It is ultimate and final. Relaxation in gaining knowledge and doing study is only possible in group discussion. Friendly atmosphere reduces your shy attitude while enriching your knowledge with proper information and plural viewpoints.

    So, don’t waste your time. Pile up sufficient information through your group discussion. Don’t think that you need to concentrate in your study 24*7 hours or need to discuss serious issues always with your friends or in groups. But whenever you are discussing your study, make it academic and professional to develop your personal knowledge. Hope, our advice will work better for you. Good Luck…!!!


April 2018
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