A large number of books and periodicals are available in the market that claims to have a magic wand to entrepreneurial success. Be rest assured, a fool proof formula to success is yet to be discovered. However, there are ways and steps, if taken properly and at the appropriate time can certainly improve the chances of success. This write up deals with some of the structural issues that needs to be in place for a business to succeed. Irrespective of the industry or business scale, following a well-defined and proven roadmap will enhance the prospects of an entrepreneur to achieve the desired outcomes.
Do not let others misguide you; there is no substitute to good planning. Get a robust business plan in place which will constitute of an extensive market study, strategy, marketing plan and realistic forecasts. Many entrepreneurs fail to formulate a comprehensive and iterative Business plan which can attract the investors in terms of idea, product or service, model and market. Plan upfront and leave very little to chance. If you cannot capture your business idea on a piece of paper, then you need to go back to the drawing board. Engage specialists if required, but get a good plan in place. Remember a good business plan helps as a project delivery tool and is absolutely essential if you are seeking funding.
Ideally, bank the project costs. While in most entrepreneurial ventures that is not possible, identify the options that you would like to peruse and move towards them. If debt funding is what you need, arrange for collateral assets or work towards a project funding model. For Angel, VC support be ready for equity dilution and in certain cases develop a prototype/beta phase of the product. Irrespective of the funding source, you will need a business plan.
If required, do not hesitate to rope in co-founders who share the same passion and vision for the business. Often, investors prefer working with a team of professionals rather than just one individual. While this may not be cast in stone, working with co-founders who bring in complementary skills can increase the value of your venture and improve its chances of success.
Before commencing operations, select the legal form of your business (LLC, LLP, Partnership etc.). Consult a lawyer or accountant and decide on the best fit for your business. Understand the compliance requirements and advantages/limitations of each form. Register your organizations name and logo. Book a domain for a website. Having a web presence is as important as registering your organizations name.