Starting a new business- WOW.
Completely motivated and higher aspiration to make a difference in life. Wait a second !
Every year 99.5% corporates fail in their first year of business leading to shut down.
So where is the mistake ? where does the business fail ?
The questions of how, what, when, why should be questioned at the start of the business.
Here are the few questions that one must ask while planning the start-up and run successful
- What is my product ?
- Who are my target customer ?
- Who are the competitors ?
- What value will I add to the customers ?
- Is my product outdated or new ?
- What will be the pricing strategy ?
- What are the taxes involved ?
- Entry barriers to the industry ?
- Do I have sufficient amount to run business without sale ?
- What will be the talent required to get hired for the business goal ?
- When will be the Break Even ?
- What is the back-up for uncertainty ?
- What will be the marketing plans for my products ?
- Will you need investors ?
If you can get answers to these question, you are definitely going to run your business in the long run.
My name is Sisir Ghosh. You can add your valuable inputs on the post. You can also email me at email@example.com