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Any individual who enters into the field of Business does have certain questions in mind and carries certain doubts. A sort of fear, whether the proposed business would bring in Return on Investment, Success, Brand Identity, Name, Wealth etc., or he or she would face failures and the business initiatives itself would become a mere history? A right authentic answer Pre-empt all fears and strengthen the very ideas of business proposal.
Do I have the right Business idea? Do I have sufficient knowledge about the product or service that I want to deal in? Is my capital sufficient enough to sustain the business until my Business picks up? Have I chosen the right people to work for me? Will the demand for my products or services be sufficient enough to bring profit? Will I be able to compete against other well-established companies? These are some vital questions chattering in the mind.
Such questions take prominence in most individuals and ultimately their time and efforts on production, sales and marketing is less while time spent for worrying is more.
Can such doubts be clarified?
Can such fears be laid to rest?
One way of overcoming such doubts and fear is to appoint experts or consultants. But again on the flip side, there are so many hidden and unknown hurdles in Business which consultants are unaware of or are simply incapable of handling.
Technically and practically, everything may be in order but, that is not sufficient and there is more that running a business demands.
In a nutshell and plain-speak only 5-10 % of new Business start-ups survive more than a year. If you are seeking our Guidance before your plans here with us, you could save your time, energy, resources, and money spent on unnecessary projects. If you could rather concentrate on suitable business fields suggested by us with the divine intervention of MindScope, you could become one amongst the few successful Businessmen.
|SL No.||AREAS OF BUSINESS Checked from a totally different Perspective|
MindScope Score will be obtained in a scale of 1-100
|1||THE PROMOTERS MUST GO BEYOND THE BUSINESS PLAN: Preparing a business plan is generally a valuable exercise. But, if this plan scores less, then there are other ways to plan a Business launch.|
|a. The Apprentice Method: Getting direct field experience.|
|b. The Hired-Gun Method: Going with a partner who has hands-on expertise and in-depth knowledge.|
|c. The Ultra-Lean School of Hard Knocks Tactic: Finding out a way and quickly test and refine the method involving a reasonable cost.|
|2||THE PROPOSALS NEED TO BE TESTED:|
|a. A rushed business without basic research essentials could land in trouble in a short time. All proposals must be tested to avoid any shortcomings.|
|b. Talking to people, who might be even your potential customer, to get their views and opinions is essential.|
|c. With some basic working knowledge to know the taste and liking of the customers, your strength increases.|
|3||KNOWING THE MARKET IS A MUST|
|a. The promoters must know the market and an in-depth study on inside and outside of the market covering the Competitors, Customers, Distributors, Key suppliers, shall have been carried out.|
|b. The promoters must also have to understand all the critical metrics of his or her market.|
|c. It could be as simple as sales per square foot area and inventory turnover, or it could be an esoteric measure in a highly specialized complex market.|
|d. Previous practical experience would allow the promoters fine tune to near perfection and help them develop long time relationships with their suppliers that they relied on to help.|
|4||KNOWING MORE ABOUT YOUR FUTURE CUSTOMERS:|
|a. Knowing how the future potential customers purchasing decisions are, would determine your success or failure.|
|b. Knowing who would or what would drive their purchase decisions and how you can cover them towards your products will differentiate you from that of your competitors and give an edge to you.|
|5||ESTABLISH CASH RESOURCES:|
|a. Cash is everything and nothing works without cash.|
|b. The promoters ability to adequately capitalize the business and secure ready sources of capital for growth shall be sound.|
|c. Rely on promoters own capital or look to investors, a sound cash-forecasting tool shall be enforced to plan for the sources and uses of cash flow on a rolling basis.|
|d. A cash-flow statement is essential, that estimates the income and expenditure, to determine how much operating cash the business will need.|
|e. Since any business will have considerable amount of uncertainty during the first few years, a conservative approach is a must before making any long- term commitments for resources that might not be yet needed.|
|6||MUST CHOOSE A RIGHT AND SOUND BUSINESS STRUCTURE:|
|a. Choosing an appropriate Business structure from the beginning is very crucial. An appropriate corporate structure though will have certain legal and tax implications; it can also ensure the success of future options like raising capital or exiting the business.|
|b. Options like LLP, LLC may be good as converting to a corporate company later may be easier than starting as a new one.|
|7||KNOW-HOW ON TRENDS AND MARKETS:|
|8||THE CO-FOUNDERS – EXISTING OR NEW:|
|9||EARLY DETECTION OF GOOD & BAD IDEAS:|
|10||THE LOCATION – EXISTING OR TO BE LOCATED:|
|11||HIRE RIGHT PEOPLE TO MAINTAIN COMPANY CULTURE:|
|12||HOW STRONG IS YOUR MISSION & VISION?|
|13||PREPARE YOURSELF TO BECOME A MANAGER|
|14||WORK HARD AS WELL AS SMART & BE NICE TO PEOPLE|
|15||FIND ADVISORS AND MENTORS TO BUILD YOUR BUSINESS:|
|16||MAKING FIRST BILL WILL HELP AVOID LOSS OF INTEREST:|
|17||ARE YOU READY FOR CONSTANT CHANGES?|
|18||HOW DETERMINED YOU ARE IN RUNNING THE COMPANY?|
|19||NEVER PREPARE TO FAIL AS MANY DO AND EXIT:|
|20||HOW STRONG YOU ARE IN ACCEPTING THE DIVINE WILL?|
|21||HEPTALYSIS & SWOT ANALYSIS|
|1. MARKET OPPORTUNITY|
|2. PRODUCT / SOLUTION|
|3. EXECUTION PLAN|
|4. FINANCIAL ENGINE|
|5. HUMAN CAPITAL|
|6. POTENTIAL RETURN|
|7. MARGIN OF SAFETY|
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