Hi Friends,
I need some help in choosing business ideas……..Let me provide the context, and then may be you guys can help me better…
I am an engineering graduate, software developer, business analyst, failed entrepreneur (pre-MBA attempt), post graduate MBA, start-up guy, now looking to start something of my own……2nd attempt at starting things, this time with a committed seed funding…..
I have a fair understanding of Technology (by virtue of employment with IT companies), and hence Computer and Internet driven businesses make more sense to me, though this is not a constraint while choosing the business. I have had exposure to several other domains – eCommerce, BFSI, Manufacturing, etc however, I am neutral to all these domains.
Recently, I have got an offer from friends and family members to start a business, they would provide the initial funding with some constraints…..and the constraints are as below:
1. The amount he can offer me is Rs 20L, in 4 installments (at the start of each quarter). No further payments will be made. Have to search for actual institutional investors after 12 months.
2. The business has to reach to a stage where it is able to break-even after 12 months. (Hence the company has to start generating revenue with-in the time limit).
3. The business has to start by 1st April 2013. At least the company should be registered, and shaped up to start working on the 1 years targets.
4. Company has to start operations in Bangalore/Delhi.
So guys…..help me out with the following questions…..How should I spot the business which could fit into the constraints placed……
Please do help me in gaining a direction in order to start this process. If you need some more information, please feel free to ask me.
Hope to hear from you guys soon.
Regards
Sarsij
Sridhar V
Hi Sarsij,
Starting a business is like an adventure by itself where you explore different ideas, concepts, do some testing, validation, etc and finally freeze on what, how and why you want to start a particular business.
The key thing is that your business must have a need or demand. This may be too obvious but its still important because you must know how your product/service offering is going to meet the needs of a certain set of people or market. There should be a need/demand or problem for which you are providing a solution.
The next step is identifying the market, how big it is, how you can profit from it, etc. Here you may come across barriers, challenges, etc. Using all this information you should be able to frame a strategy and business model and how you plan to start.
Though you may start small you should have some plans on how to growth the business, expand, grow, etc. so that you know how to explore various avenues in future. It might sound vague and lengthy but you need to do this homework to be well prepared and for the business to succeed.
Sarsij Nayanam
Thanks Sridhar
Sai Rodinhood Pothuri
lets see who will put the right solution, as of now its none yet
Thanks
sai
Sridhar V
Hi Sarsij,
You’re welcome. I think you are quite lucky and fortunate to have friends and family who are supportive of your business plans. Generally speaking its rare to find a case where you get this kind of support.
As you have some backing in place, its time for you to convert ideas in to action. Since you were an entrepreneur earlier you should be able to initiate something.
Frankly speaking, I feel you must do your groundwork instead of waiting for someone to give you an idea. You can do your research and shortlist a few ideas that you are interested in, or have resources, skills or expertise, or the necessary capital.