Do you ever wonder what it takes to build a company from scratch into a successful venture in a male dominated society? Well, there are probably few women entrepreneurs who have done it. One of them is Bindu Sharma of MSMBox.com and her story is one of intrigue and interest. As a woman, one of the greatest feelings of accomplishment is being your own boss and seeing something which you’ve created and nurtured come to fruition. Bindu Sharma’s in-depth understanding of the retail market has helped her provide advisory services to many established brands to put them on the road…
If funding is the fuel to a start-up, then fill your tank enough for the start-up to take off and ensure that it doesn’t crash. Keep in mind though, that several rounds of refueling may be required at different stages in the timeline of a start-up to keep it afloat. Clarity on the requirement and allocation of funds at each stage is imperative. For the number of start-ups that fail due to lack of funds, an equal number of start-ups fail due to over-abundance of those very funds.
Those who believe that start-ups are destined for rapid growth, acknowledge that scalability is the key. Therein lies the difference between a start-up and a business. A start-up is essentially an idea that can quickly be turned into a profitable company. Small businesses which simply do not have a vision or a growth plan to scale can never be termed as start-ups for the same reason. These businesses, although self-sustaining and at times huge in nature, are small in terms of design and therefore deemed non investable. Most investors put their money into ideas and businesses which can be scaled and most start-ups strive for a scalable and high growth business model.
One question that usually escapes the minds of most entrepreneurs today is: Is there anything else I need to do once I have all the funding and market research that I require before I hit the start button? It so happens that attracting top talent and retaining them through the initial months and years is for sure, one of the true catalysts for ensuring success for your start-up. Why is a strong core team indispensable?
A common mistake most entrepreneurs make is misreading competitive advantage for a business plan. As any failed product / company’s review will quickly reveal, the primary reason for not making it was because of some else’s competitive edge that edged everyone else out eventually. For a start-up seeking to blow away and impress potential investors, a viable or sustainable business advantage or competitive edge is what shines through.
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