Starting a Business

Starting a business is often a life changing event. For some it is an entry into the real world, while for others it is “the next logical step”, having worked and gained a level of expertise in specific business functions or domains. Irrespective of your background, the experience for an entrepreneur while launching a business is nothing short of shaping one’s own destiny. Therefore, proper business planning and financial forecasting are essential activities that will help transform your idea into reality. In this article we discuss the building blocks required to start a business and capture elements of the journey an entrepreneur may undertake; from the inception of an idea to seeding a business venture.

Starting a Business

Ideation

Every business opportunity starts with an idea. This is an intuitive process and for an entrepreneur, is potentially the “eureka” moment of their professional lives. However, it is important to step back and take a rational view of the idea from a business perspective. The following pointers may help to get a grip on the validity of your great idea.

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Business Plan

A business plan is a strategic document that helps an entrepreneur define business objectives, operational milestones and financial forecasts. In essence, it brings to life ideas and opportunities in a structured documented format. A business plan is the first step - change of an idea into a potential business opportunity. Before starting on a business plan it is critical to assess its final utility. While a business plan is extremely important prior to launching a new business or, while seeking funding, it is equally relevant for expansion purposes and in running a business on a day to day basis. Each business plan needs to be customized for a purpose. Therefore, identify the use and objectives of the business plan before drafting it. Seek professional help if required, but get it well documented. Generally a business plan will cover the following:


Implementation of Business Plan

If you are ready to launch your business and operationalize it, your business plan will form the foundation for the implementation strategy. The key steps for successful implementation considered before starting a business are shown in the diagram below.


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