Running a business, specifically a successful business, is not the easiest thing to do, but it is possible. The idea of starting up one may seem challenging, but the minute you get a hold of it, seeing it thrive will be your joy. Besides, there are many people such as businessman Chad Brownstein that you can look up to and learn from as you seek to find out some of the best ways that you can make your startup business successful.
If you have been thinking of starting a business and still confused on where to start from, you are in the right place! Here are some tips for you.
Here are How To Become A Successful Businessman:
1. Identify a niche
The first thing you want to do is to identify a niche to venture into. Find out a market gap that you can reach out to by providing the products or services that they need. While trying to identify a market gap, ensure that you consider your personal interests as well. Venturing into something you are passionate about will keep you motivated throughout, and you will be able to give it your all at all times.
2. Do your research
Starting a business is not something that you rush into without doing some research. You want to learn more about the business models that you can incorporate, how to come with a business plan, different marketing strategies, and so on. Being informed before taking the plunge helps you to avoid making mistakes that would otherwise make your business go down the drain.
3. Be confident
The thought of getting into the competitive business world may frighten you, but do not let it get into you. Believe in yourself and believe that you are the best businessman yet. Confidence goes a long way even when you are presenting your business plan to your potential investors. If they see that you have confidence in your business idea, the chances are high that you will get the right funding.
4. Learn to manage your finances
Financial management is key when it comes to running a business. You want to equip yourself with the right skills on how to well manage the finances in your business. There are many financial tools that you can use today, some of which are free. Remember, mismanagement of funds in business can lead to its downfall.
5. Stay positive
There are ups and downs that you will face will running your business. During the tough times, when you feel like everything is going wrong, you need to stay positive. You are bound to make a few mistakes here and there, but do not let that bring you down. The best thing is to learn from your mistakes and, in turn, make the right moves from thereon.
Running a business you are passionate about is a fun thing. And now that you have the above-mentioned information at your disposal, you are now in a better position to become a successful entrepreneur.
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Startups are often associated with the bustle of the big cities – the busy metropolitans which attract talent from across the country to its teeming opportunities, rising businesses, and thriving lifestyle amenities. No one would quite think about the quaint hilly landscape of Uttarakhand, mostly known for its scenic views and local cottage industries when one thinks of startups. But its leading city Dehradun, known as an education hub, is also becoming home to several startup companies. Today, the state boasts of over 66 businesses that are a part of the Government of India’s Startup India program.
Investing in local talent, the State Government’s efforts like the Startup Uttarakhand Initiative and the announcement of Uttarakhand Startup Policy 2018, have boosted the entrepreneurship scenario in this hill town. The town has a mostly agrarian population as well as ex-military and other service-background folks who have a limited risk appetite. But over the years, private investors have grown to explore start-up enterprises in the state.
At present, numerous IT companies in Dehradun have sprung up, making it one of the startup and technological hub of the nation. Here’s a look at some of the factors that are driving growth:
Partnerships:
Under the aegis of the State Government, a specialized advisory group on startup, innovation, and entrepreneurship has encouraged the growth of startups in the state. While this is already a great boost for the local startup ecosystem, partnerships with giants like Amazon, Google, Headstart Network Foundation, and EChai Ventures also offer the much-needed support to help the startup ecosystem blossom and thrive. Moreover, Dehradun also has its very own TiE (The Indus Entrepreneurs) chapter which brings the community together to uplift the entrepreneurship scenario. There are a few more state-funded initiatives like Angel Investment Workshop, Startup Yatra, and Startup Grand Challenge which have contributed to startup development in the form of entrepreneurial guidance, financial support, etc.
Incubators in and around Dehradun:
Incubators are important to propel the growth of startups and similar ventures. Here are some incubators in and around Dehradun that are nudging the city’s ecosystem forward.
US Centre for Innovation and Entrepreneurship (UCES):
University of Petroleum and Energy Studies (UPES)-based business incubator’s aim is to nurture tech-startups. It has incubated several startups in and around Dehradun and has also impacted business outreach in other states, including expanding to support software companies in Delhi. Their main focus lies in areas like energy technology, edtech, transport tech, food processing, e-commerce, gaming, etc.
Technology Business Incubator (TBI):
An initiative of the Department of Science and Technology (DST) under the central government of India, TBI has its focus on sectors like dairy and food processing, bio-pesticides, chemical engineering, etc.
Startup Incubator and Entrepreneurship Development Society (STRIEDS):
A brainchild of Govind Ballabh Pant University of Agriculture and Technology, Pantnagar, STRIEDS has built an interactive space for young business enterprises to engage with students, boost college-based entrepreneurship and career opportunities. It is recognized by the Startup Uttarakhand initiative.
Technology Incubation and Entrepreneurship Development Society (TIEDS):
Started by the Indian Institute of Technology, Roorkee, TIEDS was established to promote innovation and entrepreneurship in Uttarakhand. Some of the startups incubated under the TIEDS are Log9 Materials, Fermentech Labs, and more.
Infrastructure and Facilities
Tier 2 towns like Dehradun offer startups affordable rents, shorter commutes, and better quality of life.
As a result, talented students can now find jobs locally with these startups, reducing the need to migrate to Tier 1 cities. The pandemic has further fueled reverse migration, increasing available resources and talent.
In conclusion, Dehradun is emerging as a smart city. It won’t be surprising to see capable ventures from its soil contribute significantly to India's startup ecosystem.
As more states continue pushing for entrepreneurial growth, Tier 2 cities like Dehradun will play an increasingly vital role in strengthening the national startup landscape.
Hidden Startup Gems in Uttarakhand's Smaller Towns
Exploring startup hubs often leads us to bustling cities, but Uttarakhand's smaller towns like Haridwar and Almora have untapped entrepreneurial potential.
These regions, usually known for tourism or agriculture, are quietly fostering startup ecosystems that deserve more attention.
Why Haridwar and Almora?
You might be surprised, but Haridwar's spiritual significance is just one part of the story. It’s also home to industries and tech hubs that are laying the groundwork for startups.
Almora, on the other hand, with its picturesque landscape, offers unique opportunities for eco-tourism, sustainable agriculture, and even e-commerce ventures.
In these towns, the local population is filled with skilled artisans, professionals, and small business owners who are gradually embracing the startup culture. What if more platforms could connect these talents to the digital marketplace or investors? Imagine the impact.
Government Support
Fortunately, Uttarakhand's government is stepping in. They’ve extended initiatives like Startup India to these smaller towns, offering resources and funding.
This means there’s potential for even more growth in unexpected places. Think of the possibilities in sectors like organic farming, renewable energy, or digital education.
A Growing Community
It’s not just about government support, though. You’ll find small but growing communities of entrepreneurs in these areas, ready to exchange ideas and offer support.
Startup incubators and mentorship programs are slowly emerging, creating a startup ecosystem that’s friendly to new businesses.
But what if you’re not from Uttarakhand? Well, these towns are still attractive for outside entrepreneurs. With lower living costs, a quieter lifestyle, and room to grow, they offer advantages that busy metro cities simply don’t.
Don’t Get Overwhelmed
Starting in a less-developed area might feel daunting, but with the right planning, you could be at the forefront of something big.
Plus, these towns are still small enough for you to make a meaningful impact. Keep it simple, stay focused, and watch your startup grow.
Who knows? Haridwar or Almora might just be the next hidden startup gem waiting to shine.
Read Also:
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Useful Marketing Tips for Startups
Almost every start-up company these days considers crowdfunding as an avenue to receive funding. It is possible that an entrepreneur has already exhausted traditional sources of funds such as bank loans or peer-to-peer loans, and that crowdfunding is already the last resort to get a much-needed push for success. Fortunately, there are several crowdfunding sites to choose from, and each of them has unique features that work for specific types of campaigns.
One of the main advantages of crowdfunding sites is that they will allow you to see the big picture and learn first-hand how your product or idea gets received by your target audience. Depending on how good or how poor the initial reaction by users is, you can make improvements and adjustments to increase your chances of success when the time comes for you to launch to a mass market officially. But you need to keep in mind that the crowdfunding formula doesn’t always work for all, no matter how unique or exciting your idea is. To increase your chances of success, consider the following tips.
1. Learn from other successful campaigns:
You don’t always need to rely on your own devices to come up with a successful campaign. Copying and tweaking the ideas of other successful entrepreneurs on crowdfunding sites can help you get the boost you need. For example, you can test how well your backers respond to different kinds of rewards, or you can watch videos and success stories from other campaigns.
2. Do a lot of self-promotion:
While crowdfunding sites will do a minimal amount of promotion, you can’t expect this to be enough marketing for your campaign. You’ll need to do the legwork if you want your campaign to reach media personnel, get featured on social media sites, and gain as much traction with users as possible.
3. Produce a stunning video:
It is a proven fact that investors on crowdfunding sites prefer to watch short videos regarding campaigns they are supporting. If you want to attract a large following for your product or idea, you need to begin by producing a high-quality and content-rich video about your campaign.
4. Don’t make hasty decisions:
Timing is also essential if you want to be successful in your crowdfunding campaign. There is generally no perfect time to launch a campaign, but you need to make sure that you have devoted enough time to develop your idea before you start asking for support from backers.
5. Plan your strategy after launching the campaign:
If you don’t have a plan of action after starting the campaign, you may find yourself lost regarding the next steps you need to take. You need to have a contingency plan when you encounter challenges and, if possible, hire a marketing manager who will handle the promotional aspects of the campaign.
6. Patience is key:
Aside from doing what you need to do to tap backers and investors for your project, you also need a considerable amount of patience and perseverance to succeed in crowdfunding. You can’t expect a miracle to happen overnight. In crowdfunding, there is no set timeline, and every step of the way is a learning process.
Read Also:
Six Pointers To Starting A Successful Business
What Are The Benefits Associated With Crowdfunding For Businesses?
If you have a rental company and specialize in restaurant space, you should know there are certain pitfalls you’ll want to avoid. You can also take specific steps to ensure you have the best success opportunity. There is an art to setting up a rental space and coming up with a contract that your tenant will love.
We’ll take a few moments to break down your best moves if you want to get tenants for each of your properties that will stay with you year after year.
Figure Out Which Restaurants Tenants Stay with You Longest
The first rule of restaurant property development is to figure out what works in a particular locale. For instance, you’ll want to think about:
What other cuisines have worked in your city
Whether there will be any call for that food type in the space you have available
This step will require research. Look at your neighborhood and see which cuisines and restaurant types have found prior success. If what the tenant is proposing to you sounds like too much of a departure from what has worked previously, you might give the space to a more promising candidate.
Offer a Lower Rate for the First 3-5 Years
When a restaurant first starts out will be the most challenging time for them. That’s because:
No one knows about them yet
They might not have the money for an aggressive marketing campaign
You should keep this in mind when you talk to a potential candidate. You might offer them a multiple-year contract, but you can tell them you’ll keep the rate lower for the first 3-5 years.
After that, if they catch on, they should have no problem paying more. After five years, a restaurant will either be a neighborhood fixture, or it will fold, and the owner will try their luck elsewhere.
Consider Whether the Property is Liquor License-Ready
Most restaurants want to serve alcohol because if people order it, it drives up their bills. Dining establishments can also mark up alcohol prices considerably, and people seldom have any problem paying for it.
However, getting a liquor license can sometimes be tricky. If you know for a fact that you have a rental property that is liquor license-ready, that will appeal to many potential restaurant candidates. They will be fighting with each other to get that space if they know there’s a license waiting for them.
Look into Laundry and Other Nearby Services
A restaurant owner or operator will also probably look favorably on a space that has additional amenities nearby or onsite. For instance, if laundry services are in the same building or right next door, they can wash their employee uniforms there.
The owner or operator might also look for things like on-site employee parking. They might look for public transportation that drops their employees off right in front of the property. They may like it if the space is right by an expressway for their employees who drive to work.
At the same time, if there are diverse properties nearby, that will work in their favor. For instance, if there are office buildings or similar establishments across the street, the workers will probably come over frequently for meals.
Provide Restaurant Exclusivity
You might also have a restaurant space that’s part of a larger property. If so, you’ll know your restaurant tenant will have to share the space with other entities.
They should have no problems with that, except if you let other restaurants move in. It’s not helpful if they have to compete with other food-preparing establishments in the same building.
You can promise them exclusivity. You can agree in writing that as long as they are in that space, you will not allow any other restaurants to move in. That should make the owner happy.
Consider Lease Flexibility Options
You can also make the tough financial market into account. With the pandemic wreaking havoc on the restaurant industry over the past year, you might have some potential tenants who are leery about moving in and committing to a multiple-year lease.
You can put language in the contract stipulating that you will not evict them if they can’t pay the rent for one month, or even two, provided they pay within a designated period after that. You can’t let it go forever, but a restaurant owner will like to know that if their sales tank for a few weeks, you will not immediately change the locks on them.
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