Steps An Entrepreneur Should Follow for Survival in Business World – NDIM- New Delhi Institute of Management

Steps An Entrepreneur Should Follow for Survival in Business World

Across the globe, eight out of 10 start-ups fail in the first 18 months. Once a project fails, it is not just a loss regarding revenues or the investment made rather most substantially it is the loss of time. Of course, you must be thinking that one should learn from his/her blunders but how many times.

Let us bring you across the points to be studied properly to survive in first 18 months & prove it is not just another Start-up.

Market Analysis

First 18 months are crucial for any business venture however if you fail in this period it means you didn't study your market well before entering the industry. When you start your research, you should know the size of the market and understand the competition. One should also do the research that if it is the right time to enter the market.

Also, one must remember that the first mover advantage is always good because you are way ahead of learning crowd. However, at times it is good to be behind and learn from somebody else's mistakes.

Consumer Behaviour

All the entrepreneurs who are aiming to set up a stable business should understand the nature of consumers & their capacity to pay because there's a huge difference between being rich & capacity to pay. It is not mandatory that the cities that offer good standards of living are the home to an audience which is willing to pay.

Money Flow

When you get the things rolling, do not get into the idea of funding. First, test the product or the market in the nearby area and also know your day-to-day capital needs to run the company, i.e., That what are your cash flow requirements.

And if you are planning for the bootstrap funding start with your family funds or personal funds, it is always manageable to answer your family & friends against answering others. Remember whenever you look for investors, they will ask for traction. The only way to bring in their interest in your venture is by preparing a proper pitch that will explain the complete journey of your business concerning growth from the time you started your business.

NDIM is the best b schools in delhi which offers pgdm courses. The top b school gives an exposure of business world to the students. It is committed to impart the highest quality of education and exposure to help develop the next generation of business leaders with global outlook and capability of adapting to the fast changing business environment of India and the world at large. By introducing new specialization areas and adopting an innovative pedagogy, the institute has been constantly working to develop professionals with vision, courage and dedication to initiate and manage the change.