AEKNATH MISHRA SHOW to build STARTUP

In business, wealth management is of the utmost importance. In a startup business, wealth creation and its distribution should be your first priority. For startup founders, there are eight major tips: 1) pay the first 10 percent to yourself 2) monitor and control expenses 3) make your money work for you 4) apply for wealth insurance 5) buying your home will be the biggest expense 6) plan for financial security in your retirement phase 7) learn more to earn more 8) set a clear goal for what you want to achieve.

If we ignore the research step, we can make big mistakes. Every small business begins with research on marketing hypothesis; it is the secret to success. The formula for success is rather simple. Founders, executors, and investors need to take risks, make predictions about the future, and be right in doing so. The risk in market prediction will come up through the marketing hypothesis. The measures of this risk assessment are: qualitative data, quantitative data, heuristic data, intuition, and involving your stakeholders.

A business has two types of growth trajectory: horizontal and vertical. Horizontal progress is copying an idea that works, such as building more of a successful product. Vertical progress is new ideas. In the entrepreneur journey, money is the most important thing. And when working in a monopoly, an entrepreneur can focus on new products, and increase their income over other markets.

The first to act has the advantage. If you enter a market before your competitor, you have a chance to capture a significant share before they have even begun. However, the better option may be to act last and focus on a niche that your competition may have neglected. Remember, there are two methods of competition: perfect competition, where there is no product differentiation and an intense struggle for survival, and monopolies, where you focus on a market they have not touched.

Do not set out blindly. Take time to determine your path to success and plan how you will reach that target. Decide on your time, milestones, and speed, and stick to this roadmap.

There are two ways to externally fund a business: debt and equity. Startup funding options are: Bootstrapping, crowdfunding, angel investors, venture capital, business incubators, and accelerators, winning a startup contest, bank loans, loans from microfinance providers, government programs for startup capital, and raising money with pre-product sales or selling assets.

To secure the best chances for success an entrepreneur must hone their skills in leadership, technical knowledge related to the product, accounting and bookkeeping, problem-solving, and managing their relevant business model.

Entrepreneurship is attempted by many but mastered by few. The three main types of successful founders are: The visionary, who possesses a deep intuition and domain expertise, to anticipate how products and markets will evolve. The operator, who oversees a complex, but flawless business and focuses utterly on their customers, and the connector; a magnetic leader who enjoys industry-wide appeal from customers and staff.

Small Business Operation: Founders must learn to do things by themselves. Even if takes years to develop the necessary skills. You need to be a jack of all trades to oversee each part of your venture. But do not fall into the trap of doing it all yourself. Hire a team you can rely on and assign each of them a task. Do not give one person more than one task—and ensure those tasks are completed quickly. As a startup founder, you will have three categories of workers you can assign tasks to: your in-house team, the partial outsource team, and the full outsource team.

Key to success: The attributes required for a successful founder are character, desire, experience, expertise, execution, and value creation. A venture must have a founder who unifies all six attributes into a single goal. A strong founder is the key to success.