“As soon as you start to pursue a dream, your life wakes up and everything has meaning.” – Barabara Sher. Multi-millionaire, Alan Nation, once proclaimed, “What you dreamed to become when you were sixteen is the truest version of yourself.” Fortunately, many of us stand at that threshold of our lives- where we can choose to either realise our dreams or fade into mediocrity because of fear. If you have always wondered how to turn your ideas into reality, read these eight ways that will help YOU to realise your entrepreneurial dreams and conquer the world!
1) We all want it easier- Solve challenges!
Be the person who finds solutions to problems. Get out of your house, look around, observe and find something that needs to be solved and voilà! You have something potentially valuable to offer! If you desire immediate success and large amount of customers, build a business plan that solves the problems of your target market. Perhaps, having a conversation with your potential customer can help you identify the exact problem!
2) Know your niche!-
But what’s a niche market? It’s a small, specialized market for a particular product or service. How do I find my niche market? You can start by making a list of all the possible interests of your target market and any problems faced in obtaining them. Understand their needs, the current trends, be aware of their disposable income and structure your business accordingly. Another added advantage being, you come up with a business model which differs from the existing ones!
3) Build a prototype and test it! –
Do you want to save thousands of rupees? Do you want to increase the probability of making your incredible business idea an incredible success? Great! Then make a prototype of the product that you intend to offer, test it, make adjustments to your approach and only then take the market by a storm. This will not only increase your confidence in your business idea but also give you a good enough exposure to reality- any loopholes or flaws in your model. It also comes in handy when you are pitching your business plan in front of potential investors.
4) Ensure you have a sufficient target market-
One of the primary goals of your business should be to find a sufficient target market. In the end, your target market will ensure the survival of your business in the modern world’s cut-throat competition. You don’t need to build a product that caters to each and every person on the planet. However, you do need a sufficient number of people who would be willing to buy your product. Go ahead, interview your target audience, think from their perspective, cater to their needs and watch your start-up bloom.
5) Raise funding for your start-up –
Financial resources are crucial to launch your start-up. You need to secure adequate financial resources in order to run a sound business. According to a survey, lack of funding is one of the most common reasons start-ups fail. Find someone who is willing to fund your start-up -be it angel investors, venture capitalists, through government incentives, crowdfunding, business incubators or accelerators.
While we are talking about funding, at Insight’s Business Plan Competition, you have a golden chance to pitch your start-up idea before eminent angel investors and venture capitalists. Funding opportunities upto Rs 1 Crore and cash prizes of Rs 1.5 Lakhs are in store for you.
6) Know when to grab a good opportunity –
When you know you have an opportunity that would open all doors, do not hesitate to grab it. Take advantage of that opportunity to the fullest to turn your business idea into reality. Identify it well in time, and make sure you reach out for it because an opportunity that is presented once, might not come around the second time.
Insight’s Business Plan Competition will expose you to a multitude of opportunities- be it funding upto Rs 1 Crore, cash prizes of Rs 1.5 Lakhs, mentorship, access to online tutorials and lectures. It’s a win-win situation for any aspiring entrepreneur who will walk out with a completely refined business model. Get a chance to attend workshops on Branding & Leadership, Design Thinking, Mind Mapping and Key to Execution by being a part of Insight’s Business Plan Competition.
7) Learn How to Sell Your Vision-
Make someone who has no idea what you are trying to accomplish, to understand you and your vision. This comes by learning the art of simplicity in the explaining your goals. This skill helps you in pitching your idea in front of possible investors. Try educating yourself as much as possible, search for mentors already experienced in that field, learn how to effectively pitch your business idea and present your vision.
At Insight’s Business Plan Competition, we give you access to one-on-one mentorship, online tutorials, lectures and training workshops. This is the ideal platform to refine your business model and acquire a chance to launch your start-up.
8) Have faith. Just do it!
Sometimes, the only thing required for a perfect landing is to take the leap of faith. Go ahead with your idea, take risks, test the outcome and watch the wonders it creates. You will either win or learn. There’s no losing here.
Dream Big. Start Small. Act Now.
Introducing to you, Planet-B, Insight’s Business Plan Competition- a platform that empowers aspiring entrepreneurs to get access to funding, mentorship from professionals, and the opportunity to experience the world from the perspective of other like-minded students. Participate in this festival of innovation and get a chance to launch your start-up and turn your idea into reality!