InvestorQ : Most businesses face trouble in execution. How can it be ensured that the business idea is successfully executed without any hiccups?
Rashi Mehra made post

Most businesses face trouble in execution. How can it be ensured that the business idea is successfully executed without any hiccups?

sarah Leo answered.
1 year ago

You are absolutely correct. Most start ups manage everything else quite successfully but falter in execution because lack of management bandwidth and the lack of skills remains a major challenge. Every start-up begins with a great idea but it takes a big effort to put into practice and make it successful. As the promoter of a start-up you must realize that having a great idea is just the beginning and here are few steps you can take that will help you in successfully executing it.

· Be thorough in your market research before embarking on a project. For this, you need to conduct thorough market research so as to know where you stand and if your idea is really worth pursuing further. Ideally, you must begin your research by writing down the problem you think your business idea will solve. Most business ideas begin with a problem solving approach.

· An important aspect to study is to evaluate the market size. No point in chasing a great idea if the market size is too small. Find out how many people face these problems. You can use online resources and conduct a small survey for potential customers to take feedback. This will allow you to understand the potential market size, whether it is scalable and whether the market potential can be really monetized with your business idea.

· The next step is to get a co-founder for your project. Obviously, it cannot be a one-man show and yuou cannot bring in all the expertise for the task. The call you need to take is whether you want co-founders active in management or only as an investor. A start-up badly needs support and this stage will decide whether you make or break the business.

· After zeroing in on your co-founder and the proposed division of tasks, the next step is to form the initial team. Ensure that this team does not burn your cash flows. Look for culture and focus on people who can add value in the long term and who are willing to stay with you on this journey of a start-up. It calls for a different mindset. This will help you to build a support system and implement projects faster.

· Of course, by this time, you should have completed your task of incorporation of the company and completing all the legal and statutory formalities. This takes a lot of time in India and hence you must allow enough time for getting all requisite approvals in place.

· The next step is to secure intellectual property and rights. One of the most important considerations is that you must able to own and exercise control over the most important intellectual assets of the business. For this, you need to secure intellectual property rights and research if they are already not patented or trademarked. Intellectual property or IP refers to the process by which you or your company can own the rights to create your product and then sell them. This includes patents, copyright and trademarks and will also help you secure a proper protocol for your product. It can also help you to create entry barriers against squatters and unnecessary competition.