The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
Isn't it exciting to start your own business? You can be your boss, do what you want, and set your schedule. However, there are several questions you should ask yourself before starting a business that you might not consider at the time.
You, like many others, could be thinking of some fantastic product ideas. Still, you may be unclear of all the nitty-gritty elements of beginning your own business, especially in today's unpredictable environment, where you may be hesitant to leave a position that's currently offering you security and stability.
Being your boss is exciting and rewarding, but let me unwrap the hard truth; it is not for everyone. According to statistics, the vast majority of new businesses fail, with only a tiny percentage succeeding. But don't worry; regardless of how you feel, now is the best time to be alive for exploring entrepreneurship.
Not only are investors willing to listen to people and be more accepting of many crazy ideas, but they are also willing to put up large sums of money to see them succeed.
But, before you start your own business, you should ask yourself these 20 questions:
Why Am I Interested In Starting A Business?
Your startup will not last long if you are doing it just because you hate your current 9 to 5 job. And you shouldn't also be starting a business just because everyone around you is running one. You must ensure that the interest generated within you is genuine and should be ready to embrace all the ups and downs that come with it.
What Problem Am I Trying To Solve or What Market Gaps Do I See?
Your idea is pretty much worthless if you don't know if there is a market for it. Try to figure out what's the real problem you're trying to solve or if there are any market gaps or niches that no one else is filling. If those areas overlap with your interests, you've found your sweet spot. Read and understand How to Do Market Research for a Business Startup?
What Is My Business's Target Market?
Another vital part of being aware of is the target market. This is one area that's faded to many business owners, and they tend to shoot in the dark without having a proper target audience. Not every product can satisfy everyone, so you need to find the right audience for whom your product can bring satisfaction.
How Much Money Do I Need To Start My Business? What Is The Best Way To Get Startup Funds?
The answer to this question relies solely on your idea. If you have a product, an incredibly unique one, you will need a large sum of money to put it into action. However, you can start your business for very little money if you are running a service-based business. Thus, in a nutshell, the budget is primarily determined by your niche, target market, office structure, staff, and a variety of other costs.
Do I Have The Support Of Friends And Family, Both Personally And Financially?
There are good days and bad days in life. When it comes to entrepreneurship, bad days can be devastating. Having the support of friends and family can help you stay positive and sane during difficult times.
Is Your Company's Concept Scalable? If Not, What Can You Do To Make It More Scalable?
Scalability refers to a company's ability to handle an increasing number of customers and vendors. Startups can be said successful only when they show the immense potential to expand and scale up. If you don't see your company growing in the future, you should consider dropping the idea or looking for alternative ways to scale it up.
Who Are My Competitors And Who Else Is Doing What I Want To Do?
Having the advantage of being the first to do something is always a plus. Being the second mover, on the other hand, can have its benefits. Regardless of whether you are the first, second, or the last mover, you can formulate your strategies by assessing the competition and determining who is doing what and how they execute.
What Makes My Product Or Solution Stand Out From The Competition?
Building a robust online presence is the first piece of advice we have here. Standing out from the competition is always the priority for every business out there. Another tip to achieve the same is to meet your target market's challenges with unique and easy solutions. It is always beneficial to set your USP (Unique Selling Proposition) to highlight individual factors helping you differentiate yourself from the competitor.
How Will I Validate And Test My Product Idea?
Consider how much time, effort, and resources you'd need to turn your brilliant idea into reality, only to find out later that it wasn't so brilliant after all. It turns out to be a flop as the market never needs it. This often occurs in businesses where you tend to see higher demand, but as the business launches, it fails prematurely.
This is where market research and idea testing come into play. Validation allows you to test your ideas in the form of MVP, and you can proceed if it appeals to the target audience. Even if the idea gets rejected, you're never getting bankrupt.
Am I Willing To Invest The Time, Resources, And Capital Necessary To Succeed? What Kind Of Sacrifices And Risks Am I Willing To Make For The Sake Of The Company?
It takes a lot of time, sacrifices, and risks to start a business. If your previous job required 8 hours of your time per day, running your own business might require twice or thrice that amount, plus weekend effort to be put in additional.
So during the early stages of your business, you may need to sacrifice many outings, me-time and whatnot. Know that many of the successful companies, you see out there were built by entrepreneurs by spending an average of 80 hrs a week.
Do I Have The Skills And Abilities To Start And Manage A Company's Day-To-Day Operations?
Skills and abilities make up 80% of what it takes to run a business. Are you equipped with the necessary entrepreneurial skills, and if not, how can you learn them? There are numerous resources available to help you achieve those skills.
However, suppose you lack the essential skills needed to run the business and still think your idea is significant enough to pursue. In that case, you can always outsource your requirement to reliable companies with people highly skilled than yourself.
What Are My Short- And Long-Term Personal And Financial Goals For Myself And My Company? Is This Something I Could See Myself Doing In 5 Or 10 Years?
Your objectives will determine your personal and business financial and operational strategies. These goals will determine how you raise funds, what your product roadmap will look like, how many teams you'll need, how many employees you'll need, and what costs you'll need to cut. Consider where your company will be in the next 5-10 years and whether you are passionate enough to keep doing what you're doing now.
Is My Knowledge And Understanding Of The Industry I Want To Work Sufficient? How Can My Previous Work Experience And Education Be Of Assistance To Me?
It is critical to have a thorough understanding of the industry in which your business will operate. Knowledge of the apparel industry is required if you want to start an apparel business. It is best not to enter any industry if you are unfamiliar with it. Always consider how your education and experience can help you better understand the industry.
Is It Necessary For Me To Have A Co-Founder(s) For My Company? If So, What Complementary Skills Would The Co-Founder(s) Require For The Business To Run Smoothly And Successfully?
Everyone can't have all the skills in all areas of running a business. You may have excellent product development skills, but you may lack technical or coding skills. Finding the right co-founder is critical because a startup's founding team should have all the necessary skills.
Not only should your co-founder(s) complement your skills with their own, but they should also share your vision with zeal and passion. So, one of the most challenging and crucial steps in starting a business is choosing the right co-founders.
If you find difficulty finding the right co-founder, NeoITO can act as your tech co-founder and help you know the right set of technologies to be applied for your product development.
In The Short And Long Term, What Organisational Structure Would I Require For My Company?
In a typical B-school Organisation Design class, you'll learn about a variety of organisational structures. While they may appear to be useless, they all serve a purpose. A small company can work better with a flat design, and as the company grows more prominent, the structure becomes more hierarchical. There are different types of facilities, such as functional, divisional, and matrix structures. You must understand and determine which design best suits your company at which stage for optimal performance.
How Many Workers Will I Require?
Consider the costs and what you can afford. Keep in mind the importance you place on each employee when starting a business; quality trumps quantity. While starting up, the quality matters more than the quantity. One great employee can be equal to tens of average employees. Recruitment takes utmost priority. Always know that the initial team of a company is the hardest to form.
Also Read: Startup Guide: Things To Consider When Bringing On Early Team Members.
How Will My Company's Legal Structure Be Set Up?
It is one of the most crucial decisions to make when starting a new business. Your decision has to be based on the country's tax implications and the amount of risk you are willing to take. You can then choose a legal structure that best suits your needs, whether it's a sole proprietorship, partnership, LLC, or corporation.
Am I Willing To Meet And Network With A Large Number Of People For Investments, Promotions, Advertisements, And Other Purposes?
Starting a new business necessitates attending numerous conventions, seminars, workshops, and networking with as many people as possible. Sometimes it's to recruit people, other times, it's to pitch ideas to potential investors, and other times it's to listen to other entrepreneurs' ideas.
On some days, you must be comfortable networking with hundreds of people. If you believe you are too shy and the thought of all of this makes you feel uneasy, this may not be the path for you. Today as technology advances, you need not get outside to start networking with people. There's always some virtual networking events to connect founders, investors and entrepreneurs from across multiple disciplines.
How Will I Exit My Business If I Want To in a Few Years Down The Road, And How Will The Responsibilities Be Transferred?
You might want to sell your startup to a larger company a few years down the road, or you might want to leave the company yourself. Examine all terms and conditions thoroughly, and make a mental list of all available options. Even an initial public offering (IPO) can be used as an exit strategy.
The goal should be to leave the company with your head held high and your pockets are bulging with profits. The transfer of responsibilities should be carefully handled with a proper business succession plan so that the company keeps doing well even in your absence.
Once you have asked yourself these questions and are satisfied with the answers, it's time to consider turning your idea into a successful business. As said many times, keep in mind that the journey ahead isn't going to be a smooth ride. Embrace yourself for a bumpy ride!
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
Grow ideas into million-dollar businesses. We have a proud history of helping founders achieve multi-million dollar valuation and providing turnkey enterprise-grade solutions for their customers. Our blazing-fast products help revolutionize industries and are adopted by some of the world’s biggest companies like Facebook, LinkedIn, IKEA and Ubisoft. Our ability to provide the perfect blend of enterprise-level expertise and startup-style product development gives us that extra edge. Our strategic locations around the globe help us get a superior understanding of our client's culture and business to deliver products that best resonate with their target audiences. Neoito's Purpose: We exist to help people transform their ideas into turnkey technology that creates a positive impact on people's lives. Neoito's Vision: To be the go-to technology partner for entrepreneurs, where they can unleash the potential of their ideas and positively shape the future we live in.
Revolutionary Use Cases to Drive Technology in Healthcare - 4
A Blog Series on Healthcare Innovation Challenge
Right from entry to exit from the hospital, a patient has to go through multiple processes and tasks till all checkpoints are complete.…
Communication is positively essential in all walks of life, and some great leaders use clear communication to connect with their teams. The words we prominently use in everyday conversation reveal a great deal about our personalities. Most of us…
1. Introduction
Building any SaaS offering starts with a critical consideration of the Total Addressable Market (TAM). The potential TAM that the product can capture will decide its future financial performance. A product that can be sold to all…
Revolutionary Use Cases to Drive Technology in Healthcare - 3
A Blog Series on Healthcare Innovation Challenge
Hospitals and Healthcare companies are innovating themselves and developing interesting use cases that can solve many large-scale…
When considering or buying a product, consumers have several questions. What exactly is the value of the product? Is it a fair return in goods, services, money, or some other benefit in exchange for something?
“Value represents the ends, and …
Indian Software Product Ecosystem – Accelerating Growth
Software product sector has evolved substantially over the past few years. Growing at >10% CAGR from 2019-22 to reach $13.3 Bn the growth has been propelled by cloud shift and global market…
