Tech Startup Ideas.
Many people aspiring to make a startup but they do not have the right orientation or an enabling environment to set it up.
This article goes deep into how any one can make a start up in technology. Tech start up is an important aspect a person or group should consider doing.
Tech Start Up Ideas.
1. Personal, business Visioning and focus.
Before you make a move as an aspiring tech start up, you should try and understand the type of startup you are going in for. Try to know how you will be working and also know the consequences, benefits of your venture. Every entrepreneural effort is always guided by a set of rules.
Note this: A startup or an entrepreneur is a person that is able to develop or offer products and services to people. This person or company is able to scan the environment to find workable and marketable ideas. Adding value and time which can result to profit at the end.
2. Defining your vision and focus.
Vision is simply to plan for the future and think about having a great imagination and intelligence. You should have a focus and a direction.
You should focus on your core values and remove all unecessary distractions.
3. Statement of your vision.
Vision statement is a statement that defines your individual or organizational achievement.
4. Visualizing your future.
This shows the possible and specific vision and goal setting. It shows your strategy of realizing dreams and aspirations. Future can be visualized in two ways;
Measureable: a vision that can be measured
Vivid description: a vision that has clear imaginations.
5. Personal Vision
You as a startup, you should have a vision, your values, beliefs and have an understanding of your interest and things you have passion for. With these said already, you and your business should have core values guiding you.
6. Goal setting
Setting a goal can be characterized as follows;
A goal should be something you really whant: Ensure that the goal you are working or planning to work on is something worth while and not just some thing you’v seen as a good idea.
Write out a positive goal: writing out your goals create an instruction for your subconcious mind to carry out. Your subconcious mind is an important tool for your success. Your subconcious mind cannot determine when you make the right or wrong decision, it only carry instruction given to it. If you give it more positive instructions you get better outcomes at the end.
Write your goal in detail: It is important to write out your goals in complete details so that your final outcomes will be clear.
Develop your life in 6 areas of life
(i) Family and home
(ii) Financial and career
(iii) Spiritual and ethical
(iv) Physical and health
(v) Social and cultural
(vi)Mental and education
Write down your goals: it is very important that you write down your goals, your goals are like a roadmap leading you to success. You should write them down and constantly review them.
7. Business vision
This describes the thoughts or the imagination of the business. Business vision starts as an idea and it is important to align your business vision alongside your personal vision. Having a good vision motivates you and your business. Aligning your business and your personal vision can be done by
.Harvesting a gift
.Pursuing your own passion
.Following a mission
.Capitalizing on your assets.
THE POSSIBLE BUSINESS PATHS
.Harvesting a gift
.Following your heart
.Discovering what you do very well and what others need and ready to pay for.
The Concept of Start Up
There are lots of reasons that aspiring individuals would want to make a tech start up.
The main reason that most people start up their own business is to make profit. If you are running your own business you will be making more money than working for a company or a person.
It is the essence of making profit that leads people to start up their own business.
Another reason that will prompt you to make your own start up is to secure a long term commitment or a job for yourself. Working for a company or a person, you may get fired at any time. Working for yourself keeps you in control over the business.
PLANNING FOR SUCCESS FOR START UPS
It is a common saying that, if you fail to plan a business you will definitely fail on that business. You dont have to wait for when you secure a financial support before you make a business plan. Planning is an important apect for launching and growing your business.
For you to prepare a business plan, you have to make a research to know the factors that are required to make your start up successful. If you have a business plan as a tech start up, you can spot weakness and threats that may derail your business. At the same time, with your business plan you can also spot areas that will make your business successful.
Planning for success for a start up, you should consider these four main points which include;
1. Your current location and your tech start up idea or the project.
2. Your start up or business focus (what you wish to do).
3. How yo want to go about it.
4. The worth, impact or importance of your business and the problem it will solve.
IMPORTANCE OF HAVING YOUR BUSINESS PLAN AS A START UP.
1. Preparing a business plan aids in starting and financing a business.
2. It is a way of keeping record of your intentions, the basis of your business, your reason and its development.
3. It is a way of informing investors success achieved.
4. It can aid the funding of your business from banks.
5. It shows you steps or guidlines to achieve the goals of your start up.
6. A roadmap to owning and operating your business.
7. Describes your business to financial agencies and prospective investors.
8. It shows in detail action which outlines every aspect of the business start up.
The Components Of Ideas And Plan For Start Ups
1. Financial plan: Every business requires finance in order to grow. The question lies, how do i source for funds for my business and how do i pay back those loans i have secured. Having a financial plan, you should consider these;
The cost of your business.
How to acquire a land for building your office or renting an office complex.
The structure and organization of your business
Capital: Every penny spent or about to be spent should be noted.
Furniture: Furnitures to buy and beautify the office rooms.
Communication and equipments.
2. Competition: As a startup you should try to know how many competitors you have in your location or the number of organizations running similar business.
3. Market plan: As a tech start up you should try to know who your customers are and the size of the market. And you should consider the size of the market in your location, region and abroad. Knowing the size of the market give’s you an insight about your business growth and the business share in the market and also enable’s you know the current and new competition.
4. Mission statement: Mission statement gives a clear description of your business aim/objectives and their principles. It shows the focal point of your business.
5. Description of your business: Business description shows the specification of the products, services, structure and organization of your business.
The description of your start up should provide a reasonable and valuable idea of what your business or the company sells. It is also shows to potential investors and customers the reason your business is better than other businesses or your competitors.
6. Machineries: This is your tech start up organization and structure. It shows in detail, infornation about the owner of the company, the company’s profile and members of the management.
Company structure and management: This section shows at least strong members with higher level in the company or those with higher position in the company
Workers or human resource management: This part shows the size of the payment to your workers on a monthly basis and the capital your company operates on. This includes everybody working in the company.
7. Business summary
In business summary, various sections are outlined which are stated as follows;
(i) The money required and details of funding and your business working capital.
(ii) The cost of production
(iii) The process of production
(iv) The financial statement of the business which includes profit and loss.
(v) Office premises
(vi) Trading forecast
(vii) Risk assessment which includes profit ratio.
THE STEPS REQUIRED TO CREATE A BUSINESS PLAN FOR TECH START UPS.
1. Ensure that you gather all your plans you have made. When preparing for a business plan, you need to have a knowledge about the business you are about entering into.
This requires you to carry out a lot of research about the business.
Note: Research is the product of the process of investigation and the discovery of facts in order to solve a problem. Research comes in two forms which include;
(i) Reading: The process of reading facts about the business you are about to venture into.
(ii) Learning: This involves learning the basics of the business and the industry.
2. Every startup requires an expert for additional information. You have to decide wether there is a need to consult any expert in your business field. However it is recommended that you consult an expert for further information that will guide you. In cases were you finance your business yourself, all efforts are driven towards the benefits that will come out of the business.
3. Write out a draft for your business. For you to attract investors to your business you have to build a system that will attract them to invest their money on your business. Investors may invest through giving you a loan, buying a share in your business or company or either way. You as a business owner, you need to find out what the investors want from your business.
No matter the interest they have on your start up, always no these things which include;
(ii) Having an understanding of the business
(iii) Financial confidence
(iv) The possibility of having a profit after investing on your business.
4. Start compiling figures and fill in your money in flow and clearly forecast the risk of investing in your business. Try to show investors the way, whether your venture fails or succeeds.
5. As a business owner you should try and improve on the plan and money inflow forecast.
6. Conclude on your business plan
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