FICS, in its very nature, is designed in a way that helps you through the process of idea generation. In it, you will find the opportunity to become your own boss. And who would be willing to pass that up?
Let’s admit it. All of us, at one point in our lives, have considered to start a business with two or more friends. Many of us had really solid ideas while only some of us progressed and could eventually give their ideas a real form. But what does this minute percentage of homo sapiens have that you and I don’t? Are they born with some special genes that allow them to bring their innovation to life? Let’s hope not. Here are some of the best kept startup secrets for your very own entrepreneurial journey.
1. Research! Research! Research!
If you think these words are only applicable to your college projects, you are so very wrong. Before you jump into the real world, it is important that you have solid research backing you up in your endeavours. It’s critical to have all the necessary information before you decide on the idea and actually take it any further. Proper research and deep analysis of the relevant market will help you make informed decisions.
2. Let the innovation flow
When Sylvia Plath said,“The worst enemy to creativity is self doubt” perhaps, she was talking about all the ideas that we stow away labelling them as “silly” or better yet, “not good enough”. It is crucial that we remind ourselves that there is nothing better than the moment when innovation strikes and we’re forced to say eureka! Burn the midnight oil and keep refining your ideas because this platform is going to help you bring them to life.
3. Picking an uber cool title
While you’re reading this, approximately thousands of new technological advancements would have been made already. It’s the era of social media and if you want to bring something to the market, make sure it’s trending. Hashtag it and brand it and what better way to do that than by choosing an uber cool title for your idea. Businesses that have unique names tend to be more talked about than their counterparts. If your title stands out, it becomes memorable. This helps immensely with brand recall.
4. Back it with some good ol’ money…. plan
You can NOT start a venture without making a good investment plant. Business is a serious business (quite literally). Get down to it and make a good business/investment plan. Do not, at any cost, (pun intended) overestimate your revenue. This is a critical mistake that a lot of newbies seem to make which often leads to some major disasters later down the road. It’s advised to devise your strategy before you’ve even begun your work so you know which direction to take it in.
5. Have realistic expectations
While we’re jotting down points on how to take on the world, it is important to remind ourselves that the world isn’t just rainbows and sunshine. There’s a possibility that you might fail but there’s an equal chance of you succeeding. For new leaves to grow, the old ones must fall. Some doors must close for others to open. Look past your bad days and keep yourself grounded but don’t let it stop you from bringing change to this planet. Right now, change is exactly what is needed.
By Yarmiah Bukhari
FICS’20 Team Publications