Build your professional network on facebook via our app Go to app
 
<< Prev  3 of 7 in Topic  Next >>
 
Started by : Veena Gupta, Analyst, Blackstone Group   08 16 2010 07:39:37 +0000
Industry : Hedge Funds/VCs/Private EquityFunctional Area : Getting Started(Entrepreneurship)
Activity:  66 views;  last activity : 01 08 2011 17:11:15 +0000

For the many would-be entrepreneurs, money is the insurmountable hurdle. They hunger to strike out on their own, but don't have a big bank balance invest in a start-up that might not churn a profit for years to come. And they're reluctant to stake what cash they do have while the economy is still shaky.

But there are many who decided to see if they could launch a venture for less than what people think. A lot less. There are many bootstrapping business owners who started companies in recent years—without shelling out more than a couple of hundred dollars. Also we have seen many Rags to Riches story's lately. So how does something like a venture with a shoestring budget strike it big? Do share your views on this.

 
 Refer 769
Share
 
 
  Rate : 
 
 
 
 
  5 2 2 1 1
 
 
 
 
 
 
 
 
 
 
 
 
 
1 2 3 4 5
1 team work & relaible product
2 Technological tools
3 Passion
4 true
5 Lot of time and energy
6 Determination
7 RIGHT PERSON ARE REQUIRED
8 Clear Vision & Proper Management
9 Strategy
10 1st & 2nd Entrepreneurial Pitfall by Peter Drucker

team work & relaible product

idea posted by Ted Green President, GHz Wireless

  1. reliable product or service
  2. Gorilla Marketing books
  3. referral system ( make one)
  4. good customer service & management
  5. faith in your team
  6. and last but not least FOCUS

Extra points

nitch market helps too, and being a fast learn is good.

Certs are nice, but find people with the want to, and you have the power to create anything. Get a lazy or uncooperative team, and your project fails.

I made millions from self taught education, mixed with some of the highest edu places in USA. That being said, none of this was taught, but learned by the school or hard knocks and pings, we call it - reality meets concept

If you have a relaible and good product - this is the highest key point of any business, you can succeed , even without "VC" or Funding. I am writing soon on how I created my first empire, and am building my next using simple easy to use information, and will continue to help others, as that also is a huge key to success as a whole.

Last if your an expert in that field and you want to open a business , DONT. As I have learned the hard way, its easier to teach or learn, than to unlearn. Your exprtise is great, at work, but not when it could change or alters company course.

No matter how hard you tried your expertise would set pace, and business is about team skills as much as it is business, contrary to school or higher edu teachings.

Ted Green

Alltexas Networks / AllTexas Wimax

http://alltexas.net

5
0
  
by NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 01 08 2011 17:11:15 +0000

I accept this side views posted. But creating the customer base requires a lot of patience and minimum one year needs to be waited.

0
  
by Rajagopalan Krishnamoorthy, B.A student  | 09 18 2010 16:37:28 +0000

Hello Veena, The subject is very interesting. It is very challenging to start any new business. The product should be innovative and work with your team till you succeed. of course initially you have to struggle with finance, manpower,technology etc. Once you achieve the expansion will be easier. In case you are planning for a new venture..... All the best and good luck.

K Rajagopalan.   

1
  
by Zeeshan Akhtar, B.Tech/B.E. student, United College of Engineering and Research  | 08 17 2010 13:53:45 +0000

Really Mr .Ted , it was something a precious suggestion. I am a Engineering undergraduate, will be passing out this year. I am determine to start my busineess and make big. I am planning to start it now, by renting a office and developing web presence . Although I have ideas but they are not so mature. However ,i am sure I can improve things, if keep working with pace.

But problem is that, my friends and family all advice me to concenterate on academic studies and land a good job in some s/w company.I have no support from my friends and family in favour of my decission.

Although I am sure this is what i want to do, but just need an objective answer, "is this the write time for me to start with my business, or run in the rat race-land a job and wait for 2-3 years?"

Add your argument:

Technological tools

idea posted by Veena Gupta Analyst, Blackstone Group

A bootstrapping entrepreneur can also get help from lots of technological tools. For instance, professional-looking websites and automated phone-answering systems can speed sales and make a start-up look more impressive to potential customers.

Technology, in fact, is a big reason it's possible to launch a business so cheaply. Thanks to the proliferation of the Internet and the accessibility of once-costly technology, start-up costs have plummeted in the last 10 years, it's gotten so much easier to reach mass markets and test out ideas. This is something that's becoming accessible to anyone with an idea.

2
1
  
by Rathin Deb, Advisor and retail consultant, currently as Branch Manager, Tower Infotech Ltd  | 08 16 2010 08:54:07 +0000

All the companies on shoestring budjet I think first understand the whole game like total market, the players involved, appx, capital employrd by each of the companies, the growth of the market and the ROI by the other companies on the same field and last five years P&L statement.

Now one should do a research and find the details and try and obtain the balence sheet etc.

Now comes technological tools and the companies shoud derive the addtional advantage from this.  If both of these is planec and executed deligentlu in that case no body will be able to stop such companies to attain strength and grows big.

Add your argument:

Passion

idea posted by Makarand Suresh Vaidya Deputy Manager - Marketing (Research & Product Mgmt.), Indiacom Limited

Passion is what gives you the strength to overcome the barriers in your way, think the unthinkable and hold onto the mission.All of the successful entrepreneurs were passionate about whatever they did, examples are a plenty I need not mention them. Take anyone from Steve Jobs to Narayan Murthy.

2
No supporting Arguments for this idea
Add your argument:

idea posted by Atul Joshi CEO/MD/Director, Lions Alliance General Trading Co
websites, seo and google adwords are some great tools to speed up sales
1
0
  
by Veena Gupta, Analyst, Blackstone Group  | 08 16 2010 07:56:24 +0000

Yes with SEO and Google adwords one can easily reach more people in the virtual world and if your product is something which is really good it can turn some eyeballs on the internet and everything is set.

Add your argument:

Lot of time and energy

idea posted by Amrita Animation/Graphic Artist, Creative design

Hard work is one way. If you don't have a lot to spend, so put in a lot of time and energy. I mean with constant effort in your venture, and time taken to nurture it from the scratch to it becoming a profitable business, it needs your time and care and with customers turning into loyal ones the word of mouth spreads and thats how you get more business.

1
0
  
by Makarand Suresh Vaidya, Deputy Manager - Marketing (Research & Product Mgmt.), Indiacom Limited  | 08 17 2010 05:12:14 +0000

This is true of anything you want to achieve, and more so for a start-up...

Add your argument:

Determination

idea posted by Mohammad Bakhsh Consultant(Civil), Rail Vikas Nigam Limited

There is no word as "shoestring",but determination,if the people who are organizing the business have right attitude,the net results will surely favor them.

1
0
  
by Mohammad Bakhsh, Consultant(Civil), Rail Vikas Nigam Limited  | 08 18 2010 03:25:33 +0000

Mr Ted's arguments are of uphill menu.There is no denying the facts,one can start and flourish within short time.Every thing has palpitation,resuscitation and motivation.If determination is there ,half the battle is won.

Add your argument:

RIGHT PERSON ARE REQUIRED

idea posted by s.baalu Consultant, XYZ LTD

MORE THAN ANY OTHER RESOURCE TO DO BUSINESS THE MOST IMPORTANT RESOURCE IS ,RIGHT,TALENTED,CAPABLE,AGGRESSIVE,EXPERIENCED,DETERMINED MEN WITH WHOLE HEARTED INVOLVEMENT WHO CAN ACHIEVE WONDERS WITH SHOE STRING BUDGETS BY STRTECHING THE RUPEE TO THE MAXIMUM POSSIBLE EXTENT.

0
No supporting Arguments for this idea
Add your argument:

Clear Vision & Proper Management

idea posted by Vipin Bhasin Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.

First of all if we want to grow in small business, our vision is more clear to us. After that proper management requires in all sectors which includes financial, HR, Marketing and R&D etc. But be conscious to take any new step. Don't delay to take any decision but not also in too hurry. Be confident not over confident. If you are good leader it will be more easy to handle any situation with your team work..

0
No supporting Arguments for this idea
Add your argument:

Strategy

idea posted by MisterT Marketing Manager

If the shoestring resources are phased in the initial stages for longevity & sustainability, then given the present technological & free-flowing liquidity advantages, the rest shall follow & any sound venture has the potential to make it big.

0
No supporting Arguments for this idea
Add your argument:

1st & 2nd Entrepreneurial Pitfall by Peter Drucker

idea posted by Makarand Suresh Vaidya Deputy Manager - Marketing (Research & Product Mgmt.), Indiacom Limited

Borrowing from the great management guru Peter Drucker one can say, avoiding the following is also important:

1. The entrepreneur doesn't realize that a new product or service is not successful where he or she thought it would be but it is instead successful in a totally different market. (This, Drucker says, is much more common than one might imagine.)

2. Entrepreneurs believe that profit is what matters most in a new enterprise. Cash flow matters most.

http://www.inc.com/staff-blog/2005/11/14/druckers_four_pitfalls.html


http://www.inc.com/staff-blog/2005/11/14/druckers_four_pitfalls.html

 

0
No supporting Arguments for this idea
Add your argument:

Add your Idea
Idea* : 
Add your argument:
edit in rich text ...
Could not find any idea interesting in: "Startups on a shoestring: How to make it big?" ? Click here to add a new idea...

Found the idea contest "Startups on a shoestring: How to make it big?"  interesting ?  Click here to refer to your connections and communities
Leading Biotech Firm startup.
  • Create a confidential Career Profile and Resume/C.V. online
  • Get advice for planning their career and for marketing of experience and skills
  • Maximize awareness of and access to the best career opportunities
Viewers also viewed
Technology in India is one of the most lucrative sectors, now and in the future. Without a...
 
258 referals 49 arguments, 551 views
If, as the old expression goes, imitation is the sincerest form of flattery then the top brass...
 
661 referals 11 votes, 1895 views
more...  
 
More From Author
Twigmore is a new app on facebook, a start up which focuses on Travel and friends, i.e., it will recommend traveling to the destinations your friends and their friends have traveled. This is because they bellieve that while most of the travel...
I second MR.Saket jain here. There is no monopoly in any field if we take the global prospective.
Budding business owners should go virtual wherever and whenever possible. In a fledgling startup, the last thing you need to worry about is excessive infrastructure or expensive overhead. It’s already a difficult enough task to generate income...
more...