PREPARE FOR STARTUP

Over the years, entrepreneurship has always been a great interest topic to many people. In particular, the participants are often quite young, with many ideas and plans that want to be realized. When starting a business, young people may have different problems, besides certain advantages, there are also difficulties and challenges that they need to cope with. So what do they need to prepare before starting a business?

Ability to think and innovate
Ideas are the essential foundation for a startup project. So the first and most important thing before starting a business is that you must have the ability to be creative and explore new ideas. It is also an answer to the question “where can I start a business?”. The difference plays a huge part in affirming the brand’s position in the market and attracting the attention of investors.

Making a difference in the products and services you provide is also an important thing to stand in the competitive market today. Creativity helps us to have a holistic view, then find the unmet needs of our customers, and finally come up with a suitable business plan that both creates a breakthrough and takes advantage of our customers’ needs, maximizing the competitive advantage for businesses.

Start-up capital
As the lifeline that ensures the survival of a business, capital is a necessary and sufficient condition for a startup project to operate smoothly. The preparation of abundant capital will contribute to sustainable development and reduce the risks that the business has to face in the future. Capital can come from many different sources, such as prepared by you or called, borrowed, … This is also seen as a lever for the later success of a start-up business.

Basic knowledge background
Nowadays, if you want to do anything, you need to have knowledge in that field. You must understand the basic and expert knowledge about different aspects of the business such as products, human resources, technology, markets, and related legal documents… This is an important step to help you avoid failure due to lack of expertise and unexpected reasons. On the other hand, once you have the knowledge, you can come up with many great and realistic startup ideas.

Effort and perseverance
There are many startups that fail (almost 90%), and why do people still start businesses despite knowing the possibility of failure is great? Because if their project is successful, the profit will not be a small number. Besides, failure is not the end of the operation but it helps us to realize what the real problem is, and offer solutions to overcome obstacles. Perseverance is an important factor because, in the process of starting a business, not everyone has success the first time they start working. There are people who fail many times but they still don’t give up and continue to implement ideas. When we start, we don’t know how we need to do, we can only plan and implement, then continuously learn from experience until we find the most suitable process.

In addition, individuals and organizations need to prepare complete information in terms of financial management, market research, strategic planning,… because these play a certain role in the construction of a start-up business.