How do I convert a business idea into a viable business?
I am a young sales professional out of India. I have been working on a new business model for 7 months now. I can sell, market, and manage people; however I lack the necessary business skills to build the company.
My questions are:
1. Would it be smarter to partner with someone in India or out of the U.S.?
2. How do I build trust and share the model with someone I don't know?
3. What should be the ideal terms?
Any advice/help/direction would be greatly appreciated.
Are you willing to share your business concept in the form of a business plan under a Non-Disclosure Agreement? That would be the best way to give you the optimal answers to you questions.
Hi Addy. Congratulations on starting. Sales, marketing and management are a big part of the necessary business skills needed to achieve success!
Take stock of the resources you have and need (type, quality and quantity), and how can you attain, sustain, and derive the most benefit from them. Partnering is one option of many to fill in any resources you might need to make your business successful. Here's a list of resources, and a one-page plan, that might help.
Congratulations on taking the first step into the world of Entrepreneurship. First up, it is difficult to get seed funding. While lot of seed funders exist , it isn't easy to get a complete stranger to fund you. You are better off starting by bootstrapping your company with your own money / savings and from the support of friends and family. The other reason for doing this is that early stage start-ups need a lot of freedom and flexibility to operate and when you bring in an outside investor there is always pressure to deliver results and they will also have a large controlling stake in the company which isn't ideal at this juncture.
As for finding a tech co-founder, there is no easy way, but ideally it is easier if you can find someone who you already know from your network. A buddy from school or a neighbour who went on to study engineering and because a software professional perhaps? If this doesn't work then try going to meetups in your city organized by tech enthusiasts. Search profiles on mosaichub and linkedin groups and connect with people you find interesting and see if you can get them on board. Even facebook has a group called founders hub, search there and see if you can get some answers or leads. In terms of trust, it is a tough question, there is a good chance that one of the people you talk to will hijack your idea, which goes back to my earlier suggestion is that you try and work with someone you know.
Hope this helps.
1-Answer: Its totally depends on your business model,sharing model depends expertise of your and partner, and mostly we adopt sharing model when we think that we are weak in a particular area and someone should be fill it.
2-Answer:His/her past shows their standard of trust,so please study their past.
3-Answer:Adopt any online agreement draft e.g wakeelonline.com
1st question, is your current business make money based on your past 7 months effort?
2nd question, how can you increase more sales?
3rd question, what you need most urgently? money or partner?
If you have clear answers for the above, than easier for us to look into other matter further.
If your business still at idea stage, than seriously, the question will be why you never try to sell as much as possible?
You have excellent idea but when apply then only you learn lots. I am from India and working with USA partner we are running business sine 1 n half year and still learning lots of thinks.
About trust that you can build when you are working with partner. First you need understand partner and it is not one or two day procedure, it is long term. When both understand well then your business will run good. I am running business with USA partner and it is running smoothly. If you want to talk me and discuss, I am ready. Please feel free for further discussion.
Business is about offering a service to clients who need it, either they know it or not. To enter a market with a new model, there needs to be evidence of what you offer and the benefits there-in. Business is better in two places under two scenarios, a market u understand and a market your model understands. These are the angles under which you should view your partnership options. Either way you will need business experts, especially people who understand the value of time. Trust is hard to come by, even with people you know, so my best advice is to keep it professional. Legal, business, accounting and team building should be considered. This should help you decide your next move. As a final word, you should ensure your model serves a purpose to offer service and not profit. Because service will always ensure happy clients and happy clients will always ensure profits. Goodluck
Richard Stern- I suggest you do a competition analysis first to ensure that there is enough space in the niche of the industry you wan to sell.
If after your research you find there is a need for your product, or service prepare a solid Business Plan.
Once the Plan is complete then you will be ready to finf the best option to help you establish the business.
Addy, you describe yourself having 3 of the keys to success in leading a business: sell, market and managing people. Your questions asking for guidance are hard to answer with limited information, so I'll jump in with one simple directive, take a step every day toward your goal. The journey you seem to dream of has no clear answer, as success will come from a series of steps, some forward, some backward. All will bring clarity to answers you will need. Question number 2 requires you to determine what will you need someone to bring to the table to move forward. Financial investment will bring contractual agreements, operational expertise can be bought with sweat equity which requires you to use the people skills you claim to determine whether they can match your passion for the venture. Surround yourself with talent who can see the big picture, the end goal and are willing to make sacrifices to get there and you'll drastically increase your chance of success. Best to you!