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FICCI Rajasthan State Council has organized the 4th edition of Digital Rajasthan Conclave on Wednesday, 28th August 2019 at Hotel Clarks Amer, Jaipur. The theme of the program was "Digital with a latent potential to empower a five trillion dollar Indian Economy", which is in accordance with Government's vision to transform society into digitally empowered and knowledge economy.
Shaadidukaan was also a part of this Digital Rajasthan Conclave. Rohit Sharma, CEO of Shaadidukaan was in the panel discussion. This 4th Digital Rajasthan Conclave featured discussion on the following topics:
Session on Emerging Technologies & Trends
Session on Securing the Digital Boundaries
Panel Discussion on Start-up Ecosystem
Start-up Pitch Town
How to grow your startup without funding
So the session was a bit long enough, but we are going to cover for you all the important points and discussion that had been done there by the selected elite panelist, who are running their businesses successfully. The subjects that we are going to cover for you will be beneficial for young aspirants who are thinking about starting their own business but don't know where to start, where and how to get funding? How to sell their product in the starting? And other vital information.
Industry representatives from @KiranaKing, @Shaadidukaan, @thrillophilia, @onioseller1, Startup Oasis and @PwC_IN talk about 'How to Grow Startup without External Funding' during #DigitalRajasthan Conclave. pic.twitter.com/ylHOw4bY6H— FICCI (@ficci_india) August 28, 2019
Though this question's answer everyone knows nowadays, and there is no a fix definition for it. But still if you want to know about it: a startup is an entrepreneurial venture started by some bunch of friends, or by the people who have same interest for establishing and selling a product or service to people and for people and to solve the problem of society.
When you think about starting a business, it is always the question how to start it. Because really, many don't know how to start a business. Though they do have high inspirations and aspirations to do something great but this "How to start question" kills them. But you don't worry about it. We are telling you and answering your all "How to" questions.
To start any business you first need an idea for which you want to work, for which you are passionate about, and it doesn't mean any random idea that your friends have told you or some other. And it also doesn't mean any idea that you think can give you lots of money, you make that idea your business. No, it doesn't work like this way.
Your startup or business would only flourish if you are passionate about it. It is like while working you don't feel the tiredness, and if you are feeling yet you want to work. So search and evaluate yourself for this kind of idea for which you want to work tirelessly.
Okay, you have your idea, now what? You must be thinking, just start the business? No, it is not like this. The idea, the product or service you want to work, you have to first research about this that what is going on in the market about it. Market research involves everything, every facet of the product or service for which you want to work or want to build your startup on. It also involves researching and analyzing competitors and their services and products, who are already established and are establishing.
After doing the market research and other necessary work, you should launch your product or services at small scale and distribute it in the market whatever way you think properly. Though it varies for every service and product differently. You should also distribute it among your friends and family, and there where you think you can get the right feedback about your product and service.
It is good that you have launched your product but you are not getting potential customers as you have expected. No worries, your first 10 customers would be your friends, distant family members, neighbors, and acquaintants. Whatever product you have, distribute and sell among them whether in low price or no price at all. Say them to refer your product, service or business to other people provided you can reach to your 100 customer target who will buy your product in the price you want to sell. It is like first building your trust and then sell your product or service to potential buyers
After launching your product or service, wherever you have launched it, get the feedback about it and see for values and flaws what customers have told you. After certain period of time you should get the feedback, it is not like next day after launching your product you go for feedback. Work on your product or service's flaws and improve it for betterment.
You have got feedback for your product and you also have improved on product's flaws. Now you are ready to launch it finally, but before final launch, you must make your business plan that includes running a company for a year or two or as you want to. It also includes hiring human resource and deciding your business verticals that as follows: HR, Sales, Administration, Account and Operation
It is what you need to run your business, and it doesn't mean that you put everything from your own pocket. Arranging funds for business is like accumulating it from potential investors who see profit in your business, and it includes every facet of it like maintaining quarterly burning rate in proportionate to quarterly revenue rate, managing small external finances and other aspects.
Pitch to your friends and family for finance
Request a small business grant
Trade equity for startup help
Take a bank loan
Right time to raise investment: over some years, you have successfully financed your business, and all the verticals of your business are going strong, but now you want to broaden your startup nationally and internationally for which you require external funding, which is not easy to raise and many don't know when to do it. What is the right time for it?
When your business has valid and strong traction as well as customers.
When your business quarterly burning rate in proportion to quarterly revenue rate is being maintained.
When your product or service has strong hold in the market.
Hence guys, for you, we have answered all the questions that you want to know about starting a startup and how to grow it without external funding. We expect that your curiosity gets answered here. Besides this, if you want to know more about startup and funding thing, you can ask in the comment section below or you can ask on Shaadidukaan's official Twitter and Facebook handle. Put your questions there and they get answered.
BY Nitisha | 13 Sep, 2019
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