Start-up is defined as a newly emerged business to satisfy the market needs. The percentage of risk for this is very high. It mainly revolves around creative ideas, thoughts, discovering new products, new services, etc. Then committing the right team to improve the idea to work is the key step of a start-up. The successful journey of the team on the main idea and working collectively also plays a key role in the success of the start-up. Then comes the main thing called financial support. In the US alone a large number of campus entrepreneurship programs are offered in universities, based on this about 27 million people are running their own business in the US topping the Global Entrepreneurship Index. Now a day's financial support for a start-up had become very easy by the esteemed support of the banks, financial institutions, etc. Then the correct market timing to release the product also plays a vital role in the success of the new company. Validating the results to attract additional resources via investments, Revenue shares etc. increases the scope of the company
Half of the people who meant to be academic Entrepreneurs are Scientists, Graduates, and Students of Universities etc. They tend to start a business based on their studies, research works etc. They tend to convert the results of their studies to money. These academic entrepreneurs are funded by the universities, to do this kind of innovative stuff. After the successful completion of the business projects, the universities will be the partners of the particular business also. This academic Entrepreneurship is a boon to the academicians who want to pursue their dream of being an entrepreneur. Even though it looks like a foot in two worlds but the ultimate result of being an Academic entrepreneur will be great.
Whatever idea you have whether it is selling coffee, computers, and conferences etc. It pays to know and understand your market target. The time gap between sharing your idea of starting a business should be spent over studying the concepts of the business and marketing. Big businesses do this in spite of its high cost. They have teams dedicated to interviewing the customers, surveying about the possibilities, analyzing buying partners, etc. This analysis and studies should be done at every stage of the business. But the major part should be completed in the seedling stage. The study of market research helps us to analyze whether our idea is innovative? the area to start the businesses, time when to apply for the funding, when moving into new markets etc. Second thing thinking of how your idea will be helpful to the customers. The major study should be done on the type of customers who get attracted to the idea. Basically, there are 3 types of customers. They are purchasers (Those who take the decisions), Influencers (Those who influence the purchases), End-users (Who usually interact with you and use the product). This study directs the growth of your business. Later you need to concentrate on the competitors in the field. This study gives a clear idea of how you would tailor your growth when competing with each group. The last point to be noted is the Collaborators who support your idea but aren’t paid or rewarded for that. So making these studies will be helpful for the growth of your idea into a business
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