Business/Industry insights
"What do you need to start a business? Three simple things: know your product better than anyone, know your customer and have a burning desire to succeed."
– Dave Thomas, founder of Wendy’s.
What is a start-up company?
The term ‘start-up’ has been thrown around with increased frequency over the last few years, and has been used to describe disjointed ventures, new age apps and huge technology companies; but what is really a start-up?
In a nutshell, a start-up is a company in the early stages of its development. These ventures are started by people who wish to take advantage of market demand in a particular field. According to Neil Blumenthal, co-founder and co-CEO of Warby Parker, “A start-up is a company working to solve a problem where the solution is not obvious and success is not guaranteed.”
A successful start-up has certain facets, including:
How to devise a business plan for a start-up
A business plan is a written depiction of the firm’s future. In other words, it is a document that outlines the firm’s goals and how it can achieve them. Creating a business plan for a start-up is akin to creating a strategy for a football match: it is basically the blueprint for a new company.
If you are preparing a business plan for your start-up business, there are certain elements that must be included in it:
When you are preparing a business plan, certain tips can help in elevating it:
How to develop a start-up
If you are interested in starting your own business, the following steps will help make it happen:
These steps are also of great help to those who are starting an online business.
If you are interested in starting a business or have some interesting business ideas in mind, GISMA Business School offers a variety of courses to help you succeed, such as MSc Strategic Business Management, Grenoble MSc Innovation, Strategy and Entrepreneurship and MSc International Business Management.