The Way Ahead - Must for a Startup


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Checklist before you start as an entrepreneur

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The Way Ahead - Must for a Startup

  1. 1. The Way Ahead IF you are a Start up!!!! Answer these questions for Success!!
  2. 2. To the market….. <ul><li>Competition </li></ul><ul><li>Suppliers </li></ul><ul><li>Buyers </li></ul><ul><li>Supporters </li></ul><ul><li>Opportunities </li></ul><ul><li>Shortcomings </li></ul><ul><li>Target </li></ul>
  3. 3. Competition <ul><li>Are we the only ones with the product offerings? </li></ul><ul><li>If yes, why and how to maintain the lead </li></ul><ul><li>If NO, then who are we competing with? </li></ul><ul><li>Who are they and how many more can join in? </li></ul><ul><li>How different are their products? </li></ul><ul><li>How better is their technology? </li></ul><ul><li>How better are their products priced? </li></ul><ul><li>What is their target market? </li></ul><ul><li>How better are we in each aspect? </li></ul>
  4. 4. Suppliers <ul><li>Who are the players in the market? </li></ul><ul><li>Which OEMs share some level of relationship with us? </li></ul><ul><li>How are the OEMs pricing their products? </li></ul><ul><li>Which are best in quality and after sales support? </li></ul><ul><li>Are they comfortable with supplying small (few pieces) to many (50-100 pieces)? </li></ul><ul><li>Delivery time? </li></ul><ul><li>How many days credit can they give to us? </li></ul><ul><li>Can they give us discounts? (at what levels of orders) </li></ul><ul><li>What are their future plans? Can they be our future competitors? </li></ul>
  5. 5. Buyers <ul><li>Who are our potential buyers? </li></ul><ul><li>What are their expectations from us: </li></ul><ul><li>Prices </li></ul><ul><li>Quality </li></ul><ul><li>Delivery time </li></ul><ul><li>After sales services </li></ul><ul><li>How prompt are they in payments? </li></ul><ul><li>How many reference are being provided by each past/existing client? </li></ul><ul><li>Is the client happy with the ongoing relationship? </li></ul>
  6. 6. Supporters <ul><li>Who are our supporters? </li></ul><ul><li>What are their strengths? </li></ul><ul><li>How can they add value to us? </li></ul><ul><li>What will be the effect on the topline and bottomline of GFPSPL? </li></ul><ul><li>How open are they to support (comfort level)? </li></ul><ul><li>Is there any need for agreement with them? </li></ul><ul><li>How can we leverage their support to the max? </li></ul><ul><li>How many new clients can they introduce us to? </li></ul>
  7. 7. Opportunities <ul><li>How big is the market? </li></ul><ul><li>Which products stand a better chance in the market? Bulk sale of products & Projects? </li></ul><ul><li>How many projects can we execute in one year? </li></ul><ul><li>What is the important component that makes us stand ahead from our competitors? </li></ul><ul><li>What areas can we improve and create bigger markets? </li></ul><ul><li>What are the untapped areas (sectors, industries, regions etc.) </li></ul>
  8. 8. Shortcomings <ul><li>Database of Competitors </li></ul><ul><li>Database of Players in the market </li></ul><ul><li>Market data needed – product types, volumes, margins, costing, pricing, potential, scope for new players, bargaining potential </li></ul><ul><li>How much do we know our own products? </li></ul><ul><li>Are we aware of the strengths, weakness, capabilities, product offerings etc of our suppliers, supporters etc. </li></ul><ul><li>How much homework is done before meeting the client for the first time and how it is done? KYC? </li></ul><ul><li>Do we have the support of the right people at the right time in the organization? </li></ul>
  9. 9. Targets <ul><li>What is the Topline and Bottomline we are targeting? </li></ul><ul><li>What is the strategy to achieve it? Is it in place? Is there clarity on the map? </li></ul><ul><li>How many new clients should each member get into the fold every month? </li></ul><ul><li>What is the conversion rate? </li></ul><ul><li>What is the fall out rate? What are the reasons for fall out of customers? </li></ul><ul><li>How to retain the existing clients? </li></ul><ul><li>How to kill the competition? </li></ul><ul><li>What are the target and achieved monthly turnovers? </li></ul><ul><li>The reasons for the gap? </li></ul>