Dr. Praveen Tiwari
If one wants to pursue journalism then the first and initial step is to teach about 5W’s 1H. But as per Dr. Praveen Tiwari, these basic questions are equally beneficial for resolving your confusions and indecisiveness for starting a new business or startup. Asking the right question and getting the desired answer, is the key of thinking clearly and wisely. You must be wondering what is 5W 1H- Why, Where, When, What, Who and How? In startup thinking these would come in the form of following questions.
- Why a new business or startup?
- When should I start?
- Who will be my teammates?
- Where will I get the funding?
- What are the challenges I’m going to face?
- How to overcome it?
Why a new business or startup?
When a person begins with the task he gets encircle with the doubts and confusion in fact, this conflict unfolds at almost every level of life.
“Those who want to make their own separate identity in life believe in attempts, and at this point, you start realizing, why you should start your own business? Being passionate about making great money and want to own a brand is the basic desire for all the aspiring startups.” –Dr. Praveen Tiwari
5. When should I start?
The human being never stops thinking that when is the right time to begin with the task? Obviously, you’ll start from your current position. How can I leave my current job or work? Will, it be a success or not? What if it’s a failure? etc. One should analyze his or her current status and ask themselves, am I dissatisfied with my current situation and if yes then why?
“Always remember that for your happiness, you are the sole responsible. Nobody else, except you, can change your situation. Your experience with a particular business, your hold in the market, your expertise, your personality, your age etc. are important to analyze before choosing the right business. Most common way to choose the right business, is to, do the same thing which you already know or others are doing successfully, as you can learn it from them. But best way is to come up with an innovative style as market always intends to welcome innovative idea.” –Dr. Praveen Tiwari
4. Who will be my teammates?
Support of the right mind and people is extremely crucial because your partners will be the one who will stay constant with you throughout whether it’s a success or a failure. One must build a team that should be capable of accomplishing the goal instead of just tossing the ideas. You need to grow a good network of supporters, advisors, partners, allies and vendors.
“How I’ll get there will always remain a question if you won’t go to the people with your ideas. Believe me the market is waiting for such innovation and ideas. Your focus should be on a team of like-minded people who are varying in their skill. If initial partners are from various fields this would enhance the success rate of a startup.” –Dr. Praveen Tiwari
3. Where will I get the funding?
To grow up your startup of course you need outside sources of capital. Now the big question is – From where you’ll get funds for your startup?
“Investors says we have all the money to invest for a good idea, what’s important is an innovative business idea.” –Dr. Praveen Tiwari
The Government of India had also launched 10,000 crore startup fund in Union budget 2014-15 to improve startup ecosystem in India. Government-backed ‘Pradhan Mantri Micro Units Development and Refinance Agency Limited (MUDRA)’ starts with an initial corpus of Rs. 20,000 crore. You are supposed to submit your business plan and once approved, the loan gets sanctioned.
2. What are the challenges?
If a startup is intended to reach its best then the first rule is to overcome all the challenges. Always remember every new business demands time. If you have not made your roadmap properly, then your energy and time can be ruined and it can be a major obstacle in going ahead.
- Disagreements in among the core team
- Lack of funds
- Big investors may ask for a large share
But remember that problem always comes with a solution. A major reason for the breakdown of startups on an initial level is the lack of information about new styles or understanding about the big business modes.
1. How to sustain your growth?
You may succeed in resolving all the W’s mentioned above but this 1 H that is equivalent to all W’s.
“Sustaining in the market can be done by matching up the market speed and opportunities. Most important exercise for the same is to invest on your innovative mind. Join the courses, attend the seminars, and meet the experts, read as much as possible about your field.” –Dr. Praveen Tiwari
This will certainly make you more competent to face the obstacles. If you will stop learning and innovating after initial success then you will sooner or later face the major setback.
Most people don’t plan, but it will help you get to market faster. A business plan will help you gain clarity, focus, and confidence. If you want to “be your own boss” but you still feel stuck, reach out and connect with other entrepreneurs in a variety of ways. You may be surprised by the invaluable experience sharing with them.