The startup industry in Nepal has taken off and many young entrepreneurs are coming up with brilliant ideas that they want to turn into a business and contribute to society. Along with the clarity that the government and political scene in Nepal are witnessing with the introduction of Constitution last year, many entrepreneurs are entering the business market to make a career in their own companies instead of working a 9-5 desk job for the already existing companies.
It is mostly the people in their early to late twenties who are more open to taking risks to execute their ideas and start a business to make it big. However, the number of ideas that young minds can produce are limitless, while the marketplace only has a spot for the best and the most useful businesses. Not all businesses have the destiny of surviving for a long-term and the choices of the entrepreneur at the introduction phase of the start-up have a lot to do in its success.
Entrepreneurship is being encouraged by society and as glamorous as it looks on the outside, it takes a lot of hard work and dedication on the inside. There are various pros to a successful business but to reach a level of stability in a world full of competition, a business must first face many more challenges in the beginning phase. Starting from managing the finances, managing human and other resources, networking, marketing, producing the right products and providing the right value to the customers, there is an endless list of things that an entrepreneur must be able to tackle to allow their business to survive in the long-run. The biggest reason that a startup fails is due to the lack of dedication and lack of preparation from the entrepreneur.
The following are a few tips for beginners looking to establish a startup business in Nepal, which will help to increase the chances of success for any start up drastically.
Manage your funds before starting up
Unlike the western part of our world, Nepal does not have a culture of investing in every startup that establishes itself. You will find it very difficult to manage funds after you have started a business and the chances of failure will double. Before starting up, make sure you have enough financial resources to run the business for at least six months. Save up by getting a job or ask for a loan from friends or families. Avoid getting a loan for a startup as it increases the pressure of work and can be a disaster if the startup does not work.
Manage your human resources before starting up
Most of the young millenials have hundreds of ideas running through their minds. The challenge, however, is to be able to execute the ideas. The execution of any plan required the ideal resources in terms of technological and human resources. The most important factor that contributes to the success of a business is its human resources. The problem here is that the best human resources are most likely already working for a better company at a better place. In this case, an entrepreneur must be able to find correct employees and motivate them to join the team by convincing them of the potential that the startup has. Only when there is a team of enthusiastic and talented people working for the company will it start moving forward.
Select the correct location for the business
Your ideas might be great and a big hit in some parts of the world, but it is your immediate marketplace that decides whether or not they need your product or service. Analyze the needs and wants of your customers and make sure that the market will accept what you want to provide. What might be a hit in one region might not be so in others? Mostly in Nepal, entrepreneurs get inspired by the western part of the world and start businesses that are doing well there, only to be disappointed when they find that the Nepali market is not willing to consume their products or services. Select the appropriate location to start your business so that you have higher chances of success.
Save before starting up
It is hard to expect financial stability as soon as you establish your startup but the expenses are sure to incur. This means that even when you do not have any income, you will have to expend regularly to keep the business running. This is not possible if you jump into a startup without any saving. It is advisable to save at least 12 months of expenses before starting your business as it usually takes around a year for any business to start running smoothly. Another thing that you can do is to start your startup as your side job while working for another company to ensure an active source of income.
Create a yearly plan
Before starting a new business, create a yearly plan for your startup. Write down the milestones that you want your business to achieve within a year make plans on how to achieve them one by one. This will keep you motivated to work even if the beginnings are rough as you will feel like there are various milestones that you can achieve even if you fail in any one. You will be able to fight the urge to quit when things look awry and keep on working on the idea if you feel like it has a chance of success after the struggles of a few months.