What is needed to Launch Your Business

AKHTAR ABBAS ---HR CONSULTANT

 Learning To Learn About

What is needed to successfully launch

your business

2
Learning outcome
Real motivation of people who start up their own business
What is needed to successfully launch your business
Idea generation
Personal attribute needed for business
Porter generic marketing strategies
Break-even point for a business
Basic of economics of scale
Influence on pricing decision
Skills needed for effective selling
Development of selling skills
Appropriate marketing-mix for different segments
The start-up a Business
Start-up business is the hard work without
guaranteed results.
Starting up a business is like taking part in
amateur boxing match which you don’t
know how other guy is , unless you get in
there and have a go, you never will be able
to face , compete ,win or quit.
Reasons for setting up in Business
Blocks
Need for regular
income
Family support
No capital
Doubts about ability

Idea Action

Trigger
Push factors Pull factors
•Unemployment
•Disagreement with management
•Does not ‘fit in’ to company
•No other alternative
• Independence
• Achievement/recognition
• Personal development
• Personal wealth
Factors contribute to start-up Business
Decision
Factors that contribute to start-up your own business are following

The antecedents influence on entrepreneurs; their backgrounds, family,

age , education, job experience and so on

The incubator organization in which they have previously been

working; its location, market sector, skills required and so forth

The environmental factors external to individual that contribute to the

decision ;the economy, role models, availability of finance, advice, staff
and other support and so on

Needs to start your own business
Launch Idea
strategy
strategy

Personal
attribute

Resource
s

Knowledge
Knowledge of
of
competitors
competitors

Customer
s
Needs to start your own business
The Ideas
Gaps in the market come from change. Think of
changes that are taking place and the implications
they may have
Product and services you may have seem but not
available in your area
Change in customer demand and fashion
Change in market can lead to opportunity
Change in legislation can escort to opportunity for
starting up
Needs to start your own business
You can create you own change your own opportunity
through innovation which could mean
Invention
Ways of doing things cheaper or better
New development in technology
Needs to start your own business
Personal Attributes
Stamina & business attitude
Vision & Passion
Values & Commitment
Code of ethics & Dedication to apply
Competency ,knowledge of the product & skill
Ability to bounce back
Motivation to excel
Tolerance of risk, ambiguity and uncertainty
Needs to start your own business
Customers
You need to think of some questions related to your target
market
Who will be your customers
Why will they buy
Do your product/service fulfill their needs
Is the customer reachable
Channels of distribution
Market growing or declining
How big market is
Is product /service unique in any way is market highly concentrated
or fragmented
Needs to start your own business
Competitors

Porter claims five forces determine competition in any

industry
Poter’s five forces
Competit
or rivalry

Power of
supplier

Threats of Barrier to
substitute entry

Power of
buyer
Needs to start your own business
Generic marketing strategy

Broad market

COMMODITY OUTSTANDING
SUPPLIER SUCCESS
Low cost/price High cost/price

Low differentiation High differentiation

MARKET NICHE
TRADER (Role)PLAYER
Focused market
 landlords
People
Needs to start your own business

Employees
Advice to start-ups by

Network
Find out what you want to do
Look at competition and decide how you can improve
on competition
What is your USP(unique selling propositions)