Learn about all that you need to equip yourself before taking the entrepreneurial plunge. Help yourself build a strong base to build a successful business. In last week’s webinar Vikas Verma- Founder and CEO of ’The Colour Factory’ spoke about the same.Here are some questions from the elaborate Q&A session at the end of the webinar.
Q: Can I start while still I am a student studying in a university?
If you have an idea, and you believe in it strongly, it is unique and serves customer in a better way than what available in present conditions then surely you should go for it. I’ve seen a number of students who start right after college or while they are still studying, just believe in yourself.
Q: Should we start our own venture or take a Franchise?
Both have inherent risk in them, franchise mitigate that risk to an extent, taking franchise with an already well developed organization assures you cash flow and you already have a business model in place, though you may never brand it and expand it according to your wish. If you have a high risk appetite, then go for your own business.
Q: How do we know if the idea is worth or not?
You should have a clear picture in your mind about your idea, what is it delivering, who are your prospective customers, how is it better than other products available in the market, what consumer pain points does it solve. You should further meet business experts and discuss your idea with them to get better insights.