1) Know your Skills and Interest
Before you start your entrepreneurship you should be very careful with your project idea because in some cases people choose their way by following on going trends. Ongoing market trends certainly will help you only if you are in the same boat and that means you belongs to the same interest. In some cases if you still have excellent management skills you could easily survive even if you don't have much technical knowledge. As per my research I always recommend you to have enough skills which is going to help you throughout your way and helps you dodge the difficulties that's somehow coming to your way. Build up a team as it is needed for large scope businesses also very important for starting up your business, we'll talk more about it in this article later.
2) Preparing a Blueprint
Preparing a blueprint for the business scope is very much important. This could more be the first stage of your brainstorming. This blueprint shoot cover all the important points like your initial capital or investment, discussion on ROI, max and min stability time period, team members, business name, business registration, website development(if required), accounting and stuffs.
3) Build a Team
Team building is an another task for which you should be very careful because choosing team members for startup is another big challenge since you are bound with limited funds. There are a lot of ways to hire highly-skilled people for your business by providing them shares/ESOP of the company. Be careful while allotting the ESOP to those people who actually knows the value of it. I will talk more about ESOP if I ever get a chance to write an article on it. Apart from this always choose team members from different interest infact choose only those who are actually capable of holding atleast a pillar and whom you actually trust. Hire virtual assistant if you are facing difficulties with regular hiring, hiring virtual assistants could save upto 70% of the actual costing.
4) Spend on your Business
Whether you are a startup or well established brand as you should always spend money in your business wherever it is needed because if you hesitate to do so, how will others show their interest in your business. Never the less but it's always been a 2-way business. Spending on your business (like social-marketing) doesn't mean that you need to spend money unnecessarily or out of your pocket. Though trust me do it if you could and it will help you grow your business for sure.
5) Keep Updated and Track your Business
We all know that IT is an ever-changing industry and we all use this industry as our advantage whether we are running an offline store or online store. To drive the best out of the IT industry we should and have to be updated if we truly wants to compete in our business. Always update yourself if you ever lagging behind in any part of your business. Make use of digital marketing if you ever need it and don't afraid to apply new tweaks if you see them working.