Leading business associations do not rely on innovative business strategies to flourish. They continue to follow their age-old legacy. Startup ideas are the ones who come up with innovative business ideas. This is because they are new to the field and want to secure a position for themselves among the competitors. Thus, they are in search of new ways, implementing breakthrough technologies and other marketing strategies to get hold of the market. In short, they need a strong business plan to hold the market which leading companies already have a grip over.
What is a business plan?
Every business is built with the intent of making a profit. Consequently, businesses should have a working plan designed to fulfil their specific requirements. A good business plan makes sure that it is able to attract investments for the company, convince workers to join the startup, roadmap for the business, secure loans and attract strategic business partners.
Eventually, when things start to work it directly competes with the leviathan (read leading company) winning over the market with its products and services in demand. Clayton Christensen in his "The Innovator's Dilemma" says that this change leads to disruption. But this is rather easier said than done. Starting up a business in this immensely competitive market is rather a strenuous job to do. One of the first things that one needs to do is to determine the field in which they want to establish a startup. Thereafter, following are some simplified steps that help give shape to a startup idea.
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