Cheapest way to Setup your Tech Start-up

Cheapest way to Setup your Tech Start-up With the boom in the start-up economy, the entrepreneur stride has flooded the market space. Many young aspiring entrepreneurs want to try their hands at a tech-based business. Being tech native, every newly minted MBA wants to try their luck on a mobile app or a cloud-based service or a social media platform. But setting up a tech start-up from starch is far from easy. Further, the situation gets worse if you are not a software developer or a network architect. Let’s face it, starting from scratch is not easy, you have to master the art of managing with shoestring budgets. The basic question in pipeline remains as to where to start from. Commercial real estates are out of reach. Finding an affordable office space becomes tedious. From a practical standpoint, know the cheapest way to kick-start your tech start-up: Get The Right Structure There are many forms of business entities which are available to initiate your start-up, keeping in mind various criteria’s like the tax structure, minimum investment, number of people, legal obligations etc. the most convenient structure opts. You have the following options: Private limited company Limited liability partnership One person company Sole proprietorship The cheapest of the lot is a sole proprietorship. But in case you wish to look out for investors, you need to opt for private limited where you can lend your equity. Once the type of entity is selected, select a business name and register your domain name. Hire Fire Smart Keep the team small, crisp and precise. Too many minds won’t do any good rather will end up making a hole in your bleak finances. Instead of going for an expensive source, you can always hire from a talented pool of interns or campus placements. While recruiting, be a true hacker. Apart from focusing on the core competency, lay due importance on soft skills and the vigour to learn and grow. The quickly you hire, even more quickly should you fire. Never delay or hold back the weak links in your start-ups. It’s any day better to fire before your next hire as it adds no pressure to hit the financial milestone. For the ones who prove themselves, offer them equity to make them motivated and committed. Opt for Co-working spaces On the basis of your team size, evaluate your space needs and the budget. Co-working spaces which are apparently blooming in every hook and corner have provided a cost-effective way to procure premises without getting into the expensive real estate. Determine a suitable location in line with your customer base and accessibility. Once the location is specified, you need to select a suitable co-working space in line with the following: The cultural differences in the coworking space Work environment, is it still traditional? Essential Amenities Work Quality: Good lighting, Air Quality, Comfort and Impressiveness. Networking Opportunities Marketing aided facilities. Starting a business can be risky especially when the finances are less. But with three points you can surely put yourself on the path to entrepreneurship.

Globalisation , the World Economy and MNEs Essay - 3

Globalisation , the World Economy and MNEs - Essay Example With increased competition, changing customers and ever changing technology, the fundamental part of RIM’s strategy was to expand the global reach of the Blackberry (Gillete et. al. 2013). RIM had the following options for expansion: RIM needed to further increase its core R&D activities. RIM already had a very successful local hiring strategy in place for this. Continuing with the same and increasing the magnitude would have fit with its existing approach and was also less risky. However, in order to be a global player, it had to look for talent worldwide. Having the same source supplier for new talent would have its limitations. One way was to expand Co-op programs at Waterloo to other universities and to hire more aggressively. The bond between Waterloo and RIM was loyal and reiterating the same loyalty with the other universities could yield desired results. Like other players in the industry RIM posted job openings online but with huge job applications mapping a right candidate to the right team was a tough job. Also, the competitors had a better hiring and on boarding process. RIM lacked a formal system of managing candidates. It needed to come up with an advanced system such as Global Scouting Platform of Microsoft to find the best talent worldwide. RIM had started expanding R&D and development centers at various locations and had the option to add more locations. However, the locations had to be strategic and the cost of resources had also to be taken into account. While expanding RIM had certain selection criteria while choosing new product and development sites such as having talented individuals, universities with strong technical programs and preferred base of software and hardware companies. However, the decentralization could lead to increased bureaucracy and add to management costs of the company. In past RIM had done some acquisitions which were

Markets and customers Essay Example | Topics and Well Written Essays - 1500 words

Markets and customers - Essay Example mportance of the four P’s, followed by the definition and relevance of marketing mix and then finally go on to understanding (with the help of examples) how the 4 Ps are interdependent on each other and a change in one directly impacts the success of the rest. ‘People think that a product is a tangible offering, but a product can be more than that. A product can be anything that can be offered to a market to satisfy a want or need. Products that are marketed include physical goods, services, experiences, events, persons, places, properties, organizations, information and ideas.’ (Kotler et al, 2007: 316). Services also form an important part of products. ‘It is wrong to imply that services are just like products â€Å"except† for intangibility.’ (Shostack, 1977: 73). With the changing trends all across the globe, services have become a very important section which contributes towards a country’s GDP. How much services sector has grown can be seen from the fact that this sector contributes more than 75% in the GDPs of countries like The United States and The United Kingdom. Price is the monetary equivalent that we pay in return for services and products which we consume. According to me, price plays the most important role out of the four P’s of study. ‘Some examples of pricing decisions to be made include: pricing strategy, suggested retail price, etc.’ (The Marketing Mix (The 4 P’s of Marketing) NetMBA, 2007) Place talks about the location from where we want to sell the products and services. It refers to the distribution channel involved in the supply chain. This gives us the information about how many channels a product passes through before it finally reaches the customer. ‘Some examples of place decisions to be made include: distribution channel, market coverage, etc.’ (The Marketing Mix (The 4 P’s of Marketing) NetMBA, 2007) Promotion includes the activities undertaken by the seller to make the customer aware of the products and