Frequently asked Questions
1. How long does it take a new business to establish a good public image?
2. What special obstacles do women entering business face, and how can these obstacles be overcome?
A good public image takes a long time to establish (and only minutes to lose). There is no set formula, but a good image depends on:
· The service, products, and customer treatment you provide;
· The market you're in;
· How you stack up against your competitors;
· The quality of your public relations and advertising programs.
If you're new to a market - and if you do what you say you're going to - you may establish an excellent reputation in 18 to 24 months.
3. What are the basic survival skills you need to run a business?
Women are at last making inroads into business, not only as executives but as owners. There are many obstacles, chief among them the doubts that lenders, suppliers, and in some fields, customers have about women's ability to run businesses. These can be overcome with self confidence and a strong belief in your ideas. Specific strategies to help women entrepreneurs and employees succeed include-
creating strong support network
learning new ways to balance work and life
Remind yourself that many men would most likely collapse if they had to do all you do on a daily basis.
4. Does JIC keep a percentage of your profits?
The basic survival skills include a working knowledge of basic record keeping; financial management; personnel management; market analysis; break-even analysis; product or service knowledge; tax knowledge; legal structures; and communication skills.
5. Why incubate a business?
No, JIC's business is the success of your business.
6. Can I seek advice at JIC if I am not a JIC student or part of the JIC community?
JIC's guidance and support in terms of infrastructure when starting the business, which represents the largest expenditure component in this process – give you greater assurance for the survival of your business.
7. Is it safe to incubate a project through jabalpur incubation center
All enterprisers and entrepreneurs from inside and outside the JIC community are welcome to the Jabalpur Incubation center
8. How comfortable am I with failure?
JIC's administrative staff and body of advisors are bound under an agreement of confidentiality which protects all of the enterprisers’ information against all types of plagiarism. The data is never exploited or transferred to any entities for marketing or profit-making purposes.
9. How will I attract talent
Startups are hard, and failure is guaranteed. The fear of failure is paralyzing and will lead you to make poor, shortsighted decisions. Even if the startup succeeds, there will be plenty of broken promises, unfulfilled expectations, and disappointment. Handle it with determination and grace
10. What kind of competition will I face
Paying a competitive salary is always a solid idea. However, if that’s not a possibility, then think outside the box and offer growth bonuses,
11. For how long would recognition as a “Startup” be valid?
Lots. That’s why it’s important to put together a thorough business plan. Many times, new business owners feel like the product or service that they’re offering is unmatched – that their product is so unique that there are no substitutes, or that their service is so one-of-a-kind that other companies won’t compete. The truth is that there are bound to be many direct competitors to your company, and not knowing who they are just means you haven’t researched your industry thoroughly enough. Make sure that you understand the difference between inferior and complementary goods, too – in an unstable economy, it’s critical to be aware of both.
12. How can I protect my great idea?
An entity would cease to be a 'startup' upon expiry of:
a) Up to 7 years from the date of its incorporation/ registration; however, in the case of Startups in the
biotechnology sector, the period shall be up to 10 years from the date of its Incorporation/ registration; OR
b) If its turnover for any of the financial years has exceeded INR 25 crore
Startups would be required to intimate DIPP of any such cases within a period of 21 days
13. What kind of business should I start?
It’s the actual implementation of an idea that is more important. If it’s truly unique, get a patent for it. You may get some protection through copyright, trade secret programs, or NDA’s, but not a lot.
14. Where can I get money for my business?
A business that:
1-You are passionate about
2-Pick a Venture you know a most about and research it some more
3-If you are several interests but you aren't sure about which would make the best business, consider how you can translate your strength, education and skills into business opportunities and research the market place to see which type of business are presently needed in your area.
15. Do I need a lawyer to start a business?
Friends and family
Bank loans/SBA financings
Equipment loan financing
16. What are the biggest challenges to starting a business?
No. If it’s a simple business with one owner, as you can incorporate through online services. However, it’s usually a good idea to have an experienced business lawyer on your team who has advised many startups. Hire only a business lawyer, not a general practitioner or divorce lawyer. Experience matters.
17. How can I come up with a great name for my business?
The answers are:
Shortage of capital and cash flow
Having a good business plan
Coming up with a great product or service
Sticking to it
Working more than you expected
Getting through the frustrations of being constantly rejected by customers
Hiring good employees
Knowing when to fire bad employees
Having to wear so many hats
Managing your time
Maintaining some kind of work/life balance
18. How do I know if my idea is good?
First brainstorm with a bunch of different names. Then do a Google search to see what is already taken, and that will eliminate 95% of your choices. Make it easy to spell. Make it interesting. Don’t pick a nonsensical name where people won’t have a clue as to what you do (with all due consideration to names like “Google,” “Yahoo,” and the like). Do a trademark/tradename search on the name. Then make sure you can get the domain name.
19. How should you approach a venture capital fund?
Talk to your customers. Are you making sales? Are those customers happy with the value you are providing? This ties back to Traction and Validation. If you have a validated concept and are building traction, odds are that your idea has some legs.
20. How likely will it be that I can get venture capital financing?
One way is to be selective, studying the past behavior of venture capital funds to see which ones may go for your startup. The other way is to use a scatter-shot – that is, to fire off proposals to a multitude of venture capital funds. There is a third way too, and that is to first find an incubator, accelerator, or a tech evangelist to back your idea So it helps to have your idea vetted by somebody the VC respects. Pre-screened business opportunities save time for VCs, and have a better chance of being funded
21. Should I require prospective angel or venture capital investors to sign a Non-Disclosure Agreement (NDA) so they don’t steal my idea?
Extremely unlikely. Get a product done, gain some traction, get a good management team, and then consider getting venture financing.
22. How would incubation co-working space help my new business/ startup?
No, don’t waste your time. It will be counterproductive and slow down your fundraising. And many investors will refuse anyway. It’s hard enough to get a meeting with an investor—don’t put another roadblock in the way. For the most part it’s not the idea that is important; it’s the implementation of the idea and the entrepreneurs behind it.
23. How much should I capitalize my business with at the beginning?
Incubation co-working space helps you to kick-start your business. You get services like IT support and a pantry that would help you conduct your business without any minor hiccups if any. Here a co-working space comes in handy as co-working spaces like Startup Offices already have an existing IT infrastructure which caters to all businesses in the space.
24. What is a business incubator
As much as you can reasonably afford, and in an amount to at least carry you for 6-9 months with no income. You really need to figure out the minimum you need to start. So list out all the expenses you'd have in order to have a minimum viable product and then use that to figure out how much capital you need.
25. Do you provide the Incubator offices ?
An incubator is a facility and/or program that provides start-up companies with an environment and a variety of business support resources and services to help them grow quickly and successfully.
Yes, we have full service offices