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Michelle Allynne Joy C.

MBA 209/31-MAY-2019



I have learned that starting a business is complex, time consuming and requires thorough

planning. There are a lot of things to consider than just providing the products or services that

your business offers. You will be primarily responsible for your business’s funds, staffs’

management, permits legality, keeping lot of records, protecting your personal assets and

providing back up plan. If you understand what the fundamental steps in doing a business are,

you may minimize the risks and potential challenges that might occur as being an entrepreneur.

Nowadays, many people who enter business are looking for something that feeds their

passion. This is how kinds of start up opportunities are very important to entrepreneurs. The

businesses are being started from scratch to a well managed project as we consider some special

start up ideas in line with innovative, commoditized or hybrid businesses. Innovative ideas are

the high class and modern state of kinds of start up businesses. It tends to grow rapidly and for a

very short time, get a lead over to the market. If we are considering starting a commoditized

business, since these maybe tangible or intangible service or product, these has been done

successfully many times in the past and can provide a high enough degree of quality than other

kinds of business. While hybrid businesses are the kinds of ideas which borrow a little bit from

the commoditized and innovative type. There are no ideas that are really perfect. We have to

choose carefully between the extra costs and slow growth of traditional type as this is more

highly proven and successful in the industry.

Sources of startup ideas can generally lead to income or profitable businesses. We must

first come up with ideas from different sources that should lead us to starting a well planned

business. The sources may come or be generated through surveys, training, experience, hobbies,

talents, strengths of an individual, market gaps (niche), events, media, shows, exhibitions, or

even recognizing the needs and merging with existing businesses.

Most business startups usually begin with high hopes and investor confidence; however, a

few circumstances can either identify or evaluate investment opportunities. Without adequate

finance or fund, startups tend to break down completely or thrive, and this serious obstacle often

causes starting businesses to seek financial backing for startups. There are a lot of few tips on the

procedure we can adopt, in order to source for the required funding for the startups. We can

consider bootstrapping in order to ensure that we have some saved up funds so we can easily

accessed funds by obtaining from our personal assets, or from friends and family. We can also try

crowd funding as it made easier for the entrepreneurs to share their fund problems on an

interactive social platform. Having some angel investors, incubators, accelerators or venture

capitalists in your startups can also help the business to grow little by little. These groups of

people with a huge amount of capital are willing to invest on over the edge of business ideas.

Another amazing way to source funds is through engaging in competitions or contests that

requires showcasing or pitching business module against others. There are also traditional ways

of funding businesses like through bank loans from commercial or microfinance providers as

well as some government programs that offer startup capital. Some other ways of raising money

is to do product pre-launching or product pre-purchasing, in order to build confidence for the

brand and allows sizing up the demand for the product before its official launch to the market.
Refining startup businesses are never been that easy but these make the stage to

implementation. Sometimes, it is a matter of loss of interest, lack of knowledge or just plain

laziness. The ideas sound good on paper but it is not feasible in reality based on the resources

available, including time, money and manpower. So we have to refine these startup opportunities

in order to continue striving for its best. We may check the competition, determine what needs

our ideas fill with the customer, project the cost and time required to get the idea transformed

into a prototype product or service, define the market as specifically as possible and that’s the

time we can decide how we can reach the market and complete a profit and development costs.

But this is not always the smartest steps to do. Usually it is best to take a step back before we go

all in together. Making mind maps to explore every aspect of the startup ideas and creating

business plan are one of the best strategies we can refine.

Start up opportunities play a vital role in the world of business as it need to invest lot of

time and money not only to the products and services itself but into conducting some market

research too. Besides, one of the most common mistakes is to go into a business without having

fully understood or researched how to do it right even when there is a appropriate funding or

resources for it. That is why; we should be knowledgeable and well equipped by considering

start up opportunities as this may help as start, promote, and run the business as well as to

identify and evaluate our funds on how much money is needed and how to spend it wisely.

Knowing all these startup ideas of businesses are the first step in engaging in the

business. We must not just develop a service or a product and throw it to the market. We have to

use mix open ideas exploration, structured documentation, market research and real feedback to

polish our ideas and refine our business plan to adapt the wants and needs of potential