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A micro start-up is a great idea for people who are low on resources as it allows people to start a venture on their own without any external help. Generally, there are 6 conditions for starting a micro-venture:
The 100$ start-up book experimented and nearly found most of the new entrepreneurs clearly marked 4 conditions out of 6.
For new start-ups that are not funded should have some ideas which help them grow such as,
This basically is 3 part procedure for a venture to perform smoothly. The first was to manufacture your product for sale and licensing, then identify a smooth way of transaction and exchange and the last step was to identify your target customer base.
Before the advent of the digital, this was the most difficult thing as it took a lot of effort. But with the advent of the digital world, it has been a cakewalk.
As most of the things produced can be marketed digitally without any geographical barrier.
1. Area Of Convergence-Your passion and need of people can never practically coincide.
Hence in order to achieve a balance, we have to find the area of convergence that allows us and the end customer to satisfy their needs.
This intersection generally does wonders as it allows the producer to exert his/her potential and the end customer is also satisfied with the product.
2. Skill transformation-PASSION-SKILL-MONEY is a golden chain when achieved allows us to enter a zone where gains can be amplified.
If we are able to convert our passion into a skill, then it will automatically yield us results.
We love to follow our passion and it takes us very little effort to do what we love. Passion for painting is not as useful from an economic point of view if we do not convert it into a skill.
If Paintings do not return something in value it should be followed in leisure time.
But if this hobby is turned into a skill, where we alter our creativity to meet somebody’s need then those paintings can turn gold.
3. ADD VALUE GET FREEDOM-A product which is value-added is generally more popular than a product which is simply meeting needs.
people like more advantages with less investment. Hence MORE VALUE=MORE SUCCESS. Products which make people happier reduces stress and give people more time for them is ought after.
Nowadays trends such as AI-based products are creating ripples in the market, due to their ease of operation and compatibility.
They make people comfortable and people feel more accepted. Forex: ALEXA which an AI-based product that is simply a speaker with minimum configurations, but with the inclusion of AI, their worth and acceptance increase a lot.
Speakers with more capability are not preferred, because they are unable to provide the level of comfort which ECHO provides with ALEXA.
To summarise the best things are not achieved in a day, hence the thought that ventures need huge capital is the wrong concept as MICRO WINS GET YOU TO THE MACRO WIN.