You have an exciting startup idea.
You feel ready to jump into the entrepreneurial waters.
You are aware of the risks you are taking.
You know it could be a long way before you find the perfect investor for you.
So far, you have all it takes to embrace this new life-changing adventure. But, did you do all your preparation homework? And did you do it right?
In the quickly evolving entrepreneurial scene, the due diligence process has been picking up much buzz and attention among entrepreneurs and investors. Management, timing, valuation, and market analysis are key points you should make sure you have researched and planned very well.
Study your target customer very closely.
Draw up a detailed value chain that leads to the user.
Visualize the timeline of your first year on a clear white board.
If e-commerce is where your idea is headed, check out our 25 Essential Stats on E-Commerce in the Middle East published earlier this week, such as the fact that there are 72.5 million internet users in MENA where B2C e-commerce sales will reach an estimated $15 billion in 2015, and kick off your due diligence process from there!
You are on your way to being prepared...but you have to make the first step. Dig more into the details. Do your own due diligence. Start your venture.