An idea can change the world! This adage works well with startups. If you too are keen to float a firm, think of an idea which can bring a difference to the people around. This idea should be out-of-the-box, innovative and revolutionary.
How to start a Startup?
Here we discuss 10 commandments which should be followed right from the planning stage to the implementation stage of a start-up:
1. Start dwelling in future
For coming out with a big idea to float a start-up, you need to live in future. Stop living in present and past.
Analyze how and what has made a mark earlier and how you can replicate the successful model to bring something newer for the world.
Be strong and think of making impossible tasks possible. See what is missing in the world and try to introduce the same to the world.
Let’s quote the example of Uberpool, which conceptualized the idea of people travelling together from one destination to another even before 2009. Similarly, no one ever thought of travelling to Mars before the coming up of SpaceX.
Both these companies thought of future instances and hence started thinking forward in a direction which gave something new to the world.
They thought of certain things in the world which the world is missing and thought in the future to come up with something best and innovative.
Hence, to bring up something new, start thinking new. As soon as you get an idea, pen it down. This ensures that you remember everything you had in mind.
Continue following up on all your discussions with your friends and colleagues.
No matter what you daydream, everything has its value.
Even Newton had named it—thought experiment.
2. Give wings to your thoughts
Make a prototype of what you have been thinking. Let your thought turn in to reality. Give them a light of the day; let them have a physical shape; design them; nurture them so that they are more than thoughts.
This initiative will help you come to a step ahead forward of the imaginary curve you had drawn. Working towards implementation of your dream may be a little tough and challenging, but it is sure to give you a satisfactory feel.
Start working from the scratch. Make sure you have an idea of how to take your dream forward. Start chalking out strategies for the same.
You might get scared thinking of difficult way ahead, but them keep yourself motivated and be confident of touching new horizons. The right strategy made at right time can help in right growth.
4. Search for a right Co-founder
Now start searching for a right person who can work with you as a co-founder; this can be a person who can be with you to convert the idea into reality.
Both of you, together, can hence work to change the world and to give a meaningful thing to people around. The co-founder will be your partner with whom you can start your startup journey.
There are too many tasks that are required to be initiated & executed in a startup. Therefore, having a liked minded person who you can trust is highly important.
Check if the person is having these skills and qualities of an entrepreneur.
5. Now bring a name to your idea
At this state, you can register your entity. Split the equity to play a fair game. To make things transparent, you can seek the help of a lawyer too in getting your firm registered.
Decide at the initial stage itself what percentage of share will be distributed among both. This is to ensure profits & loss is decided at the start & no conflicts are there, later.
6. Start arranging for funding
This step is quite significant as you need to have the capital to realize your dreams. Explore all options for funding. Also, check the options if you can use your savings here.
If these savings are inadequate, try options to find a right investor. Keep doing your best to create your brand and value in the market.
However, be a little careful in your spending. Overspending, in this case, can prove a disaster.
At a time when you feel that your product has come to the mark and it has gained quite a usefulness, you should plan ahead for a product launch.
Make sure that your product comes with extra features; it should have a better interface, should come with faster load time and have other optimizations too.
Features of your product should be new, useful and easier to operate for your target audience.
8. Get a feedback
Start collecting the feedback with your regular users. Follow up with them. Keep a count on how many of them are coming back to seek your services.
If they aren’t coming back, find out the reasons for the same. Try to work on reasons which are hampering more clients to register with you.
Launch your product again if you think it is the need of the hour. There should not be any full stop here.
You have the option of launching your products again and again till it leaves a mark.
Also, keep a check on how many people are coming back. Even if you have a few users coming back, you should think that you have created a value for your brand.
Once you have touched 1000 in number, you should start evaluating your strengths as well as your weaknesses.
Start working on your shortcomings so that you convert them into strength.
10. Fix a target for growth
Maintain a year-to-year charter to grow your entity.Ensure that you meet your deadlines.
If there is a failure in touching base in the target year, think on the reasons and work on the same.
See where are you lacking and try to overcome the challenges. One thing you should remember is that you have to attain success, touch newer horizons and make a mark of your brand.
Once you are successful, you can have an IPO, you can sell your company too or else you have the option to stay private.
Plan in your mind what kind of dent you want to mark on the world with your universe and you will be able to chalk out the right strategy.
Quick Advice by Elon Musk for everyone starting a Startup business
Important Read: How to get Funding for your Startup?
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