‘Start-up’ is a term that draws excitement in itself. Many of us crave to create next Alibaba, Facebook or Whatsapp etc. Deep down we all have some unique ideas that we consider if evolved efficiently and with dedication definitely can change the way some business is done and make us successful. In our office lunch breaks, in coffee shops or in some leisure times, at some point of time we would have discussed such billion dollar ideas with our friends , colleagues in whom we see our potential team mates. But one major question is can almost anybody set up a start-up?
Answer is yes, but difficulty is in setting up a successful start-up.
If you think that conceptualising an idea is the biggest task, let me tell you, if not millions, few thousands out there carry exactly the same idea as you do. Even otherwise the day you enter the market, you will have competitors within few months or at best in a year or so. What it means is that uniqueness of your idea doesn’t make you a winner. So what it takes to start in a good way?
‘Well begun is half done’.
So if you have done your homework you can increase your probabilities of creating a good venture. From my observation of market and the kind of problems that my clients face in setting up their ventures, I am enlisting some to do’s that can help you in going the right path.
Believe but don’t be blind
It’s expected that when you have lived and evolved an idea, you can be biased and emotional for it. The problem starts when you venture to earn a living out of it. When you are pursuing and evolving an idea don’t be blind. Believe in your potential and venture but simultaneously take and accept any criticism that comes your way. Criticism gives you an opportunity to strengthen your concept.
Before you venture and pursue your business, do consider if the service or product you are providing will actually be of any use to the market. From your prospective you may be providing a solution, but you must analyse if such problem really exists in the market or the end product really provides a solution.
Financials and marketability
Many business models crash on this point itself. People come up with ideas and they aren’t bad either. Somewhere in their quest for making it big they forget the basic principles of business. For every buck spent what are the returns. In some scenarios, you have good traction but in absence of a solid commercial model, there are no returns or no profitable returns.
When you venture into a start-up take your time to assess and redress legal issues pertaining to you business model. I was dealing this particular case where my client ventured into a start-up and once the product which in this case was a software solution as per my client’s employment contract became property of his former employer. So the business went for a toss even before it properly started. You can read about the basics pertaining to legal issues with start-ups here.
For every start-up (where money is in scarcity) it starts with formation of a team of skilled people with mutual trust and faith. Every business requires faith and trust, but do consider if your prospective teammate is really serious for the venture, will he or she sail through all ups and downs with you?
Patience and Perseverance
Behind every great personality out there one factor stands like rock, their patience and perseverance. No matter how hard they were pushed, they always sailed through it and came out successful. Its good to be reasonable and practical in terms of business but don’t draw early conclusions either. Every business depending upon the product has its gestation period, set your goals but don’t be impatient and have faith in your hard work.
Even if you lose initially, learn from your mistakes stand back and fight, after all greatest lessons are learnt from mistakes only.