Do you have a brilliant idea in mind? Do you think it will take you places?
Hold on! Make sure to have these things in mind before you start-up.
1. Own your name. Get in with the law:
Make sure that the name of your company is available for trademark. Check if an internet domain name is available. If you fail to do so, this may put your business to risk. What’s the use of owning a company if someone else owns the trademark?
Understand what regulations, licenses and taxes you will need to follow, obtain and pay for your new business. After doing some initial research on your own, consult with a lawyer and accountant to confirm your understanding and to help structure your business to be in compliance with the law.
2. Mission & vision:
Firstly, find out the difference between the two. Second, be clear. Jot it down. Make clarity on paper what exactly is your purpose of starting up with your idea. Where will it lead to. If you are confused, your business will be in a huge mess in a matter of months. Keep it simple & make it clear in your head what is it all about, what will it do & what it will represent. Once done, move ahead with your plan.
3. Find your niche:
Finding your niche is a very important factor for achieving success. Find out what are you really good at and can take it ahead in the best possible way. Do a lot of research, ask people and brainstorm with fellow mates regarding it. See what others are doing and how. Take an inspiration but never follow others in the same market.
4. Nothing is impossible:
We all know that impossible = I M Possible!
When you are stuck in a situation, giving up might seem to be the easiest way out. Giving up is no solution. There is always a way out of difficult situations. If you hold on you are sure to cross the bridge between trial & success.
5. Find the right team:
Get the right people on the bus. How to find out if a person will fit just right? Can you transform an odd-for-the-job person into a right one? Talent management will be one of the hardest things you’ll come across. What is important is to have the right person, at the right time doing the right job. If you ask a fish to climb a tree, the fish will believe all its life that it is stupid. Your team should be open to criticism and learning new things. Rigidness won’t work. You also have the option of training the person in the way you want them to perform.
6. Never stop learning:
We are not perfect and there is always a scope of learning more and in a better way. Welcome new things in your career. Never say no to an opinion or suggestion. Keep the suggestions pouring in, write them down and keep the ones you think will help you in the long run.
7. Working with and understanding your co-founders:
Your partner is your support. Know them as a person, keep it clear who will do what and document it. It is very important to have clear and complementary skills. Be in constant communication & keep each other well informed.
8. Ditch your safety net:
A backup plan is crucial. If you think you have a plan A & pretty sure it might work, you might be entering the risk zone. Plan B is very essential to keep that boat sailing at all times.
9. Raising a lot of money doesn’t mean you’ll get a high salary:
This is wrong notion with which people start a business. If you want to take back home a heavy 6 figure salary, your business should be earning more and more each year. High salary would increase the overall burn which means you’ll have to earn more money faster which could cause more dilution. If you are going to raise capital, don’t be dumb by paying yourself a lot of money. That will just cause you to have to raise more money, which means you will own less of your own company.
10. 90% of start-up networking events are a waste of time:
Most of the things you learn in a start-up event are something you can learn online too. One is paid and the latter is free. There are a very few networking events that you must not miss. Check the list of people coming, if they are smarter than you, then make it a point to attend the event. Your main purpose should be learning new things and not teaching others on how to run a company. Make sure the place is filled with potential clients.
11. Successful people don’t always know what’s best:
You will come across a lot of successful entrepreneurs in your journey to success. And you will receive hundreds of advices. You ought not to follow them all. The thought that ‘who are we to question the advice of a successful person’ is a wrong idea all of us carry. Question each advice and find a good reason to follow it. You might be good at web development and you are advised to get into gaming. Not every advice is a correct advice. Choose wisely.
12. Don’t believe the hype. Customer satisfaction is more important:
Once you strike a big deal and deliver fairly well, your client will pour in lots of appreciation. But did your work make your customers happy? Be sure to not let the appreciations get to you when it comes to delivering. Your family, friends & colleagues might talk about the great work you are doing, but give priority to your customer. If they are happy, only then you should start believing that the quality of your work is worth an appreciation.
Are we missing out on something? Let us know 🙂