The startup boom has graced the contemporary landscape for quite some time now. The culture entailed in the same is contagious and has led to a mushrooming of sorts when it comes to technical know-how. In the thriving age of startups, what are those aspects that every founder is imperatively expected to know? Just like a lawyer or a doctor must be adept in his or her line of work, one can say a startup founder is also expected to know of these aspects, rather unflinchingly.
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Here are some questions every startup founder should be ready to answer:
What is your core business idea/plan?
Just like any other business, your startup needs to have a value proposition – a product, service or experience that is unique to its cause. What makes your establishment stand out in the endless sea of startups that dot our reality today? If there isn’t crystal clarity in this aspect, then nothing that you do after is of any importance. The value proposition needs to drive home strong and loud.
Where is all the money?
Your business plan or value proposition can be pure genius, but it won’t be worth anything if there isn’t a dime to back it. Any startup founder worth their salt needs to be sure of the capital and revenue aspect of the business. Once the startup receives funding, then the revenue stream, cash flow, expenditure and debt structure (if any) components need to be charted out intricately so as to know what the return on investment is going to be like. If the leadership has embarked on the journey with this aspect on flimsy grounds, then the business is simply not going to last for long.
How does the world know of your existence?
You have the idea, and your startup has the capital. But if these two resources aren’t being put together in letting the world know of your existence, there really isn’t much use. The marketing strategy has to be top notch in order to make a mark and attract the required stakeholders. The quorum of capital is not exactly indicative here of how effective the marketing can be, but it does play a role. The founders and leadership need to have a streamlined vision that needs to manifest in the marketing of the business.
What does the big picture look like?
Though this might fall under the first aspect’s ambit, the long-run question has its own merit. The leadership needs to always question itself as to where it sees the business in the next few years, as that provides perspective and a reality check from time to time. You see most successful startups today having achieved that big picture they envisaged, if what their founders claim is to be believed.
Just like with life, it is not always hunky dory in business either. This is more so in the case of a startup, owing to the volatile nature of factors surrounding it all times. So it is quintessential for every startup founder to have a contingency plan in place for when the alarm bells ring.
A founder who has his or her answers ready about their start-up also shows how well-prepared they are for this pursuit. Having a clear idea of every aspect of your company is a sign of likely success.