The dream is to make it big in life. However, making that dream a reality requires sweat, vision and an unflinching faith in self. For those wanting to set up a startup, planning is important. Some people are quick to analyse and understand what their value prop is, who their competitors are, how to capture a market, and when to start reaching out to investors. However, before getting too far, there are some basic things that all startup dreamers must keep in mind. Taking into consideration what others, who have tread the same path, think will ensure the right start.
Anyone with a dream to establish a startup needs to make the time to meet with industry experts who have been down the same road. It is not enough to come up with ideas, but it is important to run them by people who have been in the same situation, and found success.
Collecting feedback on ideas will help budding entrepreneurs steer their team in the right direction. It is also important for people to understand the ins and outs of the industry they are choosing. There have been many individuals who have gone into business without properly understanding all that it entails. When conversation takes place, perspective changes and ideas shift. Sometimes, taking a leap of faith would require individuals to step out of their comfort zone.
If people are sceptical about the ideas proposed, it is essential that budding business should accept it as constructive criticism.
Anyone looking to establish a startup should second guess themselves. While some might say that this shouldn’t be the case, it is essential that people do not get complacent with their own ideas. Do people know what they are getting into business? Why they have chosen a particular industry? It is important to stay motivated in order to survive the rat race. Success is never assured, but failure can be avoided when a person is dedicated to his or her craft or profession. Setting a mission statement at the start of a startup journey will help individuals keep the faith when the chips are down.
For individuals looking to enter the startup game, it is imperative that they have their sights set on a target. One needs to survey their target demographic in the hope of building a strong base. This will ensure that customer needs are taken care of. When budding entrepreneurs know what their target market wants, it will help them work in that direction. An insight into customers’ buying decisions will ensure an entrepreneur finds early success without having to experiment constantly.
It is never a good idea to jump on the bandwagon because others are doing it. When an entrepreneur chooses an industry, they don’t often take into consideration the competition that comes with the territory. For those looking to establish a presence in ‘hot topic’ industries, they are likely to face fierce competition. This could lead to instant failure or gradual burnout. Getting into a dynamic industry could mean constantly having to reinvent. Choosing to enter a ‘boring industry’ – one that hasn’t seen significant change’, will prove to be rewarding. Budding entrepreneurs will not have to take bigger risks early on. In fact, they can hope to make a bigger splash.
When starting a venture, budding entrepreneurs usually want to reach out for funding even before their idea takes off. However, it is always advisable to stay clear of funding until an idea has been tested. Investors will not mind the scrappy startup mentality. In fact, they will respect the time taken to test the idea before actually approaching them for seed money to fund a startup dream. They will most likely be willing to take a chance on a person who is sure about his or her idea. Individuals need to take some time to build financial momentum by reaching out to people who will lend them seed money. There are a number of crowdfunding options that can help a budding entrepreneur kick-start the dream. In time, investors will be lining up to pump in money if the idea takes off.
There are things that can go wrong. Budding entrepreneurs should have an exit plan if the venture fails. Never go in for too much too fast. Always think long-term before investing in the short-term.
The startup dream comes with quite a few pitfalls. Are you ready to take the plunge without going in too deep?