This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Start your Start-Up: What, When, How?
Startup, the new ROBINHOOD of the business world.
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Before anything, let me ask you a question i.e. What is a startup?
Startup, as the name suggests, is to initiate i.e. to make an addition in the world by any means be it economically/socially/emotionally. Generally perceived as any newly emerged, fast-growing entrepreneurial venture, Startup is now the ROBINHOOD of the business world.
With new Startup(s) emerging every second of the day, several countries/Governments across the globe, are trying to facilitate and ease the process of Startup building. Many Universities/Colleges are hosting different seminars/events to help promote startup culture among their students. But even after all this, there are many startups failing and getting bankrupt every day .So what’s the deal out here?
Let us today provide you the key to this bolt i.e.: What, When, How?
1: WHAT?
What?
This is the very ignition step of your Startup if ill-managed can result in disasters down the road. So, what does ‘WHAT’ implies? It signifies, the very base for your startup i.e. that IDEA/NEED/CHANGE behind your startup. This Seed Stage makes you encounter with tons of research and analysis, figuring out that NEED or the way to rationalize and implement your IDEA.
For finding answer to this question, we need to live in the future as Albert Einstein famously remarked that ” The problems that we face today cannot be solved with the same thinking with which we created them” , so we as individuals need to uplift our horizon and broaden our perspective towards the Gateway of Future. But this doesn’t necessarily mean that you have to be some great INNOVATOR rather all we need to track is OBVIOUS AND HARD .Remember some of the great Business that we today have been no Innovations, for instance, Ola just copied UBER, Howard Schultz just sells COFFEE , Warren Buffet just bought and sold other people’s share. So it’s not that a complex matter as it seems but of course one should not make blunders and sit wondering, why it didn’t work out?
The bottom Line : As Steve Jos says “Stay Hungry ,Stay Foolish”
2: WHEN?
When?
“A RIGHT decision taken at WRONG time makes it a WRONG decision”. Timing is the most crucial aspect of any startup. Before commencing any, one should thoroughly understand the market’s need for it. Imagine what would have happen if Facebook would have launched today? Would it have been this successful? No, because by then we could have so much alternative for it. So indeed timing is important, but apparently, the real problem is not TIMING but rather the IDENTIFICATION of that timing. Neither too early nor too late, has you needed to strike the chord when it’s RED HOT.
One way to identify that, red-hot–iron timing can be research. Proper research and survey of Market can provide you some insight into your troubleshooting. And that means when the data shows that an existence of a pain-point in the market, with the issue and its solutions being discussed in community or Online. If no other entrepreneur is ready to face the risk (this can be risky though), and or at least not your way of approach , then is the right time to BANG.
The Bottom Line: It is in your moment of decision that your destiny is shaped
3: HOW?
How?
Now comes the most difficult part, i.e. the Final draft, the big question of ‘HOW?’. Right from initiating to marketing, from investing to funding, it’s a long trail to be followed consciously and wisely.
Once you have inculcated the Idea into your mind and is all set to personify it in the real world, ‘How?’ comes into play. One should understand the basics such as Registering, Pooling, Team building, Social Marketing, Review, and analysis. It all encapsulates into a highly complex activity which needs to be done in higher precision levels on a regular basis.
With all dedication, discipline, hard (smart) work, an entrepreneur can meet all his odds to successfully run the Startup. Understanding that growth will not come soon, (try to meet Breakeven, though), Communicate well with your employees, be open to suggestions are some of the aspects which play crucial role.
Bottom Line: A measured amalgamation of Flexibility, Money, and Follow Ups is the key.