Startup world is full of challenges, excitement and full of opportunities. Doing job is nothing less. Not everyone is meant to start a startup. There is no steady income, lots of pressure and you can’t blame anyone for anything. But even if you want to start a startup then the following 5 steps will help you a lot!!!
1. Don’t quit your job unless absolutely necessary.
It’s not a wise option to Quit a job when you get a startup idea. A survey conducted by Bloomberg stated that 90% people weekly get a startup idea. Then why is there not much startups here? After getting an idea people start executing their idea without thinking much. They quit their job and start a startup without any business plan, market survey, etc. This is one of the main reason why 99% startups fail. So before you Quit your job be sure that you have a strong working plan with you. My father always tells me to critically analyse the idea and based on that decide whether to go about the plan or not i.e to find all the possible reasons due to which all the idea will fail.
2. Learn to sell or Be Sold.
The line “Learn to sell or Be Sold” was invented by Grant Cardone (Uncle G). He wrote a book Sell or be Sold which everyone should read atleast once. This book teaches us that when we start a startup we should have one of these skill. We should be either be great at selling anything and everything OR we should we Sold at the product that we are selling. The second one means that you should believe that your product is better than others and also that you can go any limits to sell that product or service.
3. Make sure you have funds to survive the Obstacles.
Next most important reasons why startups fail is Money Crunch. When the founders receive a funding they hap- hazardly start spending money on various useless things. Many times it is seen that founders start to scale their business rapidly after getting funds. Problem with this is that they do not have any foundation and a building without a proper foundation is tend to fall. So use your funds where it is much needed and save some extra money during the down times which is meant to happen in every startup.
4. Startup is not that easy as you think.
When people come up with a product idea they start to assume things. They take up their country’s population and assume that even if 1% of the population buy their product, they will become filthy rich. Eg. They take USA’s population(7.6 Billion) and assume that 1% (76 million) will buy their product at lets say at a profit of 1$. So their profit now is (76 million$) which is not true. They refrain from taking market research and fail to analyse the market and when they launch their product, they fail miserably.
5. Choose the people working with you wisely.
Choose your co-founder & team wisely.. no VERY wisely. Ask yourself this question – can you fire this person if within 2 months things don’t work out.Make sure your co-founder/partner has the same goals as you do. Really make sure of that. Also your co-founder should posses a skill that you find difficult to adapt, this will help reduce conflicts. Team must co-operate with each other and respect each other. Conflicts between team members can even break the organization. Also Investors don’t look at the idea much, they concentrate more on Who are the founders and who all are there in a team.
All these points mentioned above are from my personal experience or from the experiences of my friends. If you have any doubts, feel free to comment below. Also for more Marketing Knowledge please do subscribe to this blog.
With thanks! Valuable information!