Hi There. Thank you in advance for reading this article. In this article, we will be exploring and discussing Startup & everything you need to know before even starting. Let’s begin
As you came across this article, i am assuming that you must be looking answers to one of the question among :
How to start a successful business? or what is required for a startup to be successful? or maybe, what is the basic needs to start a business? and many more..
So, you are at the very right place. I would try to answer all your question, even if not among the ones mention above, about what do you actually need to start a business, with some real life example and some of my personal experiences.
I would try not to provide general answers that you can easily find on internet. So, stay tuned.
There are lots of thing that you may need, to start a business, a startup, differentiated among materialistic and non-materialistic, in a chronological order, you need to start with non-materialistic things, as these are the ones on which most part of you business depends upon, and these are the ones which defines the roots, just like a small plant, if roots are strong, the plant grows and become tree over time, and it starts defining its values as fruits.
This is what exactly a startup journey looks like. So, Let’s start with the first and the foremost thing, the roots, non-materialistic things.
To get most out of this post, i would like to ask you for a favor, please try to do analysis and self introspection on the points i am going to mention below.
This would help you understand where you stand and how much efforts you need to start, before actually starting.
I probably need your answer to a question, mentioned at the end of this article. Let’s see how you get along.
The Motivation :
Are you motivated enough?. If your answer is straight away Yes!, please stop there, and think again.
If your answer is Yes at the first place, you need to think again. Let me begin with my personal experience, as promised.
So, in 2017, i was working with few people on a business plan, amazing team, everything seems to be perfect at its place, we thought we connected the dots. We got selected in one of the national level startup event. I thought my team is motivated enough, unbroken, intact at any situation. That was over estimation, and probably over confidence. We were facing issues with initial investments, things were taking a bit longer that usual. As the time passes, i noticed the motivation factor was started disappearing within my team. There was a fear of failure among people. People were concerned about their future. As a result, some of them put their weapons down, and joined the rat race. And even today, they are still running for the piece of cherry, which is becoming larger with each day.
So, were we motivated enough? Maybe yes(at that time), but actually a big NO. Don’t let the fear of failure hit you. Remember, fear of failure may hit you for the first time, but it wont last long. you need to keep hustling.
The Startup Idea : There Is Nothing Like Good or Bad
How many business ideas do you have?. 1,2 or maybe 3.
If your answer if more than one, STOP there, think again. Having an idea for a business is second most important thing. Forget about how good or bad you think it is. In the above para, i mention that we were facing issues with initial investment, but i didn’t tell you why.
Here’s the answer to why : Because we were working on more than one ideas. Yes, that hits very hard on you.
Let me again share my personal experience. We had two ideas, two different industries.
Me sitting in front of investor, opened my laptop and here were my words ” Mam, we have 2 ideas, please have a look and let us know which one you liked”. The answer was ” See guys, please come up with a single idea on which you are confident about. Having a plan B will let you loose focus on plan A, you look confused”. Exact words as i remember and the conversation ended. We lost the opportunity.
So, are you working upon multiple ideas?, if the answer is Yes! you need to think again. Do analysis.
The Team :
Does having a team matters or necessary? Do i need a team before i even start?, the answer is NO.
You don’t actually need a team at the start. Here, I am not saying that team is not important, it is, but not necessarily at the first place.
You can start alone, hustle a bit. Eventually, you will end up with people have similar goals and mindset just as you, who will be a your side hustlers along the journey. I also had a team, which i thought was important at the start, but i was wrong. So, Hustle alone. Move forward, be a One Man Army.
The Analysis :
When we talk about analysis, here we are talking about numbers.
Again, few questions, which market i am going to hit? What are the gaps and latest trends within the market? What is my target audience? Haw my business gonna help people?
Ask these question to your self or do brainstorming among your team. If we talk about numbers, step into the market ant try to get the numbers. You can do online/offline surveys, ask people for review or if you are able to get the market traction, that would be a cherry on the cake. Analyse those numbers and test your business.
Remember, No idea is good or bad, it totally depends on how you analyse and implement the idea.
The Plan :
Now you got the motivation, the idea and the right market analysis, now all you need is the right plan.
Do not get confused with plan and strategy. Both are different. Plan is followed by strategy. There are various aspects of plan, depending of how many member of team you got, what skills they have. Decide the focus points based on them.
For ex : if you don’t have a technical guy, make a good plan around the technical stuffs.
Remember, planning for a business is dynamic proceess, it keeps on changing with the situation, so does the strategy. Adaptability is the key.
The Conclusion :
Now, we came to the end of the non materialistic things. So, what do you think, are you really ready?, please do analyse, it is going to help you in the longer run.
These elements will help you in the longer run, keep your roots intact, even in the storms.
Also, if you need a booster and some motivation, you must read our article ‘ Startup May Fail, But Entrepreneurs Not ‘
Now, i ask you again, are you motivated enough? Think and analyse and comment your feedback.