The Startup Fever & a Financial Disaster – Fasten your seatbelts, Its going to be a bumpy Ride
You may be ready to sacrifice your MNC job (which increases your account by few zeroes every year) and give up all the comforts and luxuries of this world to kickstart your startup.
“I am tired of this day to day job & soon going to launch my own startup.”
You think that your idea is one in a million and you can just go out there and conquer the world through your business plan.
We hate to rain on your parade but starting your own startup is not always as titillating as much as it is romantically glorified in today’s pop culture (Hii there! Pitchers and Silicon Valley Fans).
According to a recent survey by the Global Entrepreneurship Monitor, most of the young startup founders procure 80% of the funding for their startups from their own personal savings, family or friends.
According to the same report, apparently, the average cost to launch a startup generally goes up to $30,000. Not every startup story always transmutes into a ‘rags to riches’ story. Sometimes it can be the quite opposite as well.
So, here are the few things you must always keep in mind before you give away everything to fulfil your startup fantasy:
Where is the market?
No, an idea cannot change everything in the startup world. It ought to be more than an idea. Before mindlessly launching anything, you must devote innumerable hours to the market research.
Any startup thrives on two simple things. It identifies a problem and offers a viable solution for the same. You must ensure that your startup does that.
Even the most mind-boggling ideas can miserably fail if they don’t have a specific market for them to tap.
Business without a plan
You may think that it will be insurmountable for you to become an entrepreneur if you never really dive into the startup world and will eternally remain trapped in the vicious cycle of your 12-hour cubicle job.
But you must have a full proof business plan before you take the battle plunge or else your startup is meant to be doomed. Many talented startup founders often manage to boost their sales and even get the funding but don’t pay enough attention to their business plan.
Your business plan must take care of everything from all the anticipated costs, manufacturing, sales, staffing, technology to everything.
Don’t be a lone ranger
You definitely need to assemble a team before really launching your startup. You don’t need a team of 50 employees working under you but you do need few handpicked employees on whom you can always count.
Diversity and the right balance are the two yardsticks which will really help you for building your dream team. Keep a little of both the newbies and seasoned workers.
Neither jump the gun nor be too slow in hiring or firing new employees.
Always keep your eyes an ears open
Most of the startups are not as original as they like to believe they are. You must always be well aware of your competition and be two steps ahead of them.
Chances are that your startup will most likely face a premature death if it fails to identify its competition in time and does not have anything new or better to offer than its rivals.
Ace the art of austere living
Most of the startups fail because they run out of money. You have to launch your startup with this firm thought that you may never get any additional funding than the money you already have and yet you must have a plan to keep your startup sustainable and alive.
Every penny counts quite literally when you launch a startup. Therefore, you got to ace the art of austere living.
Everything is transactional
As a recent startup founder, you cannot afford to be egoistic or have morbidly high self-esteem. It doesn’t matter what your previous job was or how much you were earning.
You have to be humble and modest at all the times. Every relationship is transactional in the startup world and you may never know who comes to your rescue.
Making contacts is an art and you must excel it for the success of your startup.
In the end, we only have one thing to say to all the young entrepreneurs out there, BE REAL.
You may have what it takes; you may possess all the traits of a successful entrepreneur but you must always keep your feet on the ground, The moment you lose the touch from reality, the glass menagerie will break and the dream of your own startup will slip away from your hands even before you realize.
We don’t have the slightest intention to demotivate you from achieving your dreams.
We just want you to be extremely careful at each and every step, be realistic, make calculated moves and then if you truly believe in yourself and your idea then no one can stop you, not even this article.
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