S.T.A.R.T.U.P …. When you hear this word, the first feeling that comes to mind is initiating or “starting” something. Yes, startup is a company or a firm that had blossomed from a striking idea.
A successful startup requires to follow three golden rules– to provide what a customer actually want, minimal investment and expenditure and above all a good team to work with. Most startup that shut down because they fail to obey anyone of the above mentioned.
There may be may questions like what is the root idea for the startup? Whom to hire? From where capital investment can be obtained? In minds of people aspiring to build their startup. But if you follow the golden rules these doubts will disappear like a haze.
The start of the startup – catchy idea
When an aspiring person comes across a brainstorming idea, this is the point where that person unknowingly begins to think about the plan of putting up a company on the foundation of this idea. But successful startup entrepreneurs say that there is no much success factor in the initial idea but the idea moulds on the go. The brilliance to offer better technology is what matters.
Certainly, a basic idea is required. A startup with no focussed idea is like ripples in water. However, its only the beginning. Companies tend to change their business strategies en route so as to face the counter attacks.
The main disadvantage of these ideas are that, they are not transferrable. That is, If you have an idea with a business potential to some extend and you say this to someone whom you assume to be trustworthy. Business is full of tips and tricks. That person whom you conveyed the idea can take advantage on this and can build his own empire with such a small talk. But the budding ideas should be brainstormed to the maximum and explore its full business potential with whom you would love to start this venture with.
How to offer better technology to customers?
It is important to realize how important is to have concern for a successful startup. The success secret lies in this stage. The customers want products that they have never used or experienced. To offer modified versions of the existing product does not seem attractive to the consumers in search of better technology to add color to their life.
Technology for the common layman is something that makes their life easier. So they expect products which makes their life smooth and ultimately, the success of a product whether it is an application or software lies in the hands of the customers. It is their decision to throw it away or either to cradle it. Therefore its mandatory to fulfill the customer requirements and please them.
To realize what the customer actually want, the makers can present a prototype of the product and modify it according to the customers reaction. In nearly failed startups, the actual problem for failing is that the customer didn’t like the product. It is really necessary and important to avoid this circumstances in your dream startup.
Whom to hire and work with?
Almost all the budding startups are started off with a team of friends either from school or college. But it is a very good strategy to some extend. When you are working with your friends they can easily understand what you mean to convey and the feeling of teamspirit develops within you and that becomes a driving force to go ahead in all circumstances that you face. There are some disadvantages too.
If you are trying to collaborate your work with friends in school there is ideal chance to accompany them on the basis of friendship where talent should have been given the first priority for hiring. There is also possibility to miss out talented techies like hackers, coders when enclosed in a school gang. The best solution to this problem is to choose your co workers from college, so that your collegues will be able to take up the project technically as well as mentally. In college only one get to know people with several area of “tech” interest, so if you include good hackers , coders and people with tech awareness about the necessary requirements, you’ve got a good team to work with.
The college project group is yet another team to work with. Usually that is the point where you get to know good hackers, as hackers themselves do small projects to develop their skill. And, the project if it have a business scope, it can turn out to be another in demand startup.
On your startup voyage, you may have to hire people from outside the circle of your starting team. People with dedication and willing to take up their work seriously and work for hours till their job is done can be hired as they show off their efficiency at their job. For hiring programmers, certain filters can be set such as genuine smartness, ability to get the work done efficiently,skill, personality etc.
To make it all happen- The fund
Raising money to make your dream startup is another bridge you have to cross. As said in the golden rules, minimal expenditure and investment makes a successful startup financially.
First of all, a ” seed capital” is required to develop the prototype. This is comparitvely a less expense when compared to other expenditures. In all the startups, this amount is usually collected by individual contribution within the team. When the prototype of the product is ready by using the seed capital, the next step is to find “investors” for the future expenses.
The investors , so called “angels” are people who will provide the required fund, because these people themselves have benefitted from technology. Angels have to be scouted and searched using personal contacts or by any other means. It is very important to present them with a good prototype of the product, so that if they are satisfied with the demo presented and understand that the proposed product have market scope in the near future, They might agree to fund your company’s expenses.
When the startup is all set with the money that it need, its the turn for the founders to use it wisely and cutting down on unwanted expenses.
Launch your startup
A good team, A brilliant product, required money all have find its way to your dream place. Its now time to register your company and start off your work. Work together as a team, launch your product, find out the reasons if it is not up to the mark, launch it again these are all part of a startup venture that make your company grow.
As I do not own a startup but wish to do so in future (check out our About Us..!), to write these ups and downs in the making of a startup, I’ve took references from “how to start a startup by Paul Graham” http://paulgraham.com/start.html . Those who have that spark and viguor to take off their dream startup, go through the specified link for the detailed version. Also checkout, http://fundersandfounders.com/how-to-start-a-startup/
Dream sky high, Go the extra mile ahead..!!