How to start a startup?

There are almost 414 unicorn startups (startups whose valuation is more than $1 billion) out of which 52 are in India only.

Almost everything we use nowadays was once all in someone’s mind and that idea grew to be something substantial for example iPhones , laptops , hotels , credit cards etc. But all these companies were once startups formed in people’s garages and basements.

Not every idea has the potential to become a multi-billion dollar company , many are left in the dust and there are very few who make it big. So do you think your idea has the potential to change the world and are you ready to become an entrepreneur?

Before we start let me get one thing straight it will take ginormous amount of hardwork , dedication , patience , skills and last but not the least the ability to face failure before you make it big.

1. So , first things first right off the bat we will talk about the most important thing in any startup i.e. THE IDEA.

The idea is the most important part of the startup , if you have the right idea at right point of time and you can make it big. The thing about idea is it should be solving a problem currently faced by the market whether it is by a product or a service. Once you get the idea right you are already once step ahead in the startup game. The idea can be innovative or a derivative but it has to have a sense if uniqueness otherwise what’s the point.

2. MAKE A BUSINESS PLAN : Go one step further in your idea by making a business plan. It has to be sound and in context with growth of the company. Whether it is taking a loan from the bank or seed funding the idea has to start taking shape in the form of business plan.

3. FUNDING : No startup can run without funding. In the world of startups there are many round of funding that happen such as seed funding , angel investors , round 2 funding before the company goes for an IPO. Securing the right amount of funding in necessary to sustain the business in the long run. Many startups fail just because they are unable to secure the funding.

4. BUILDING A TEAM : Building a team of competent people is an extremely necessary part of any startup. A team of competent , well versed and motivated people with one goal in mind can take the company to levels never seen before. But never rush to hire more people. Hire 50 people that give their 100 percent rather than hiring 100 people that give their 50 percent.

5. A BASE FOR THE STARTUP : Every startup has a base , a place where from where the company grew and it is a crucial part of a company’s future to select a location which is relevant in current market scenario and a place where it is most profitable for a company to run its operations from.

6. MARKETING AND ADVERTSING : You can’t sell your product even if it is the best in the world if people don’t know about the product. Marketing is as important as the product , and sometimes even more important than the product itself. You can market through various means such as advertisements , banners , hoardings etc. Speaking in current terms companies nowadays are changing pathways to Facebook and Instagram advertising where its cheaper and much mire efficient than the standard television advertising.

7. PREPARATION FOR FAILURE : No entrepreneur has ever succeeded in the first try itself. It takes year building a company with reputation. So be patient and be prepared for everything that life will throw at you because each and every step will be a lesson for a better future.

So , in conclusion we can say that building something from scratch is not an easy job and is extremely difficult in the case of startups. So buckle up because there are a lot of things to consider before starting a startup and with all your heart give it your best try.