Most startups think they're making the next big
things. However, in reality, more than 90% startup fail. Opening and managing a
successful startup requires hard-work, some luck, and thoughtful planning. You
can also adapt to that plan.
Because as an entrepreneur with startup ideas, I
have encountered some achievement and some failures in my journey. Here's are
few do's and don'ts, which will help your startup to takeoff.
1. Business Plan:
Do’s
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Don'ts
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There will be a business plan (cost of marketing &
manufacturing, the technology required, and staffing) which includes every an aspect of how you will run your business and how it will succeed.
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Do not think that an attractive website or exciting products or services are enough to draw customer at your door. That might happen with
the first few customers, but then, it quickly becomes costly to attract and
win customers.
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2. Market Research:
Do’s
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Don'ts
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Before investing money in business, research the market's affinity very thoroughly.
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Do not think your service or idea is undeniable just because
you and your friends think it's fantastic.
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3. Funding Capital:
One of the main reasons for startup failure is the shortage of cash. Think about the primary funding you have and you will receive, so that the goal may be possible for a minimum burn.
Do’s
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Don'ts
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Regularly you have to check how much cash is left and verify that this fund is sufficient to lead the company to a milestone.
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Do not expect you will get financing quickly from others in an emergency.
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4. Management and Team
Do’s
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Don'ts
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Recruit the most talented people in your team and try to add as much diversity as possible in your organization.
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Don't think that you can run the company alone or don't require much workforce to do business.
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Do not think you can leave the 9 to 5 job to become a boss.
It is a seven-day-a-week job. Now it's your fame and money that's only on the
line.
Get success as a startup after you master all the
do's and don'ts that are discussed above, and this is a tough job.
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