A Helpful Guide regarding Startups | What does it
mean? The Steps required
Have you ever come across an idea that could be a potential game-changer?
Maybe you saw the inadequacies of the industry you worked in and thought, “Hey, this would be a lot smoother if we changed the process like this-.”
Well, you see, that’s how all businesses are born! By observing the past workings of an industry and aiming to bring innovation to it. The goal isn’t to reach for perfection. The goal should be to revolutionize the trade.
As Seth Godin, the founder of Squidoo said
“Waiting for perfect is never as smart as making progress.”
About 90% of startups indeed fail. But there’s more to it! If your startup idea is genuinely great, and you think it can bring positive change to the world, then no one can stop you!
Being an entrepreneur isn’t easy. It requires long days and sleepless nights. You will have t sacrifice some things during this journey.
But believing in yourself and working hard to achieve the goal you’ve set for yourself will undoubtedly bring success.
Now, I know you’re probably confused. If you’re a beginner, “startup” and “entrepreneur” might look scary.
That’s what this article is about! This article will act as a guide to lead you through the daunting processes.
What is a startup?
Startups are those businesses that aim to break the monotonous industries and bring change to the world.
These businesses take root when a person with a fresh mind sees the chance for growth in a workspace.
Its goal is to remove the deficiency in a service or a product, which will attract a more extensive customer base.
Startups are looked down upon by old runners of an industry. These new businesses are more appealing, resulting in a disruption of the old companies. That’s why startups are also called “Disruptors” sometimes.
Now that we have a general idea of what a startup is let’s look at what an entrepreneur means.
What does entrepreneur mean?
An entrepreneur is a person who thrives in giving rise to innovations. The person sets the base for a new business and juggles potential risks and rewards.
Entrepreneurship means the process during which an entrepreneur builds up their business.
They are highly valued members of our society. They are a gold mine of fantastic ideas.
These ideas result in better services, goods, trading opportunities, and high-return investments.
All-in-all, an entrepreneur plays a vital role in the economy of this world.
A startuper is the second name for an entrepreneur. A startuper is an entrepreneur who might be the founder or a co-founder of a startup.
Many people invest their time and money in multiple startups. That’s how they get high returns on all their hard work.
Essential workings of a startup
To an ordinary eye, a startup seems like an average company comprising employees that work together to launch a product.
The primary difference between a startup and a local company is their work methodology.
A methodology means the way you tackle a problem that stands in your way. It requires some ground rules, intuition, hit-and-trial tests, all the things needed to overcome a situation.
A business methodology comprises a defined plan, following which you can estimate the most profitable way.
Launching a product will require repeated testing to ensure quality, a proper delivery approach, and constant pondering to improve the product even further.
A widely appreciated methodology for startup businesses is the minimum viable product, also known as MVP.
What do we mean by MVP?
A minimum viable product (MVP) is a product development strategy. In this scheme, the product is released in several steps.
The first version of a product is released with minimal features. These features are enough to make the product useful, but it leaves a lot of room for improvement.
Early costumers use the product and provide feedback. Considering the feedback, an advanced version of the product is released.
This process continues until the final and most refined form of a product is achieved. You might think that this is a long process, and it’ll be better to release the product you have in mind. But this plan saves you from a lot of unnecessary work.
Through this, you’ll be pleasing the customers while ensuring that your product comes out with top-notch quality.
This process also gives an idea to entrepreneurs about whether their product has enough potential to compete in the market. If the initial launches fail, you can see the problematic parts and remedy them.
In the words of Harry Ford, “Failure is simply an opportunity to begin again, this time more intelligently.”
The Reasons for a Startup’s success
As you already know, only 10% of startups succeed. Some startups fail within their first year, some take five years, and only a tiny percent of startups celebrate their 10th anniversary.
If we follow the lead of those successful startups, our chances of success also increase drastically.
Following are some points that shed light on the reasons for success.
Where to start?
If you’ve never owned a business, it will undoubtedly be a little scary at first. But fret not! Here’s a step-by-step guide that’ll clear most of your confusion regarding the creation of startups!
1. Bloom an idea
That’s it. That’s the first step. If you see a problem and think you can adequately provide a solution for it, you’ve completed the first step.
The idea shouldn’t necessarily be new. But it should be a refined form of what was already available. Think of it as improving a recipe.
2. Plan accordingly
Now that you’ve hatched an idea, you need to make a business plan. A business plan includes the manufacturing process of your product or services, the finances required to run the whole startup, an analysis of the market, and the finer details regarding the operations of your startup.
3. Cover the finances for your startup
Money runs the world. To launch a startup, some monetary investment is required.
You can get these finances from your friends and family, Angel investors, Venture Capitalists, or the plain old Bank Loan method.
It is estimated that the failure of almost 29% of startups is due to financing issues. So, it’s better to set your budget appropriately before you ask for investments.
4. Build a good team
Having like-minded people on your team is a blessing. Your goal should be to build a complete team that will help bring your vision to life.
A team should also include attorneys, insurance professionals, accountants, and bankers.
Carefully select your employees, so the work environment remains healthy and productive.
5. Set up your office
You should have a physical base where your team can come together to work and brainstorm new ideas. You can either buy a place or at least lease it.
Along with setting up your office, you should build a website. It’ll help you reach a larger audience. You can advertise your products and services more effectively while gaining customers from all around the world.
6. Market to the right audience
We know that it’s annoying to get advertisements for things utterly unrelated to our lives. That’s why it’s essential to know your consumer base.
It’ll require some money too. But in the end, it’ll be profitable.
7. Don’t settle
Always thrive for more. Constantly think of methods to improve your products and how you can get further from your competitors.
Be aware of the market trends so you can make educated decisions.
Being an entrepreneur isn’t easy. A startup is basically like your child. You work hard to nurture it so it can achieve great goals.
All it requires is your time and hard work. Those who are willing to put in these two things will surely succeed, no matter what!
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