Starting a Start-up venture has become a very common attempt for many in the recent times. This idea has not emerged from the far time but is one of the recent trends. It seems to be a very complex system and process to start one. But basically if the right methodology is opted then it might seem like a cakewalk. So here are 5 basic tips to begin a start-up which shall help about how to move with starting one.
Clarity in concept
Basic notion of building a start-up is an idea that was conceived. But before anyone understands what we are intending to do we need to be clear enough to the fact about what is our work. The clarity shall define the right path and movement. The basic concept is very important because its year 2016 and already start-ups are going in haywire speeds. This needs a lot of background work and core subject knowledge won’t give hands in this area. Even the idea has been already used by someone before, that we need to find our own area of specialization. Basic reason of a failed start-up is the confusion that arises in the middle of working that where we are actually heading. If the right objective is set then it shouldn’t be compromised and this methodology has made start-ups like flipkart, Chaayos etc. gain their success.
“A good team” seems to be a common advice and thought and it’s obvious also but we need to look for is a diversified team. Diversification of the members is where another set of start-ups fail. By diversification we mean different important skill set contained people. To determine a team we shouldn’t always select the people according to the skill we require for the start-up and not give people responsibilities according to what they know. This method reduces unnecessary deviations and loss of human resource, time and money. For this instead of taking up friends for working better look for other like-minded people who can help out. It serves out to be pretty difficult but if it clicks out then the workforce would be stronger than you could ever imagine.
It can be really confusing when it comes to the time thing. What do we infer from time as a tip to successful start-up carrier? What if we tell you that taking time into consideration shall get you a good sum from the funding firms? Yes, this can be done through creating a good timeline of activities. How it is done is diving the time into two parts i.e. pre funding period and post-funding period. This in most cases gives a good impression about your project and it shall help you in meeting your deadlines. Time gets a money value when you meet your deadlines according to your timeline and commitment.
The five basic skills
Every start-up shall require broad skills which need to be paid attention to. Those are treasury management, external relation, filler, legal advisory and tech. support. These skills are very important since you are handling others’ money and they add a professional approach to your work. These skills ease out your work and reduce blame games. And it’s hard to believe that the start-ups which lacked these skills ended up unable to understand where they were less than those successful start-ups.
A good profile
Now after taking note of the above fed tip we should know how to use them as a good instrument for attracting investors. Everything we did would go fruitful only if we found out someone who trusts us in to give life to our ideas. This shall only happen if you build a good profile of your idea. Everything that acts as strength to your whole venture should be mentioned in detail and should not be there any chance wherein the person venturing is under any suspicion. Many a times an unknown factor of suspicion with the investor causes the idea to be rejected. Create mock discussions to know about the unexplained potholes of the profile. Try to get rid of them or at least try to conceal them. This has been a very effective method for impressing the investors.