Ok, you got this new idea today. Don’t rush starting up. Give it a time of at least 1-2 months before starting up to see if you are still interested in that idea. After 1-2 months if you are still interested, congratulations it’s time to start up. Often we startup but loose interest with time so it is recommended not to rush.
Stop thinking about out of world Idea
Ok, you are thinking about something that doesn’t exist in this world and you really want to make it happen. But let me tell you out of the world idea most often do not work. If you can’t find the simplest solution to a problem you will never succeed in your attempts.
Validate your Idea
It’s time to validate your idea, do some market research. Develop a prototype to see if it actually works. Validate your idea before investing lot of money. You can validate your idea with little amounts. Validating is mandatory.
Start small and target smaller markets
You can not become a giant in day no matter how much money you are investing. It takes time to grow because it takes time to convince people to use your product/services. So it is good to start small with smaller market segment. This way your idea will also be validated.
Never start a company with your relatives or friends
Ok, you can start your company with friends or relatives but later things might get worst and you may loose your friend and that relative. Sometime your relative or friend might kick you out of business if you blindly trust them without any legal documents. In business no body is your friend and no body is your enemy. So, think twice before starting up with relatives.
Stop bombarding your friends and relatives with your new startup launch
Most often your friends and relatives won’t criticize you for your bad product idea. They will always give fake praise to you no matter how bad you are. Your friends are relatives are not your customers. Remember not everyone is interested in what you are doing. Not everyone wants to know what you are doing. Sometimes they will praise you without having a clue of what the heck you are actually doing. Look for real people interested in your new startup instead of bombarding your family members on facebook.
It takes time, patience and lot of courage
Here get rich quick scheme does not work. You won’t get rich in a night. It takes lot of time, patients and courage to grow your startup. Startups are like trees you will have to water them everyday before it will give you fruits.
Don’t try to compete with a bigger player if your product isn’t different from them
Don’t get fooled by doing something that is already being done by some bigger player. Remember that bigger player has more money, more R & D people and more ways to influence people than you will ever do. Do something different and better than that of the bigger player in your segment.
Remember if your idea/product is truly worth noticing it will grow naturally
Yes this is so true. If you are doing something that is truly worth noticing remember people will start noticing you and word of mouth is often the most underestimated marketing tactic. Your startup should grow naturally in this connected world and if it isn’t growing, may be it’s not worth noticing or you aren’t doing that great or you are creating the same shit as everyone else.
Be ready to loose and start all over again, It’s all game
You can never win, if you aren’t ready to loose. It’s all a game. Sometimes you loose sometimes you win but the passion, dedication should keep you moving forward. Passion, dedication and love for your startup idea is the only thing that will help you in your bad times. Don’t quit, start again, repeat.
Have a backup plan
It’s good to have a backup plan, if you don’t have a backup plan you are not a good fighter. A good fighter always carry an extra weapon. Have a backup plan.
Don’t try to startup because you want to get rich
Many people start their business because they want to get rich but it doesn’t make sense you can get rich even you are in job. Aim to get rich is ok but just getting rich without creating a value is not ok. You will have to give something good to this world before expecting them to give you some good amount of money.
Hire the people who have the same mission as yours
If you hire wrong people for your business they will never give their 100 % to the work, you will have to hire someone who loves his/her job. You love your startup and your employees love their job perfect combination isn’t it?
Don’t invest in stuffs, Invest in your product
People who start their business first time invest lot of money on nonsense stuffs like buying AC, Fridge. Spending much money on office decoration and other stuffs. They loose lots of money. You should always remember that your investment should first go to product, what actually you are creating, any leftover money can go to other stuffs. Your product is your business not the office remember this. Make your product awesome so that you remain in the business.
A company is like a machine, it takes input and gives output. Check the quality of output
If we see any company overall it looks like a machine, it takes input i.e money, man power, plan, hard work and gives output i.e value and stuffs that you are going to create. As an entrepreneur it is your duty to check the final output your company is giving and how much value it is creating. Many first time entrepreneur became so busy in the input side that they forget the output and what value their company is creating that is why they fail to make an impact. Your machine much make some better stuffs.
Listen to your clients/customers. Call them and get feedback
One of the ways to improve your product and your machine output is to listen to it’s users. Always listen to your clients or customers because they are the people who are actually using your product. They know the quality of your product and they can suggest how to improve it. Always make use of collective mind rather than using your own mind all the time. Never underestimate your clients customer.
The only way to excel in life is to improve gradually. Learn from your mistakes and move on. Each day is a new challenge don’t repeat the same mistake. If you will improve yourself constantly you will remain ahead in the race of startups and cutting edge technologies.
If you really want to do something but you aren’t sure about what will happen next and you just want to give it a try then there’s a theory fail fast. If you have 10 choices you should try all and then choose one it’s because when you will choose one you will not have to regret about the other 9 choices you had.
Don’t try to sell something no body wants to buy
we humans are not evolving as fast as the startup world so the basic necessities of a human remains the same until he evolves into something like spider man or hulk. Then we will need to think about hulk requirements and new opportunities will come. You should think about only those ideas that are for current race of humans being. Don’t try to think out of the world idea otherwise your startup will go out of the world. You can improve things what is already existing you can make it better.
Don’t startup because it looks easy
Everything looks easy at first but the effort required to build a big company or small company remains the same. Don’t dive into swimming pool if you hate water. There are enough things in this world to do. There are enough opportunities and choices. Don’t do something if you are not interested or you want to get rich quick. Believe me you will fail in your attempts.
Don’t get easily influenced by people you meet
This is the problem with most of us. We easily get influenced by people we meet. We often forget our core values are try to become something that we are not. We try to copy them because we are influenced by them but it never works. If anything that will work is our own true nature.
Read books everyday
Learn how company works and all other management works
Change with time
Startups are not for everyone
Find your love and passion
Don’t make your wife/girlfriend your business partner
If you aren’t enjoining just quit
Natural selection, only the fittest survive
Don’t quit your job early days of starting up
Money makes money
Don’t get into product, if possible start with services
Don’t try be become the next Mark Zuckerberg
Surround with people who match your ideas
Give up on toxic people
Stay away from bad customer, focus on good ones.
Don’t be greedy
Cultivate good habits
Startup is not a website or blog
Take help from systems that’s already working
Take help from people, not everyone is going to steal your idea
Don’t loose your money at initial days
Don’t be afraid to experiment