What Does It Take to Start a Start-up?
While there will be many of you who would be preparing for MS from an abroad university, or getting ready for our college placements, let me highlight another course of success to you, a path that has gained a lot of attention in the recent past, and has been successfully covered by many, it is – Starting Your Own Start-Up Company.
Stating a company is a dream of many. Maybe you can put it down to the high-profile and highly successful role models, who at a ripe age took their business to new heights, such as Mark Zuckerberg (founder of Facebook) or Matthew Mullenweg (founder of WordPress), or the feeling that the style of life and work is changing so fast, that it might be easier to make a company happen, than find your next job.
Probably this could be one of the major reasons why there are many Indian young entrepreneurs who are making news through their businesses. Take for example the case of Sridhar Vembu, the man behind the success of Zoho a software development company that has become a household name now, and a company that gives tough competition to MNCs like Google and Oracle.
Vijay Shekhar Sharma, if this name does not ring any bell then probably Paytm will. That is right. From a boy hailing from a small-town like Aligarh, Vijay Shekhar Sharma has come a long way. He pulled in the task of setting up One97 Communications and eventually established its consumer brand Paytm.
Now the question is what does it take to start a start-up. If you are enthusiastic about the concept of becoming an entrepreneur, then here are some points that you should be hovering over before venturing out.
Start with Ideating
The first and foremost step is to have an idea in mind. Do note, that the idea need not be a brilliant one, but it should be able to offer consumers something better than what they already have.
The mantra is to ‘Just Start’.
Get Sorted Legally
When starting a business, you will for sure need expert advice to stay off of the legal troubles. This is the reason why ensure that your business idea is backed by an attorney’s expert instruction, as your business needs more help, knowledge and professional skills that you as the owner will not have time for.
Prepare a Clean Budget
One of the common mistakes that usually start-up owners make is thinking that as long as they have a chunk of money, it will suffice as the capital for the business, and they are good to go with starting up the trade. This is a wrong notion.
It is very important to have a detailed budget in place, and if you are not an expert in it then enlist the help of someone who is.
Conclusion: Starting a start-up firm is more like a race, the faster you are, the better are your chances of a big win. Therefore, start researching now, and build something that your consumers would love to own.