Everyone wants to be the exception, but building a multimillion-dollar company in 12 months simply isn’t the case for the majority of businesses. Even those companies that seem like overnight success stories flew under the radar for several years before finding their big break. The startup culture is full of people who want to and try to, but just can’t get their business off the ground. Why is this the case? Much of the reason has to do with the fact that many entrepreneurs don’t know how to take their business from point A to B. Point A is that brilliant idea in the mind of the entrepreneur. B is that subsequent, hoped-for state where the business is secure, established and making money.
There are multiple aspects to be considered while starting a startup in India. Some of the steps that are required to be taken for starting a startup in India are as follows-
1. Developing an idea
The great idea is the first step towards building a successful business. Thus, before starting a startup the innovative and valuable idea shall be developed. You may have a brilliant one in a million idea, if you can’t lift it off the ground then it as gross as you haven’t started at all. An objective-oriented action will help achieve the desired result.
The biggest mistake an entrepreneur makes is that he give undivided attention to the top line and fails to give attention to the core stakeholders, that being the customers. If profit is your sole objective, then it gets harder for you to justify your ROI. The investment you made to acquire a customer ended with a single transaction, or in most cases a mere gesture. Where the customer made an effort to reach out to your establishment and then fails to recognize the value proposition.
2. Validate your Brand
Before you leap to understand the feasibility of your idea. Most entrepreneurs make the mistake of not realizing the market demand or what the customers are looking for, rather they delve and create a product that they believe is required for the market. Understand the gap, it may not be the same. The ideal solution will be to understand the market requirement and then create an MVP. Reach out to early adopters and ask them to review what you have developed. Note down their feedback, make improvements, so that the final product will meet the end customers requirements. With “n” no: of alternates available, how your solution adds value to the end user needs to be mapped with due consideration.
Your business idea should be unique, and if not it should be well implemented and should be better implemented than the overlapping products.
3. A Bunch of Professionals
Becoming an employer carries with it a lot of baggage. It may, in fact, form such a barrier that it slows down the process of your startup. Besides, few people will be willing to take the plunge to become the employee of a tenuous startup. You need to be with people who are as ambitious as you and who are ready to go that extra mile to get things done. I always believe that investing the right time can resolve any issue. It’s not that you need to be extra smart. The only difference I see is, What is that project for you? How successful you want that project to be?
If you are building a team, then you need to understand that people are inspired, how you make them motivated all along the year, it’s up to you. Create a good working culture, let people enjoy every second they spend with your startup. Educate and empower them, make them accountable for that they do. A startup with limited resource, the best option is to work together to a common goal. Boss around and make people do, dam sure they will deliver what you want, but they will never take that extra step to make sure that the work will add value to the overall strategy.
4. Be patient
Success certainly won’t happen overnight, and it won’t happen for a couple years. Companies that are investing in themselves and carefully and strategically planning ahead for continued efficiency can expect to achieve profitability around their third year in business. But every company is different, and true success may take decades. Steve Jobs established Apple in 1976, but it wasn’t until 1984 that Apple got on the map with the advent of the Macintosh computer. And even then, Apple struggled until the arrival of the iMac and consumer products in the late 90s.
As an entrepreneur, as a leader and as a startup founder, it’s critical to know the difference between a great idea and a great company. So decide now that you’re all in, and don’t give up when the going gets tough.
Starting fast doesn’t mean that you should force scaling. Scaling is something that happens carefully, in a measured cadence. The road to success is not easy. You need to have a strong vision to accomplish it.