Innovation does not entail merely coming up with a good idea. Instead, it needs persistence and perseverance on the part of the founder(s) to pursue their idea and make it into a reality. All the startups that are now successful started with great ideas and there is no reason why you can’t do the same. Here are the five key steps that are integral for a successful startup:
Work hard on Research
Research is important for projects and startups. While the fact is well known, a surprising number of people generally neglect this part. Enticed by the vision of a startup that grows at lightning speed, some entrepreneurs are in too much of a hurry to get started with the “actual work”. What people don’t understand is that research is the basis: it allows for better understanding of the product you are making, the audience you are target and generally and what kind of a future life you are signing up for if you commit to working on the startup. Make sure you work hard on your research. It will be time consuming but eventually it will be worth your effort.
Come up with a Business plan
Once the research is done, start putting your ideas on paper in the form of a coherent structure. Your business plan will change a lot as you proceed with work but you should get started with it right in the beginning. This can help you convey your ideas efficiently to people around you and thereby get their input on your startup. To get started you can consult the various business plans on the webs and can then improvise to suit it to your business.
Find investment sources
Investment sources are a major problem for most startups who find that lack of funding is a major buzz kill. It is generally a good idea to apply for startup accelerator programs or startup incubators as that takes the edge off the funding problem. Such companies can provide an initial stipend that can help you go on. However, the selection criteria are generally tough. This means that a lot of potentially good ideas are still left without any support. One way to deal with the problem is to ask for loans from within the family. You are more likely to succeed with this step if you have followed the two above. Another good idea is to start with small loans and inject them slowly in the business. Instead of attaching a large value to your startup right in the beginning, focus on starting small and slowly growing into a big, successful startup.
Start with a Proof of Concept
If you are working on an idea, start putting it into a tangible form so that you have something to show for the work you have done. If you are developing a product, build a prototype first. Generating a few prototypes of your products is a great way of gauging the audience’s response and then integrating better ideas in the final product. This can help you understand how you can improve your product, reach out to your audience and therefore set up a successful startup.
Prepare a Memorandum and work on Legal requirements
As a startup, you will be approaching your investors with an idea. Make sure that when you go to them, you can back up your idea with a strong memorandum. Get legal help in defining a proper business structure for your company. Come up with a plan for your business and well as the terms you are offering your investors in your memorandum. Remember, no investor will inject any capital into your business if your attorney hasn’t drafted an operating agreement.
The main thing to remember is that slow and steady wins the race. Do all your ground work if you plan to build a big building on top. Hard work and diligence eventually pays off.
The AppJuice Team would like to wish all the young and aspiring entrepreneurs out there a very best of luck!
Looking for inspiration? Here are the 10 Pakistani startups that can make it big!