Thu 18 May 2017 11:05

What You Should Know Before Running a Startup

Running startups is a trend. New and new startups appear in the world day by day. Not every of them is successful, but this fact should not discourage you from the idea to create a startup and succeed.

After all, there is always a chance - and the more interesting your idea is, the better and better your work, the more real opportunities you have for success. Suppose you want to create a startup. 

Where to start? 

What do you need if you have no experience with new projects? 

What you should know to succeed in this field?

Let's talk about this.

Think carefully about your idea

Your startup idea may be wonderful and creative, but if it is not interesting, if it already exists on the market, if there are offers that are more attractive than those that you can make, if you don't have a completely unique proposition, it is better to think of another idea. It is useful to start your new ideas research with a  brainstorming practice. Think about problems existing in the field that you are interested in, and that you know well, or maybe you are already an expert in this area. What kind of products, services, or assistance could provide the brand new solution of this problem? Will this product or service be demanded by people? How realistic is it to implement this idea in practice - do you have enough money, teamwork skills and possibilities, enough opportunities for its implementation? You can make a quick list of any ideas (we've already told about different brainstorming techniques) or just sit down for a quite long time and create several big and serious ideas you are able to realize on practice.

How to Find a New Business or Startup Idea

Find a co-founder you trust

Of course, there is always the human factor, that's why any your choice may ultimately prove to be incorrect. But any startup, like any business is a well thought risk. All investors tend to pay attention to startups that have at least two founders, not just one person. It has not only a rational reason, but also produces a more solid impression. Find people you really trust and make them your business partners, with whom together you'll go along the way of your startup success. Divide and delegate your rights, powers and responsibilities, financial risks, write it down on paper, to have it on hand when necessary. You must choose people with the skills and knowledge that can help you to work with your project, idea, product or service. Just a good man - is not a profession. Any human qualities do not guarantee your success, even if they are very nice and you need them as a friend.

PodioBox: How to Run a Perfect Startup Pitching Contest

Don't take it without money

Of course, you can start it with quite small financial resources, and to rely solely on the investor in the prospective. Is it reasonable? Depends on your ambitions and your ideas. But you definitely need to have a capital base in order to convey this information to a potential investor: to participate in conferences and competitions of startups, to promote your product or service in the Internet and social media, to maintain contacts and – at least – to look respectable. You will have to invest in public events, advertising, online services managers, creation and promotion of your website and social platforms. This background is very important in order to impress potential investors as a serious project, created to live more than a single week. You can use a crowdfunding platform to raise money to create and promote your project. You can use your own financial savings and money of your friends, relatives or business partners – this is often a source of funding for many startups. You should take responsibility for financial risks in case if the project fails. This is not about negative thinking, this is about a rational and reasonable decision of an adult man and a serious businessman.

Why Startups Fail: The Most Common Mistakes

Simplicity is the sister of talent

Sometimes when the first products are being launched on the market, their developers put there all of the features that they can think of. It scares both potential customers and potential investors. Try to make the first version of your product as simple and clear as it needs to solve the problem of your potential client and to be completely clear for your potential investor. Additional options may be available at the following levels, but the best is to start with simplicity. If you want to add upgrades or options, do it gradually, step by step, making sure that you have not made a product more complicated and unclear from the first steps. Normally, if a product can be used by all and for all, nobody will use it for any purpose.

Don't expect it to be fun

Creation and launch of a startup is always a very difficult, hard, persistent work, this is not a funny journey. Don't expect that a brilliant idea will resonate and will bring a lot of money by itself in the first weeks. Sometimes it takes years and several launches to achieve your goals and to succeed. You should plan your time and financial investments to be prepared for periods of not only good times but also bad ones, you should take this issue seriously, ensure the high-quality work of your team and supporting business partners. 

Do your best to make it work. Good luck!

© Assiomatica SA

What You Should Know Before Running a Startup

What You Should Know Before Running a Startup

Posted on 2017-May-18

After all, there is always a chance - and the more interesting your idea is, the better and better your work, the more real opportunities you have for success. Suppose you want to create a startup. 

Where to start? 

What do you need if you have no experience with new projects? 

What you should know to succeed in this field?

Let's talk about this.

Think carefully about your idea

Your startup idea may be wonderful and creative, but if it is not interesting, if it already exists on the market, if there are offers that are more attractive than those that you can make, if you don't have a completely unique proposition, it is better to think of another idea. It is useful to start your new ideas research with a  brainstorming practice. Think about problems existing in the field that you are interested in, and that you know well, or maybe you are already an expert in this area. What kind of products, services, or assistance could provide the brand new solution of this problem? Will this product or service be demanded by people? How realistic is it to implement this idea in practice - do you have enough money, teamwork skills and possibilities, enough opportunities for its implementation? You can make a quick list of any ideas (we've already told about different brainstorming techniques) or just sit down for a quite long time and create several big and serious ideas you are able to realize on practice.

How to Find a New Business or Startup Idea

Find a co-founder you trust

Of course, there is always the human factor, that's why any your choice may ultimately prove to be incorrect. But any startup, like any business is a well thought risk. All investors tend to pay attention to startups that have at least two founders, not just one person. It has not only a rational reason, but also produces a more solid impression. Find people you really trust and make them your business partners, with whom together you'll go along the way of your startup success. Divide and delegate your rights, powers and responsibilities, financial risks, write it down on paper, to have it on hand when necessary. You must choose people with the skills and knowledge that can help you to work with your project, idea, product or service. Just a good man - is not a profession. Any human qualities do not guarantee your success, even if they are very nice and you need them as a friend.

PodioBox: How to Run a Perfect Startup Pitching Contest

Don't take it without money

Of course, you can start it with quite small financial resources, and to rely solely on the investor in the prospective. Is it reasonable? Depends on your ambitions and your ideas. But you definitely need to have a capital base in order to convey this information to a potential investor: to participate in conferences and competitions of startups, to promote your product or service in the Internet and social media, to maintain contacts and – at least – to look respectable. You will have to invest in public events, advertising, online services managers, creation and promotion of your website and social platforms. This background is very important in order to impress potential investors as a serious project, created to live more than a single week. You can use a crowdfunding platform to raise money to create and promote your project. You can use your own financial savings and money of your friends, relatives or business partners – this is often a source of funding for many startups. You should take responsibility for financial risks in case if the project fails. This is not about negative thinking, this is about a rational and reasonable decision of an adult man and a serious businessman.

Why Startups Fail: The Most Common Mistakes

Simplicity is the sister of talent

Sometimes when the first products are being launched on the market, their developers put there all of the features that they can think of. It scares both potential customers and potential investors. Try to make the first version of your product as simple and clear as it needs to solve the problem of your potential client and to be completely clear for your potential investor. Additional options may be available at the following levels, but the best is to start with simplicity. If you want to add upgrades or options, do it gradually, step by step, making sure that you have not made a product more complicated and unclear from the first steps. Normally, if a product can be used by all and for all, nobody will use it for any purpose.

Don't expect it to be fun

Creation and launch of a startup is always a very difficult, hard, persistent work, this is not a funny journey. Don't expect that a brilliant idea will resonate and will bring a lot of money by itself in the first weeks. Sometimes it takes years and several launches to achieve your goals and to succeed. You should plan your time and financial investments to be prepared for periods of not only good times but also bad ones, you should take this issue seriously, ensure the high-quality work of your team and supporting business partners. 

Do your best to make it work. Good luck!

© Assiomatica SA