Founding a startup is anything but easy work. It needs chutzpah, tons of hard work, and dedication to come up with a practical idea for a profitable startup. Leading it to success is altogether another story!
Founding a startup is anything but easy work. It needs chutzpah, tons of hard work, and dedication to come up with a practical idea for a profitable startup. Leading it to success is altogether another story!
Starting a business should be enthralling, but that’s rarely the case with the entrepreneurs of the day looking to start their startup. Unless you have the keys to a miracle startup, you will need this Guide for startup By Jared Davis to find your way to popularity and success.
- Find the solution to a problem you genuinely care about
When brainstorming a business idea, you should begin by finding a common problem all founders care about. Almost all successful businesses started with a team of passionate humans, who came up with a solution for a seemingly unsolvable issue.
For example, the founders of Airbnb came up with the idea of giving travelers a bed at night and breakfast the next morning. The idea struck Chesky and Gebbia after they set up a couple of airbeds during a busy expo week in San Francisco for the participants.
- Find support
Most startup ideas see the light of day due to venture capital funding. Unless you manage to find a spot on social media or draw the attention of the local investors in the grandest way possible, you can be sure that your business idea will age on the shelf.
You cannot solve a problem that does not exist, and you cannot create a new solution that is costlier than the ones that already exist. You need to establish some form of novelty and find some validation before you can take your idea to shop.
- Find business funding
While startups typically find financing from venture capitalists, you can find aid at local banks, credit unions, and private institutions.
Irrespective of how much you plan to raise, you need to keep aside at least 50% of it for promotions and marketing.
Bootstrapping has become exceedingly popular among entrepreneurs in 2019. However, if you decide to bootstrap, do remember to take things slowly. Do not add new departments and employees unless it's vital.
- Do not become passive
You need to take up a pro-active role in your startup. At times, owners, managers, and employees have to wear multiple hats to juggle the workload.
Comfort is a sign that you love what you are doing, but too much of it can kill the progress. You need to build your customer base each week, push the boundaries of your market, and reach out to new demographics.
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At the same time, you need to take care of your employees. The only way to gaining happy customers is by fostering happy employees.
- Remain patient
Success does not come overnight. For most successful startups, success was two to three years away from the day their operations began.
Patience is, indeed, a virtue for startup owners. However, considering the extensive no-profit phase can help you plan the distribution and use of funds in the long run.
Not all great ideas make great companies. The secret of becoming a successful entrepreneur is foreseeing which ideas might see ultimate success.
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