Although you feel ready to start a new business, it is necessary to take into account some issues that you may not have on the radar.
Currently in the world the subject of entrepreneurship has become a very attractive alternative among young people who have innovative ideas and who seek to facilitate complicated processes through technology.
Clear ideas, talent and small investments can lead to success for any startup, however along the way there are bumps that can lead your business to bankruptcy. What do you have to take into account to have a successful startup?
First you have to think about success but with your feet on the ground. Many view their companies as YouTube, Facebook, AirBnB, Uber and others, which are in fact great success stories, but nobody knows that there are many others, that in the attempt to create something new, failed by bad decisions, lack of Creativity or vision to the future.
If you are thinking of starting this business, we recommend that you consider the following:
A great team of entrepreneurs. This must be balanced, motivated, want to excel and, above all, very ambitious. Without a great team you will not be able to create a great company, so invest and take care of your talent!
Market research. Sometimes the market is not ready for big technology, so do not give them more than you can expect. Study it well! Timing is everything!
Growing and scalable business model. There should always be development and growth in the startup, at the beginning you have to multiply week by week, otherwise you run risk that your investors leave for not having a clear track record. Scalability is everything. If you fail to grow fast and replicate your business, chances are you will succeed but it will be complicated for you to become a great company. Control your KPIs closely!
Injection of resources. The normal thing is that every business has an investment period that can last up to several years before reaching break even. The normal thing is that you do not have that capital, but if the idea is good and you already work you can go to Inadem or contests, which will help you to test your ideas at a low capital cost.
Decision power. If you have to open your capital to external partners, worry about always accepting the capital of those who add more value, look for Smart Money.
Legal or regulatory risks. Try to be in order with your papers, as they can cause you headaches, because something unusual can lead to have great penalties and therefore loss of resources.
Have a Plan B. You must know how to answer the question: what do we do if the business does not work or is not viable? Most early stage companies pivot on business until they find the right niche. You have to be open to changing your plans quickly.
Like any new business or company there will always be risks and considerations to take into account when starting a startup, it is not simple, but experience, knowledge and personal empowerment will definitely lead to success. So do not hesitate to be part of the new generation of entrepreneurs, it may be that your idea is very bright and you really promise a great deal Success!