Find a real problem to solve (and get passionate about it)
When starting something new, the questions of ‘where’ and ‘how’ often linger in our minds. According to Jayesh Ranjan, special chief secretary of the Industries & Commerce (I&C) and Information Technology (IT) departments of the Telangana government, selecting the right problem is make-or-break for any startup. “For any startup, selecting the right line of activity is very critical. I have myself come across many startups, whose founders are brilliant but unfortunately did not do enough research and therefore ended up choosing the wrong line of activity. The result? Failure. Idea validation, therefore, is of essence,” he says.
To ensure you’re on the right track, ask yourself these questions — Does my idea solve a real problem? Is anyone else already doing this, and if so, how will I be different? Can this idea grow and thrive over time?
Once you have a clear answer to these questions, the next step is crafting a compelling value proposition. “Equally important is having a unique value proposition. In today’s competitive landscape, your idea must stand out by offering something distinct or innovative,” notes Sujit Jagirdar, interim CEO of T-Hub.
To take it further, building the right team is also essential. “Surround yourself with people who bring diverse skills, share your vision, and are equally committed to turning it into reality. A strong, cohesive team is the cornerstone of your startup’s success,” Sujit points out. Together, the right idea and team forms a powerful combination that lays the foundation for a thriving startup.
Startup blueprint
Step 1: Ideation and market research
“Start by talking to potential customers and understanding their needs. This ensures that your idea addresses a meaningful problem,” says Sujit. Write down your business plan problem, solution, target and finance. Identify your competitors, explore trends.
Step 2: Build a simple first version (MVP)
The interim CEO adds that one must focus on creating a basic version of their product to test its viability in the market. “At T-Hub, for instance, startups join our flagship programs to refine their MVPs and gather valuable feedback,” he adds.
Step 3: Tap into resources
Government and private programs offer invaluable support for startups. “In Telangana, initiatives like T-Hub’s Lab32, T-Works, and WE-Hub provide access to infrastructure, mentorship, and funding. National programs like Startup India offer tax incentives, funding, and legal assistance to budding entrepreneurs,” he notes.
Step 4: Explore funding options
“When ready, explore funding options such as angel investors, venture capital, and government grants. Telangana’s T-Angel network provides a platform for startups to raise seed funding,” Sujit expains.
Additionally, tide 2.0 technology incubation and development of entrepreneurs, Telangana State Innovation Cell (TSIC) or even few banks provide loans for startups.
Step 5: Launch, test, and scale
Launch your product on a small scale, gather feedback, make necessary improvements, and expand strategically to align with market needs.
Sujit Jagirdar says that the both private organisations and the government play a crucial role in nurturing the startup ecosystem.
T-Hub CEO’s dos & don’ts
DOs
Conduct thorough market research to validate your idea and understand the competition.
Maintain financial discipline and develop a clear revenue model.
Stay customer-centric by gathering feedback and using it to refine your offering.
Leverage resources like accelerators, incubators, and mentorship programs to accelerate growth.
DON'TS
Don’t rush into scaling without first achieving product-market fit.
Avoid neglecting legal and compliance requirements, as early missteps can have long-term repercussions.
Don’t spread your efforts too thin; focus on one core idea or offering at a time.
Never underestimate the persistence and effort required to build a successful startup — it’s a marathon, not a sprint.