BENGALURU : In this day and age of continual technological advancements and relentless government support for the startup ecosystem, there has never been a better time than now. However, before launching a startup, it is necessary to have a clear-cut vision of all your concepts and plans. While an idea may be disruptive in its own little ways, there should be a well-defined purpose as to how unique their idea is and more importantly, what difference it will make to society.
The ideal scenario to start one’s own venture is to identify and address a problem that exists in the market. Once you have a disrupting idea, you need to ensure that you have a very scalable approach to it. In spite of having a unique model, many businesses end up becoming the frog king of a well, failing due to the absence of a practical strategy. In the end, one needs to ensure that they are financially prepared for their venture. In order to carve a niche for your startup, passion and dedication should come with wise spending habits.
- Mayank Arora, Co-Founder, Yes Madam
No amount of preparation is enough when one plans to launch a startup of their own. There will always be challenges that will come up during the journey, and these must be dealt with at the appropriate time. Having said that, there are a few things that can be kept in mind before you go ahead and commit to entrepreneurship.
One must have a business plan showcasing the global market, which will help generate interest from investors. Building a good, reliable, and experienced team is another important aspect. Surround yourselves with the right kind of people who will ask tough questions, be it mentors, investors or employees.
Ensure you have support on legal terms from experienced lawyers. The final pointer from me is to regularly communicate with your family about your startup as it is going to be an emotional journey, and you will need support from the family and friends. Also, ensure you have an in-depth discussion with the most important stakeholders. Understand their needs and cater your product to fit the same.
- Dr Manjiri Bakre, CEO and founder, OncoStem Diagnostics
Clarity is the keyword when initiating a starup. The entrepreneur needs to be completely clear and confident on the need gap being addressed, which needs to be backed up by extensive market analysis and research. Then comes the stage of actual implementation, which is a period of uncertainties.
Plan A, B and Cs should be put in place and personal finances also need to be sorted for a period of one year at least. Also, the entrepreneur needs to be aware of the various dynamics in places, such as legal compliances and cost frameworks. Overall, the belief in one’s idea should never waiver.To strengthen this belief, however, one needs to remain in constant connect with events in the industry, such as startup conferences and networking events. Every idea has a scope, whether through originality in conception or in implementation.
- Udit Agarwal, founderCEO, TrackOlap