Page 38 - The 10 Most Innovative Startups in Pune 2019

8 Things Every Startup Needs to Know

he startup phase of your new business is likely the most
exciting and exasperating time you’ll experience over the
Tlife of your new enterprise. Nothing beats the magic of
creating something new from scratch, overcoming the naysayers
and obstacles in your way. But equally, nothing is as frustrating
as running headfirst into a wall — which, some days, it feels like
you’re doing repeatedly when all you want to do is move ahead.
From the vantage point of someone who’s been through the startup
stage several times, here’s what everyone contemplating their own
business startup should know.
1. The
Playing 1. Known quantities, people with pull, guys with deep pockets,
Field Is entrepreneurs with proven track records, members of prominent
Never local families — the list of people who would find it easier than you
to get support (and money) for a new business could be longer than
Level your arm, depending on how connected you are. If you’re not, it’s
wise to partner with someone with connections or at least find out
who matters and canvas their support.
2. People
Will Not 2. Particular types of startups are considered to be better risks
Be Keen to than others. Banks and other traditional financial institutions are
notoriously reluctant to loan money to retail or service startups.
Give You
Money There are not a lot of business grants out there to begin with, and
very few of those available are for startups. If your startup is
suitable, participating in a business startup accelerator program
such as Extreme Startups or a government funding program can be
your best route to successful capitalization.

3. Keep
3. You won’t make any money right away. In some cases, you won’t Your Day
make enough from your new business to pay your personal monthly Job, If
bills for an entire year — and it could even be longer! You Have
The Two Main Problems of Starting a Small Business provides a One
more in-depth discussion of the problem of having to wait for the
money to start coming in when you’re first starting a business and
what you might do about it.
4. Plan
first, Do 4. A seat of the pants approach is a terrible way to try to start a
Second business. There are a lot of things that need to be done for you to
successfully launch a new business, and just haphazardly deciding to
do this or that is a great recipe for disaster. Grunt work now equals
success later.
5. No Matter
How Hard You 5. I’m sure that you, just like me, know people who border on
Try, You’ll superhuman and seem to be able to spin that many plates at a time
Never Have All while feeding a baby and dictating the next literary blockbuster,
the Expertise
You Need