Startups are very common these days. You may have a great idea, great team, and great skill but still, some things are there which you should always remember.
Here are some things you should keep in your mind before starting your business-
1. Study your market and target customers
Always study the market, the possibility of growth of business, the time interval of growth, etc. Survey your target customer what they want.
Don’t start a business with negative survey results. If your possibility of business growth is too less don’t rely on that idea then.
2. Get legal advice
Every startup founders should consider the legal matter an important point. Before starting a business always check the copyright law, business registration, tax issues etc. If you skip them you can face problem afterward.
3. Ask always ‘Why’
Before taking any decision always ask yourself “Why”. If you don’t get a proper answer don’t take that decision.
4. Don’t listen to statistics
Yes, it is true that 95% startups fail. But don’t believe in truth always. Don’t follow statistics because that will simply demoralize your spirit. Remember 5% got success in their startup. You can be one of them. The startups which failed is because most people don’t commit.
5. Stop Wasting time on designing business cards, logos, business plans and stationery
They don’t matter right now. First, you need to build your business and after that all these matters.
6. Do something you like
Do start something which you like. Because your success will be based on your work. So if you don’t enjoy your work you can never succeed.
7. Always have a habit of learning
Don’t think you know everything and also don’t think you know nothing. In fact, you probably won’t know anything when you first start. If you don’t know anything then no problem. Find the answer yourself.
8. Your family matters most
Never give less attention to your family. If you do that it will increase your frustration.
9. Get up earlier
Make a habit of getting earlier. It will make you discipline.
10. Think about your exit strategy
Suppose your business fails then you should have an exit plan. Although this seems to be negative in nature you should do this. If all else fails, that no matter what, you should plan in such a way that you will be able to sell the huge investment that you invested.
By this, you will lose a small amount of your investment rather than the whole investment.