To Startup or Not To Startup….

It all starts with an Idea… So you have one but an Idea itself is not going to make you successful. You need to convert that idea into a successful business. It takes hard work, right team, correct synergy and most of all money to start-up. It is said that 9 out of 10 start-ups will fail. With a failure rate this high, how do you make sure your business will be successful. So the big question is – Should you leave your paying job and venture out to set up a business of your own?

Well the short answer is to go through the following checklist –

  1. Are you willing to quit your job to work full-time on your Idea? — Remember this is very crucial. Most people think they can work on their idea on the side while working their current jobs but more often than not a start-up requires a lot more time and effort to get off the ground. Contrary to popular belief the founders will probably be working round the clock to get the business started.
  2. Do you have an Idea that is different and is likely to change the way a business or a piece of business is conducted?
  3. Does your Idea solve a business problem that no one else has solved yet or does your idea solve the business problem more efficiently than the other solutions available?
  4. Do you have the right co-founders with you?
  5. Have you identified other team members that would be instrumental in getting the Idea off the ground and convert it into a business?
  6. Do you have enough money of your own or access to enough money to support the start-up for the next 18 months?
  7. Do you have a team of advisers who will support you with correct advise?
  8. Have you done your legal homework including shareholders agreement to rule out any legal hurdles? — This one can be a real pain along the way and can turn out to be super expensive if legal issues are not addressed right from the start.
  9. What are the entry barriers for your business?
  10. Is there scale in your idea? — Can you grow your business to be a multimillion dollar value business?
  11. In the next 10 years would you make at least 3 times more money as a businessman than what you would have made if you continued your current job career path.

If all these questions are ticked yes, you are ready to start-up and give birth to your idea. Remember to work hard and be prepared for a hard time…

Guru mantra : Always under-promise and over-deliver not the other way round…

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