What is a startup? What are someImportant Facts to Consider About Startup
An entrepreneur should choose the business idea carefully. An idea should genuinely salve some pain points of the customers. An idea should be validated in the market before an entrepreneur starts working on it.
Building a business is a marathon and not a sprint. It takes 10-15 years to build a successful company. Entrepreneurs should be aware of this fact and hence they should be passionate about building the business. The life of an entrepreneur is full of ups and downs and there one should be passionate enough to face the challenges.
More than the IDEA, it is the execution that makes it successful. An entrepreneur should be able to attract the right talent and build a team to work on his idea. An entrepreneur should bring complementary talent to his team and provide the right culture to build the business.
Before you embark on your entrepreneurial journey, know your strengths, and choose an idea that is aligned with your strength. However, this is not a necessity, but increase your chance of success.
During the initial days, you will be either withdrawing no salary or a modest salary which can satisfy just your basic needs. This phase will be very challenging and hence keep yourself ready for it.
You need to understand various legal compliance with your business. A non-compliant business will not attract investors and in case you a caught, you will be charged a hefty penalty.
You should use various tools that make you effective and efficient.
Find a Mentor:
A mentor is one who has been there and done that. A good mentor will compliment you on your startup journey. Surround yourself with good mentors/advisors and you will end up making fewer mistakes.
You need to understand finance and how your business can be financially viable. No business can survive if it is not built to make money.
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