5 Tips For Your New Start-Up Business

The Indian start-up scenario has never seemed as promising as it is today. With the widespread use of Internet, there has been what can be called as a flood of innovative ideas floating in in the market. India has now turned into that fertile land, which germinates a new start-up idea almost every day.

So, if you’re also one of the those seeds, just waiting to germinate into a start-up plant, and eventually a tree, here are a few tips from our side, which might come handy at this crucial juncture of your life.

1.     Job Backup - It is always better to be safe than sorry. No, we aren’t saying that you will definitely fail but even if you do, won’t it be awesome to have a backup career to keep your daily chores running? So, as a safety measure, try treading the start-up water, while still having your job secured, so that you have something to fall back on in case something goes wrong. There’s no point in quitting your job and then trying to go back to the corporate world again, after a year.

2.     Flexibility is the key - While you might think that you’re the next Steve Jobs or Mark Zuckerberg in the making, many entrepreneurs fail in the initial stages itself as they overthink their ideas too much and then fail to transform their vision into a reality. Many ideas are great, but it’s the implementation that is important. Never think you are one step ahead of everyone OR that you are the only one who could possibly think of an idea this great! Did you know that there are around 3000 Taxi Cab based applications in India? But all we know of is probably just Ola, TFS, Uber and Meru. We’re not discouraging anyone here, but being practical and having your eyes and ears open is always better than living in oblivion. Also, when you start something, you should be ready to accept your critiques the same way you accept your appreciators. Feedback is very important and you will get it from both sides of the lane. Accept it!

3.     Failure is the stepping stone to success - Be ready to fail miserably in your efforts. It’s not a bad thing, trust me. At least you had the vision and courage to start something new. Give yourself a pat on the back. Whenever you fail, don’t be disheartened. Collect yourself up and start again. Most of those 3000 taxi applications didn’t make it up here because they gave up. Never back down!

4.     Quality matters - Being a start-up, you’re still climbing up the reputation ladder in the market and your one wrong step can prove to be extremely crucial for the future of your start-up. So, make sure you don’t end up compromising on your product’s / service’s quality just to make that extra money. Extra money at the cost of your reputation is not a good idea.

5.     Plan - Planning is the key to a successful business. Having that well-structured plan will give you the much desired edge over others in the market. Give every aspect of the business like legal, accounting and marketing enough space in your plan building.