Starting a business is both exciting and scary. It often feels like there are 1,000 things to get done all at once. You might wake up to a new challenge every day, but despite all this, if you have decided to take the plunge then here is a list of a few things you should do before taking the big step.
1) Do proper research
The most basic thing to do before starting a business is to do your research. You have to make sure you have a proper understanding of your industry, your competitors and your target demographic before starting a business. This kind of detailed research will give you an edge over your competitors and a chance to dominate the market. Talking to some industry experts and reading relevant books are some things you can do in this respect.
2) Write a business plan
Now that you have a proper understanding of your industry, it is time to write a business plan. According to experts, writing a business plan is the first real step to starting a business. Not only does this show commitment, but also gives you answers to some challenges. Also, a business plan is the first thing any potential investor is going to ask you. A business plan should consist of a proper explanation about your business venture, where you are planning to take it in the following years and all the finances you require to get there. It gives a potential investors an idea about your expertise in that particular field.
3) Deal with all the legal aspects
Now before you can get your business going, you need to deal with all the possible legal aspects and get them out of the way. Talk to a lawyer and check if your business is permitted in your country. Then apply for a license to start that particular business and then get your business registered with the government. This will give your business an official recognition and rule out any possible trademark claims, along with keeping your business protected.
4) Raise Capital
Starting a business requires a lot of money you probably won’t have right away and therefore, you should seek capital. The first to do is write down how much money your business needs to start and how much will it need in the future. When you get an idea about the expenses, it is easy to seek capital. The most common source for seeking capital is friends and family. If that is not enough, then you will have to find potential investors and capitalists. Business loans through banks and small business organisations can also help fund your business.
5) Search For Employees
Now that you have your finances ready, you need to look for potential human resources which can get your business going. You will initially need a handful of people who can get your company’s product or service to the market. After your business gets to a stable place, you can hire more people depending on your requirement.
Being a business founder can be an extremely tiring. If you are not fuelled by passion at every step of the way, your job becomes extremely hard.
If you are a newbie who is looking to start a business, we hope this list helps in some way. If it does, comment below and let us know.
Traits To Look For In A Co Founder
When starting a business, it is always better to have a co founder. Finding a perfect co founder is a very important task, as your company’s future and fortune depends on that person. Let’s discuss some specific traits one should look for in a co founder.
Traits to look for in a co-founder
1) Complementary skills
Not all founders who start a business have all the skills required to transform the business into a success. Hence, it’s always better to have a co founder who has the skills you lack. For example, if you are a programmer, it is a good idea to find a co founder who is good at marketing. This way, one founder can work on creating the product while the other can work on selling the said product. Therefore, a partner who complements your skills is perfect for your startup.
When it comes to business and handling a startup at a founder’s level, there are many ways to embezzle funds from the company. Apart from money, there are many ways a person can violate ethics and rules which can damage the business permanently. Hence, it is wise to find a partner who is one hundred percent honest and whom you can trust with every aspect of your business.
3) Shared passion
A co founder who is honest and has complementary skills is quite important. However, another important trait your co founder should have is the same passion you have towards your startup. It is important to find a co founder who understands your passion behind your company and shares the same vision towards the future of your startup. It can be quite expensive to share a huge percentage of your company with someone who can lose interest in it quite easily.
4) Adaptive and flexible
Running a startup can be quite stressful. One may commonly face many rough times in this field. So, it is good to find a co founder who is comfortable with conflicts and can adapt to any kind of situation the company faces. The co founder should also be flexible and be able to do anything required for the company at any given period of time.
5) A desire to learn
Lastly, the perfect co founder should always have an eagerness to learn new things. People who excel in the field of entrepreneurship are the ones willing to learn. The desire to constantly improve is a strong skill, when it comes to the growth of the company in the right direction.
Starting a company can become difficult and having a co founder can make it less stressful.
What other qualities are important in a co founder, according to you? Comment below and let us know.
How To Avoid Entrepreneurial Burnout
Entrepreneurship can be a very satisfying job. Owning your own business and working on your idea is fulfilling to many people. However, being in charge of a company comes with many difficulties, especially if you are just starting out. One of them is occupational burnout, which comes from unresolved, work related stress. Hard to diagnose, burnout is very common among entrepreneurs and if neglected, can lead to other serious problems like mental and heart diseases. Let’s look at some ways in which one can cope with entrepreneurial burnout and still remain productive at work.
How to avoid entrepreneurial burnout
1) Set realistic goals
In the entrepreneurship field, the result of a new venture is uncertain. Sometimes, setting very high and unrealistic expectations for oneself and one’s company can easily lead to disappointment, if the entrepreneur fails to achieve the goals. Disappointment leads to stress, which eventually leads to burnout. Setting some realistic goals is necessary to remain focused on the task and avoid disappointment. For example, launching a product in just 2 months when it requires 6 months to get ready is unrealistic and will lead to overworking and stressing out.
2) Maintain a balance between professional and personal life
Many new entrepreneurs fail to draw a line between their professional and personal lives, which results in them getting burned out pretty fast. Establishing a boundary between these two is important to work efficiently. A break from professional responsibilities helps in getting some relaxation. A balance between your professional life and personal life can be achieved by setting up some rules, specifics of which vary from person to person and following it religiously.
3) Change your routine
Following a similar routine day after day will inevitably lead to burnout. Having to deal with a similar task and similar people on a daily basis can sometimes become frustrating and stressful. Entrepreneurs can avoid this by making some minor changes in their daily routine, like working away from their normal setup or handing away certain tasks, which are stressing them out, to someone else.
4) Talking things through/venting out
Sometimes keeping all the stressful things bottled up inside can lead to more stress and frustration. Venting them out in a healthy way to one’s family, friends or therapists is a good way to cope with burnout. Venting your frustration out is good to take pressure off one’s mind and keep them relaxed.
5) Taking a break
While the thought of a break from work can be tough for many entrepreneurs, it is the ultimate solution to avoiding burnout. Sometimes taking a temporary break from your work and spending time doing things which relax you is a great way to avoid burnout. Read a book, play sports, or cook—whatever it is which helps you calm down, take a break from your work and do it to ensure you stay refreshed and are not burned out.
With burnout becoming increasingly common among entrepreneurs, it is important to cope with it or avoid it all together to remain interested in your work.
If you have any other tips about how to avoid entrepreneurial burnout, comment below and let us know.
How To Strengthen Cybersecurity Of Your Startup
With the rise of malwares nowadays, it has become very important to have a strong cybersecurity plan, especially for startups just beginning their journey in the business world. As a report suggests, almost 43 % of cyberattacks are focused on startups and small businesses as they are more vulnerable to security breach than big corporations. If your startup is working in such an environment and has limited resources to protect itself from security breaches, these tips can help you secure your data online.
Tips to strengthen the cybersecurity of your startup
1) Start with the right plan
It’s always easier to start with the right plan and to get your basics right to help you secure your startup. By identifying the important information valuable to your startup and keeping it separate from public information, one can avoid losing important information due to major security breaches.
2) Securing cloud storage
Startups use cloud services like Dropbox and Google Drive to store important data about the company. Sometimes, they fail to recognize the risks of backing up data in this manner. Even though the cloud services take extra steps to secure all the stored information, it is not completely secure from hackers. Installing advanced and internal firewalls as well as intrusion detection system are some simple steps one can adopt to protect their startup’s data. Some of the best cloud firewalls in the market right now are CloudFlare WAF, Amazon Web Services WAF and Sophos XG Firewall, which are easy to use and offer multiple security features.
3) Use stronger passwords
Sometimes, instead of using advanced software to hack into a startup network system, hackers just type in passwords to get access. It is wiser to set up passwords with multiple special characters and to avoid using the same password for multiple platforms, to keep your network system protected.
4) Two factor authentication
Using multiple factors to log in to the system is a clever way to protect your account and information from security breach. Two factor authentication helps in verifying the identity of a user, usually through password and a second factor like SMS verification. Two factor authentication can be used anywhere from protecting your email accounts to your Dropbox account and more. Many Companies like Google, Apple and Microsoft provide this service, which can be used by any startup to ensure its online security.
5) Educating the employees
It is a good idea to put the employees of a startup through a cybersecurity training. The training can be about how cybersecurity works and in which direction it is headed and most importantly, how the employees can contribute to protect their organization from security breaches.
With the cost of data breaching expected to increase to $ 150 million by 2020, it is important to take every precaution available to save startups from losing money and time.
If you have any other tips about strengthening the cybersecurity of a startup, comment below and let us know.
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