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2017-08-05 12:35:50 | Legal Services

The start-up ecosystem is however fairly at its bud stage in India and also needs to learn from its global counterparts. International tie-ups are considered as a great way in order to harness the global learning in the Big Data for Indian industries. It thus also provides an excellent opportunity for the start-ups in order to connect with mentors, entrepreneurs and the investors on a global level.

Startups are also full of promise and excitement, but when we look closely , we will realise that the flip side is that , they’re also full of risk and uncertainty. There are thus a lot of great ideas out there that somehow thus never get off the ground, and, also conversely, there are plenty of questionable ones that can also become massive successes.

The purpose of this article is to make the reader aware of the key points which the startups should consider in order to move forward .

Thus , here are a few of the most valuable lessons which one should learn in the process of creating an AirBlade, building the rink prototypes, and then launching their first kickstarter:

1. Expect the challenges : Launching a new project is thus considered as extremely challenging The early days of a new idea are however consider as exhilarating and also exciting. But as one starts making those ideas as a reality, one will also be met with the constant challenges.

2. Expect more challenges : The farther down the road to the success which one would thus get, the bigger would thus the challenges become. One must also plan the best which one can, but the best preparation is one that however allows in order to stay nimble enough in order to tackle each new challenge as it thus comes.

3. Don’t shy away from the expensive projects, either : Constructing the rink prototypes was thus a lot of work and it was also expensive. But creating something new thus always takes time and also money. One due diligence, but one also doesn’t let a hefty price tag which will be the only thing which is standing between him and success.

4. Listen to the smartest people : One must also bring in people who are however smarter than them and should actually listen to them. It however takes many roles in a company in order to make it a success. One must Find the talented people with the expertise in different areas of their business, ask them for their insight and the advice, and then listen to them. This will take one further than he think.
5. The idea
The strength of the founder's idea might however seem to be the biggest factor which is responsible for a business’s success, but it’s thus really only a small element of as to how things might turn out.

6. The leader(s)
Leadership is however considered as important in startups. Leaders however make the decisions, set the vision and then inspire people in order to work harder for a group’s goals. One must put an incompetent leader in place, and then not only would the high-level decisions be made less effectively, but the morale of the group could however be put in jeopardy. On the other hand, a skilled and an experienced leader can also turn even a weak idea into a successful one.
7. The team
Entrepreneurs are however important, but they thus rarely accomplish great things alone. Successful businesses however employ anywhere from a handful to the hundreds of people, and those people will thus be the ones who are however maintaining the business, driving innovation and then executing the high-level goals.

8. The capital
Working capital is however important; so are one’s early stages of his funding. One must not panic if one can’t find an investor -- personal and the familial investments are the possibilities. And one must not rule out the possibility of opening the line of credit. Once the credit is secured, one must also remember in order to keep an eye on the cash flow: One wrong move here could thus put the cash into a negative territory.

9. The plan
The plan is required to involve which is more than just the core idea. It also includes their goals, their targets, their operations and more. Everything which is written down in one’s business plan however counts as part of his “plan,” and the degree to which one had researched and has fine-tuned his plan will greatly affect the chances of an eventual success.

10. The execution
That being said, a plan is thus only as valuable as its ability in order to be executed. If one has a great plan, but one must botch its execution, his entire enterprise could thus be compromised. On the other hand, if one has an adequate plan and then execute it perfectly, one will however have a solid leg in order to stand on and also a key understanding of what did and didn’t work from the original concept.
11. The timing
Timing is thus important from a competitive perspective, and it has also led many businesses to their prominence despite of a chaotic and a busy market at their time of entry.

12. The crisis response
No matter how one will plan or either how hard one works , something is however going to go wrong for sure . How one would respond to a crisis is thus far more important than how likely one is to avoid one. One poorly treated crisis is thus all that it takes in order to put a company under, so one must always think carefully about the response plan.
13. The marketing
How one packages and markets his business matters. An inferior product that’s thus branded in a more appealing, exciting, and a unique way will thus always outsell its superior product that thus happens to have plain and a non-memorable branding. This point may however seem superfluous, but it also critically affects the customers’ buying decisions.
14. The growth
Finally, the path which one chooses towards the growth plays a significant role as to how one ends up.One must grow too fast and one would stretch themself thin. One must grow too slowly and would also never get anywhere. So, one must find a balance, and should then treat the growth carefully.

Ultimately, in order to succeed as an entrepreneur, one is thus required to be willing in order to tackle the challenges head-on and should not get deterred by the huge barriers that tthus stand in his path. If one knows that going into it and one is willing to fight, one is already ahead of the game.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.

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