Hi everyone! We’re back with another piece on our ongoing series on start-ups and entrepreneurship. Last week we wrote about coming up with workable ideas and the drawbacks that one initially faces when starting up your own firm or business. This would’ve given you a firm idea about the dos and don’ts regarding start-ups, but wait, there’s a lot more you need to know.
Being Ready with the Idea: A Word of Caution
Sure, by now you probably have a great idea in your head and think, ‘I’m all set to begin, all I need to do is flawlessly execute my idea’, right? Well, like you, there are people out there with great ideas, some might have occurred as the result of spotting a flaw in the system or figuring a way of doing something in a better way.
There are a couple of things you need to do right to get your house in order, consider these to be your guiding mantras throughout your career.
The ‘Workable’ Great Idea
Remember what we told you about The Idea? There are a couple of things you need to consider regarding ideas. Are your Ideas, Workable Ideas? Can they translate into a successful business plan given that you receive funding and the manpower? And will the business venture sustain itself over a long period of time? These are questions that need to be addressed not only by you for your own sake, but for the funding source as well.
Your Workable Team
Second of all, lets talk about your team. You cannot succeed at a venture if you aren’t surrounded by people working as hard or even harder than you are (in which case you need to buck up) because during the initial few years your venture needs raw determination and hours and hours of hard work to reach a certain safe point i.e. financial viability. What we’re trying to say is, more than the talent at your disposal during the initial few years, you need hard working people to prop your company up.
Fire-fighting Egos in the Boardroom
Always remember that there is accommodation space for only one ego in the boardroom and that is the CEO. Every company or major firm in the world has tons of egos clashing all over the place, which is fine because they can afford to do so. What cannot take the ego clashes is your tiny startup firm, which could collapse. Leaving the attitude and egos outside the door must be absolutely necessary.
Evolution of the Original Idea
Also, don’t fret or panic if your original idea isn’t what you actually end up implementing. Right from Apple to Microsoft to dozens of other firms, their actual business model could be the result of ideas that come by along the way and could radically differ from the one you initially thought of.
The Basic First Steps
You will need to register your company with the Registrar of Companies (ROC), which comes under the Ministry of Corporate Affairs.
The following links ought to help you-
- Finalize your team and assign them initial work portions.
- If you are unsure of how to go about setting up the basic fittings, take help from someone well versed in office mechanics.
- You needn’t rent out an office space immediately, any workable space, be it your home, will do.
Always remember, luck will surely come your way. How you choose to deal with it and how prepared you are, is what differentiates your startup from the rest of the pack. Good luck!