The Initial procedure of your Startup is Depicting your idea as a Business Proposal.This proposal may contain all the prime factors of your venture like business goals & policies,Target time for the goal,marketing schemes,Profit & Loss calculations Capital, etc.
Some Business Proposals may also include in detail about:
- Business Summary including prime factors.
- Business Outline including Legal Outline,Business nature & purpose,Business location,e.t.c
- Financial framework.
- Operational Structure and the Product & Service details.
- Details of the management wing.
- Market analysis and scrutinisation of the market competition.
- Ultimate output and gains.
Need a striking start?
A venture can have a striking start with a striking name.Its a prime priority.What all should we consider while drafting such a name?
- Choose a name suiting your business.
- Consider the keywords and avoid long names.
- Choose an easier and understandable one with a meaningful psychology.
Initially building a startup idea & startup venture is a very complex task.But not only this idea building matters.The individuals who are there to support you and your venture should also be keenly choosed.
How to Fix your Great Co-Founder?
The prime factor is that such a person should have an opposite skill set compared to you.This will give best outputs in different sectors as you both can yield a combined effort.If your Co-founder and you are efficient enough in different sectors then count of staffs can be reduced and thus the expenses will be less.
Factors to be considered for choosing a Co-Founder is:
- Talent: The individual’s talent is a prime factor.If it is complementary to yours then it is more beneficial to reduce the staff count.
- Character: The Co-founder’s character should match and work out well with yours.Owning & managing a business is a hectic job including ups and downs.So it is important to have a smooth and supporting relationship with your co-founder.
- Faith & confidence: For a successful end you both must have a strong relationship build with faith & confidence.
- Morality: Morality is an important factor,which you and your partner should maintain. Without moral values great losses can occur to each other.
How to find your Co-Founder?
After analysing the required characteristics of a partner/co-founder,you will be doubtful about how to choose them.Let us see how can we find it:
- Figure out from your contact circle.
- Search for co-founders at commonly conducted events , summits or groups as you do for investors .Especially Startup India Hub is a right platform.
- Social Media Platforms,websites e.t.c also can help you out for finding an appropriate individual.
What about having your friends as your Co-founder?
It’s an exciting matter to have your friend as your co-founder.But there are some hidden risks in it.
- Initially you believe that you can understand your partner very well and work smoothly.But when the work proceeds,complex situations encounter and there may arise conflicts.You may then rethink your decision.
- Discussions with your friend may turn to a friendly conversation.This may lead to consider situations lightly,even money or business matters may be taken lightly and yield drastic losses.
After Co-founder?Build your wing!!!
Success lies in each and every individual putting effort for the purpose.So its a keen procedure to build your wing.How to perform this complex procedure of building your wing?Let’s check:
- Analyse yourself: It’s better to analyse yourself before moving to build a perfect wing of individuals.Self analysis can reveal your strengths & weaknesses and help you to build your wing accordingly.
- Sketch out the Required Roles: Apart from the individual and their skills,it is important to know that the role is required or not.Interns are a perfect recommendation.
- Accept a Startup culture: Accepting a Startup culture is a required factor. As startups in India face shortage of money or limited amount of income it is obvious that payments may not be prompt and will be delayed.Hiring skilled candidates with low remuneration is a vibrant task.
- Recruiting and staffing: From a wide range of candidates it is important to draw a hiring strategy and maintain the recruitment and staffing procedure stably.