Disclaimer: This Article is updated by Yusra Qasim.
Many people believe that starting up a business is a very difficult and mysterious process.
Mostly people have a good Idea but they don’t know how to develop and start. In this article you will be taught how to turn an idea into a successful startup. Before we get started, one should be clear that there is never a bad time to launch your startup. Many people are reluctant in starting their own startup at tough times which gives you an edge as your new startup has a great chance in getting noticed.
Everyone has his or her own obstacles that prevent them from taking the first step. Mostly are afraid of the unknown or failure. Others find themselves in phase where they think they have to start from the scratch. People often think they have to come up with something unique to get a success, reinventing the wheel is of no use. However improving the wheel or doing something with the wheel in a different way makes room for a startup.
In Idea phase, the idea is explored and elaborated. The goal of this phase is to examine the feasibility of the idea.
Questions to be answered in this phase include the following:
- Why this idea?
- Is this idea feasible?
- What should the results be?
- What are the boundaries of this idea (what is outside the scope of the idea)?
- Does other organization exist on this idea? If yes, how can we do it differently?
Ideas turn into successful startups once people have become excited about them. To prevent the development of false expectations concerning the results of the idea, the following steps should be taken:
- A research and development project.
- A project that will deliver a prototype or proof of the concept of idea.
- A project that will deliver a working product/service based on the idea.
The world of Entrepreneurship and Startup was once full of uncertainty, chaos and failures at every step. Back then only Silicon Valley had the tools to foster the startup culture. Now we have come a long way ahead where the startup revolution is afoot and is growing tremendously.
6 Tips for the Idea Phase startups:
- IDEA: It all begins with an idea, once you have an idea, stick to it.
- BUDGET: A small budget to start out with your startup is perfectly normal. A little funding and a lot of work can still make your startup dream a reality
- MENTOR: Find a mentor, a mentor is very valuable in starting up.
- TECHNOLOGY: Use the digital tools readily available to share your product/service with the right audience.
- GOALS: Always dream big, even if seems unreasonable at the time but aim high. Set your goals and push yourself to achieve those goals. Make sure your mentors and support group is behind you.
- NEVER GIVE UP: sometimes setbacks can make you question yourself. Don’t doubt yourself and return to the plan and focus on your original goals.
What differentiates between a startup that lasts and one that fizzles out is the persistence of the dreamer. Gathering a dedicated team to support you and ones efforts to overcome hurdles is the key to launching a successful venture.