In today’s world technology is one of the very important ingredient for a successful startup, but other than technology their are other things that needs to mentioned.
6 Tasks to before Starting Up:
Many Startup Founders agree to the facts that are there are other things to be taken care of other than technology. Many startups dont succedd because their business models fail or they lack administrative support or customer support systems.
Here are 6 pointers that every Startup Founder should keep in mind:
1. Even if you running a high-tech startup, you must know and explore the business side of the startup.
2. Keep yourself updated in your ecosystem and watch your competitors as they will be constantly coming with revisions in their business model and strategies to top every race. Especially with e-commerce models emerging very rapidly, it’s important that you always stay on top of the latest development.
3. Study your customers well because customer preferences change with time, especially when strategy is changed by your competitor. For example take the Taxi industry Careem & Uber after launching in Pakistan reshaped customer service for the taxi industry after it entered the Pakistani market. Careem & Uber had to make several other changes to adjust with the local market and environment.
4. A Great Leader is important for a Startup, leaders know how to take things and are jack of all trades. More importantly, a great leader must be able to create vision. For example, Founders of COWLAR and Markhor have the ability to lead disruptive innovation.
5. You need a committed team who are on the same mission as you. For a high-tech business, a management team is needed. It’s unlikely for one person to handle management, human resources, finances and production. You need professionals to head each of these important departments. Moreover, experienced resource should be there to oversee your company’s operation and show respect for their professionalism.
6. Follow laws,rules and regulations of the SECP, FBR and other goverment authorities.
An entrepreneur must have financial knowledge, worldview and Language proficiency
Entrepreneurs should develop a worldview, they should familiarize themselves with basic financial knowledge with respect to IPO so that they can communicate with investors without problems when they make a pitch to get funding. Also, they need to work on their Language proficiency. If a CEO has trouble getting his point across, he won’t be able to get people to invest in his business venture.