You need three things to find your startup: an idea, money, and a strong team. Do you have everything ready? Then get started. Here are the basics. No more excuses. Day zero of your foundation. You have been thinking about it for a long time and yet you have not started. By the way, there are some prerequisites to start with your start-up if you want to establish a financial platform, a supermarket, or a virtual betting platform as Bet22. What do you need to take the first step towards your start-up?
Before you start
Before you start, you should ask yourself the following three questions: Do I have an idea that excites me so much that I’m willing to give up my income, reputation, and free time for it? Do I have a team that supports me, and that I want to see every day? And can I get the resources needed to succeed?
Without proper execution, your idea is worth nothing.
There are many more people with ideas than founders. In the beginning, many think their idea is unique. But most of the time, there are already numerous startups with similar concepts. You just have to search properly.
Before founding, it is recommended that you think of several concepts and then decide. Evaluate and compare your business ideas according to the following points: business model, market size, national and international competitors, upside.
In parallel, also talk to other people about your ideas. This is where most founders make the first mistake: they keep their idea a secret. Talk to possible suppliers, customers, as well as potential investors and employees even before the start-up.
Skills needed to get started
One member must be visionary to be able to inspire financiers as well as employees. In addition, someone must set up processes and ensure that they are implemented and adhered to. These skills are rarely combined in one person.
So, what should you look for when building your team? First, you should ask yourself if you like the potential target so much that you can spend every free hour with this person from now on for an uncertain period. After all, when you start your start-up, you will see your co-founder more often than your (spouse) partner, your children, or your friends.
Furthermore, your team should complement you. Don’t start up with three business administration friends from your student flatmate, but rather look for someone with a technical understanding of the product. Ideally, someone in the team also has experience in the market, as well as an existing network of customers and suppliers.
Too little money
Not having money is excuse number one for why people don’t startup. I often hear that someone would like to start up, but their commitments don’t allow it. In truth, it just means that someone doesn’t believe in themselves and their ideas enough. Most founders are characterized by a portion of naivety and overconfidence. Without it probably does not go.
In any case, you need less money in the beginning than you think. It’s cheaper than ever to start a company. Next, of course, you can start attracting investors. There are numerous options here. Business angels are often wealthy individuals. Ideally, you have already known them for a long time and get your first 15,000 euros from them. You can convince business angels with ideas and enthusiasm.
Crowdfunding and crowd investing are two more recent funding options. Crowdfunding in particular works very well to mobilize early adopters and generate pre-orders for hardware start-ups. It is easier for business models with a focus on the end consumer and a product that everyone can understand.
In conclusion, as you can see, it is not so difficult to get started with a start-up. Just be excited about your idea or the challenge. Focus on one aspect of all possibilities and follow through consistently. Start now. There’s never been a better time to start.
