Ready to launch your startup?
You are a student? Attracted by the startup ecosystem? You’ve asked yourself if you wanted to get in there? We are going over the steps of launching your own startup. Some tips for you as well as the important questions to answer beforehand.
Step One: One question for you!
“Launching a startup?” Yes or no answer, quite simple but big implications. The first one you ask yourself before diving head first in this exciting adventure of creating a business from scratch.
The will to build which pushes every entrepreneur. Confidence in his ability to avoid the many obstacles he will encounter on this journey.
Meeting and communicating with proven entrepreneurs about their own experiences and gather valuable advice from them.
Add to the mix some introspection. You have to be aware of your flaws which in turn could be the cause behind the failure of your startup.
Step Two: Yes please!
Now that you have answered the question with a big YES, imagine the adventure that you will embark on. Entrepreneurs, forget about working 9-17, you will not clock in and clock out from work. You will be wearing many hats. Finance, recruitment, business development and some marketing on top of that. As the founder, you will also be in charge of setting goals & milestones for the future of the company. Whuuf!
Step Three: Choose the perfect team
You must have heard of the cofounder! The choices you’ll make to assemble a team will have a tremendous impact on how your startup is performing.
Recruit complementary people who will fill the void you have skillswise.
You can also look at the different structures that can provide coaching and support such as incubators and accelerators, which are great options for you to get help.
Step Four: My product is different
What makes what I propose different from the other offerings in the market. What added value do you bring to an already existing product or service. Market research is key in identifying the gaps in the competitors’ offerings.
Your launch period is going to be the real test as you confront yourself to customers and users (early adopters) who provide very valuable feedback for you to evolve and improve what you are selling.
Step Five: What about money?
Launch a startup require some funds. Nothing extravagant but the goal is not to go through your savings and end up with nothing because it did not go as planned. Why not receive unemployment allocations when starting, start working part-time with a paid occupation on the side. If the project is not an immediate goal but for a little down the road, putting some money aside (5000-10000€) is most certainly the best way to have some capital when launching.
Step Six: 90% chance of…
Failure, yes, so only 10% of success. It is slim and scary. Doubts creep in on our ability to launch and make the startup grow and survive. These numbers are good to have in mind so you stay ready for every possibility. They will also motivate us to give it a 100% and avoid regrets.
Failure is not the end (heard everywhere, right?). All the skills you have acquired and developed will be very useful for your future professional career.
Our society is turning a new page and is pushing for entrepreneurial initiatives to kick off. We can hope that governments set up policies to facilitate innovation and the desire to create. Financial and logistical aids for wannabe entrepreneurs will broaden the range of employment options when coming out of school. Entrepreneurship could be the employment of tomorrow.