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Basic Mantras of Starting a Startup Business Everything You Need To Know


As much as the world of startups is glittering, it is also many times more hard work. If you adopt the basic mantras mentioned here before starting your startup, you will be extremely beneficial. Today startup has become such a word that almost everyone must have heard it through some means or the other. This new word has lifted many people from the ground up, given new jobs to millions of people, made them rich, and most importantly, solved the problems that we face every day. A real startup is one that makes people's lives easier by solving their problems. 

Today there are more than 80,000 startups in the country, and 105 of them have become unicorns. Unicorns are those startups whose value has crossed one billion. So it is obvious that you too must be thinking about starting a startup at some point of time, so let us try to understand today how you can start your own startup. 

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How to come up with a startup idea?

This is the first and most important stage in any startup, that is, the better your idea is, the better your startup will be. Yes, let us tell you here that merely having an idea is not a guarantee of a successful startup. For a better idea, it is necessary to have a better problem, that is, the bigger problem you solve with your business, the bigger are the chances of it becoming bigger. So first of all start searching for problems around, the problem can be anything, for which people are not able to find the solution themselves, then your idea stage starts from here, that is, the problem itself is the first step of startup. Nowadays in the era of technology, if you are solving problems through technology then the option to scale it increases a lot.

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Do lots of market research

After the idea starts, gathering information about it, the more information, the better the startup, start seeing if the solution to this problem is not already there, if so then what is lacking in it, or the previous companies. What has the company made about its product, gathering information from people, knowing where they face problems, and whether your solution is exciting them? Yes, here it is also important to know that people are ready to pay money for your solution. Or not?

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Make sure to have mentors

I have found this very special in my startup experience, many times it happens that you fall in love with your idea so much that you are not able to take any right or wrong decision about it, it is said that love is blind, So here you will need a guide, make such people your mentors who come from the world of startup, who can tell you what not to do, let us tell you that in business it is as important to know what to do. What not to do? 

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Make sure to plan your funds

It is said that 95 percent of startups do not see their second year. There are many reasons for that but proper utilization of funds and planning is a big reason. I have seen many people leaving their jobs and starting startups but most of them stay within a few months. After that they are back at their jobs. In any startup, it is necessary that you have a backup of funds of at least 2-3 years. If you are in a job, then think that if your business does not make any money for the next 2 years, then how will your work run? Make a plan for it. Because in a startup, getting funding and investors starts much later, before that you will have to make a plan yourself. Today, there are many schemes from the government which are working to support startups, do not forget to read about them.

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A good co-founder can become your strong strength

It is not impossible to run a startup alone, but if you do not have a good co-founder and a good team, then it is impossible to make it big. Many people make the mistake here, they want to do everything themselves, and for a while After this, your startup stops progressing or new ideas stop coming into it. Startup is a lifestyle, it has to be lived every day. You need crazy people like you, who believe in your ideas and are full of energy. As a founder, finding such people and enabling them should be your prime focus. So come on, if you have an idea in your mind then start, because instead of sitting in the stadium and clapping for others, it is better to play yourself, because every victory and defeat gives you a new experience. We ApkaTax can help you to register your startup in startup india registration program to nantinal idenetiy in business world. 

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The first step in starting a startup is identifying a problem that needs solving. The bigger the problem you address, the greater the potential for your startup's success.

Market research helps you understand if there is a demand for your solution, identify competitors, and determine if people are willing to pay for your product or service.

Mentors with startup experience can provide valuable guidance, help you avoid common pitfalls, and offer insights on decision-making.

Proper financial planning is essential for the survival of a startup. It's recommended to have a backup of funds for at least 2-3 years to sustain the business during the initial stages.

A good co-founder can complement your skills, provide support, and contribute fresh perspectives to help the startup grow. Building a strong team is crucial for long-term success.

Government schemes are available to support startups by providing funding, resources, and networking opportunities. It's important to research and take advantage of these programs.

Statistics show that around 95% of startups do not survive beyond their second year. Proper planning, financial management, and a strong team are essential to beat the odds.

A successful startup idea addresses a significant problem, has a market demand, a viable business model, and the potential for scalability and growth.

Leveraging technology can help startups scale, reach a wider audience, automate processes, and stay competitive in the market.

Observing everyday challenges, conducting surveys, and listening to customer feedback are effective ways to identify problems that your startup can address with innovative solutions.

Updated on: 27 Mar, 2024 | 7 min read

This is Advocate Moni Tomar working with UPH ApkaTax Pvt Ltd. I am pursuing LL.M in Business law. I have a lot of enthusiasm for life and am always looking for new opportunities to learn and grow. I am bibliophile and travel freak person.