What Are Things to Know Before Starting a Startup?
The business world is huge and there is endless knowledge to learn but in this article, we´ll cover the most general and basic things that answers the question “What Are Things to Know Before Starting a Startup?”.
Things you should know before starting a startup:
1. Your product or service. You should have the best possible idea about what it is you are offering. If you cannot define it clearly or answer 20-30 questions about it from total strangers, friends and family, then you need to do some digging.
2. The market for that product or service. Who is your customer? Why would they want your product/service? What is your special differentiator that makes you stand out from the crowd? If you are getting into a space with other players already in there, you need to have a good idea of the share of your piece of the pie.
3. The period of time that you can use to grow and stabilize your startup. I had a great opportunity to observe a guy setup an ice cream shop in front of my residence, in the middle of last year’s winter. I thought he was nuts to do that.. but turned out I was wrong. He managed to garner so many eyeballs during the winter (just because so many people were looking at an ice cream parlor having opened in the winter) that when summer started a week ago, he started getting flooded with customers. Now he has chairs and tables all over the walkways!
4. Quite a lot of idea about how funding and your investor work. What makes your investor tick? How supportive are your investors in what YOU want to do? Are you likely to get ejected during a bad run (has happened to Steve Jobs and Bill Gates!)
5. A strong foundation in the local laws, rules and regulations of the country and environment that you are physically based in and that you service
6. Culture and mindset of your customer audience. This will make you create better advertising and marketing strategies.
7. Where and how you want to reach your customer – the location.