Startup- that’s one word which could either amaze your mind and soul to the core or compel you into sobbing down on the floor. Yes, successful startups are something that could help you rake in millions in a short interval, or could decimate you, crush you and keep you financially indebted to the core. In India, the city of Bangalore is regarded as the Mecca of Startups. Thousands of entrepreneurs fly in from different parts of the country to test their entrepreneurial qualities in a fast-paced environment of the likes of Bangalore, but the only handful of them find themselves making a major cut. So, the question arises, How to start a startup in India? What’s the plan ? What all measures ensure the success of a startup in India?
How to start a startup in India?
1. Place your Ideas under the hammer
Paytm, Ola, Facebook, Flipkart and many billion-dollar startups are in fact a product of a tiny piece of idea. An idea that changed a billion lives. You must constantly push yourself to new limits before finalizing down on a particular idea. Make yourself stand out from the crowd. Form a USP of your own that will attract the customer in large number to tour stores. Once you’ve finalized on your idea, develop a prototype which could highlight the pros and cons associated with your model. Prototyping in the form of pictures or diagrams or any other form of representation could, in fact, help you attract investors for your idea in the long run.
Testing could perhaps make or break your dreams of making it big in the entrepreneurial world. You must be open for whatever criticism or feedback that would be passed onto your product. And believe me, there’s absolutely nothing that you can do, but innovate your model or idea from those critical opinions. So, don’t get disheartened in case your idea doesn’t get the consent of others
2. Focus on Product, Team, and Traction (PTT)
Once you a get a green signal for the proposed idea or model, start working on developing a test product. You must make sure that your product or idea is unique in it’s working, and not a copy paste of somebody else’s efforts or you could land up in serious troubles. Also, in order to develop the prototype, you will have to spend in some serious chunks of money to get it shaped in the desired manner. Focus more on the prototype stage as it could either bring in loads of interested investors to your model or compel them to shoo off from the very instant.
You will have to make very wise decisions while roping in the right set of people for your task. You can’t do each task on your own, you need the support of some highly professional yet trustworthy individuals who could be relied upon during the course of development. And don’t forget to take in the help of legal consultants, as there could be chances for you to get into some form of trouble or copyright claims if someone gets a peep on your work.
This is the stage where you devise strategies to get more people into your product. Your product’s worthless if it possesses all the required features, yet, it ain’t under the public supervision. Being able to reach out to the target audience and fulfilling all their needs doesn’t happen in a fortnight’s interval. Reach out to the public through online and offline channels, and keep an eye on the conversion statistics.
3. Sell Yourself
Prepare an elevator pitch that sells you within the 30 seconds interval to the potential clients and investors. You might find yourself in a very uncomfortable situation without a proper pitch ready by your side. Summarize all the important points related to your product and spill out in that 30-second duration.
Now, this would require tremendous practice from your end before finalizing on a perfect pitch that could sell your product in a minute. And don’t forget to be prepared for the set of questions that would be put up to you regarding the model.
4. Where to get the funding from?
It’s perhaps the most crucial step when it comes to starting a startup in India. Without the backing of any investors, you would be in no situation to place a step ahead in your entrepreneurial dream. But there are different financing stages in the world of startups that one must be aware of.
They belong to the category of people who themselves couldn’t set up a startup, but, are emerged highly successful as the investors behind various startup operations They rely more on their guts, and could give you some headaches in the process of establishing a startup, but , their help could prove as a blessing for the newcomers.
They are the ones who harvest their money into the startups and are quite easy to convince. Though there isn’t any major sum involved while working with an angel investor, one must try to refrain from using too many angels to fund a particular model as it could arise few complications.
Super Angel Investors
They work similar to angels, the only difference being their amount of investment. Super angels tend to donate greater chunks of money for the startup purposes and could even provide numbers in the range of few crores.
The startups could also go in for the services offered by the small organizations or firms, but, in such cases, there’s a huge possibility of being a subject of high monthly interest rates.
Many times, it’s the government which takes up the responsibility to aid the startups at the time of distress. For instance, if your startup is about “cleanliness” and aims to provide some “eco-friendly measures” to ensure the same, then you can surely take in the Government’s help in such case.
I guess now all your doubts pertaining to how to start a startup in India would have been cleared. Your dream of running a successful startup in a country like India could turn into a nightmare if the steps aren’t executed in an orderly fashion. Be prepared for the challenges that would crop on each and every step. Have your eyes and ears open for the feedback that would be passed onto your work. If you have the right product that could match the customer’s need backed by a powerful and confident pitch, mark my words, no power in this World will be able to stop you from achieving success