How to start a startup brick by brick?

When people start their business they make mistake and some make many mistakes. By making mistake they waste a lot of time doing work that is not aligned to their business or may be counter-productive. Here are a few points that can help startup to minimize their mistakes.

start a startupKnow what exactly you are doing

Doing what should and needs to be done. Startups require a lot of hard work and need extra time from the normal. If you do not enjoy what you are doing or things are unexciting you will lose all motivation for doing it in a short period of time.

Starting from a point you should know what solutions you are building that will solve the problem. Be crystal clear what you are doing. Your market size will depend upon the people who are facing some problems; more the number of people who are facing a specific problem, larger will be your market size.

Your startup should be a solution provider

Successful startups are those which are built around the solution to a problem. Do not create solutions for artificially created problems. Being a startup founder you should not have a narrow vision.

Most of the startup start with creating something but end up finding solutions for something else after few failures and trial and errors.

Team

Do not plan to go ahead alone; always have a team or at least a co-founder who will share your joys, pain, expenses, problems, and workload.

It is usually seen that college friends are the best co-founders and the team size of 2 to 3 is the best. If the team size is too big chances of splitting is more.  It can be your wife, sister and brother as a co-founder but see to it that all co-founders share the responsibility and within a certain time frame finish the task assigned to them.

Many startups try to ‘add’ big names to their company to garner publicity and create a false illusion as if it is something big.

Your core team should be build based on the character of the person and not skill sets. Skill sets can be acquired or learned but the character cannot be built. As you will be spending most of your time with your team, see to it that everyone enjoys and is joyful in the work they do.

Funding and finances

This is the important ingredient in your startup that is oxygen for any startup. Never chase angle investor or venture capitalist, let them chase you. Investors value to good startups and they may be attracted towards you if they see the value. It may take a bit of a long time, but you will have an upper hand while negotiating terms and conditions. They should not interfere too much in your line of working. Another thing is you can raise the good amount in the initial phase itself as raising funds is difficult, time and energy consuming. Building your business should be your main aim and not raising money.

As regarding finance, keep as clean as possible. You will have to adhere to government rules and regulations like filing quarterly, half-yearly and yearly returns etc. so as not to get into unnecessary trouble and waste your time and energy on it. You can hire services of friendly Chartered Accountant who will advise you from time to time and will not cost much.

You may run startup on a tight financial position and hence you will have to keep all your costs and expenses under control.

Almost all startups dream to become big, but it should not be at cost of your family time, health and relationships. In the initial period, you may have to work long hours but see to it that as you progress you devote your time judiciously and have a healthy work-life balance.

A simple comparison to differentiate marketing, advertising and branding

Working with business students or with entrepreneurs one does hear marketing strategies which are explained as having an online brand, having social media, or advertising a lot.

What they do not understand is all these are part of the plan; they do not try to understand the deep and complex concept that is behind any truly effective marketing strategy.

All the above terms are different in a context of marketing. These concepts if applied personally would be something different.

marketingMarketing

The word ‘marketing’ is how you see yourself. Marketing is all about your representation you are trying to present to others. It is about the way you dress, the patterns you choose, the colors you use that is how you groom yourself. Everyone has a different strategy for it. It also applies to those T-shirt worn by someone throughout his college life which is to get easily recognizable.

Having no strategy for your personal appearance is also one of the strategies and many people do it.

One chooses an image one wishes to project himself. It can be of a sports player, a business professional, a technical nerd or anything else. By dressing up so you are communicating to others through your dress/appearance the character you like, the value you offer to others and the attributes you like the most.

First impressions are determined by appearance though one cannot admit that appearances are all that important. Impression on others can be molded and evolved later but they require the efforts and takes time on your part. It is more about how you want your company outlook to be and how effectively the consumers will accept your message and image.

Advertising

How you act in the public is advertising. Advertising describes your actions to the public. What you say is important. How you carry yourself and other attributes describe your actions. It is a part of your marketing strategy and you should have consistency between your actions and your image you want to put up with or someone to know you.

Say you are a fan of a xyz club but are wearing some other clubs T-shirt and cheering the team. Your dress up (T-shirt) and your actions (cheering up) are completely mismatched. Maybe you will make your friends angry and they may boycott you in the future.

If your business advertising strategy is not in line with your marketing methods your consumers will get confused and may turn away from you. You should not execute your advertising at a wrong place, with the wrong message, and to a wrong audience.

Branding

How others see you is branding. Labelling or branding is how business actually does. Marketing strategy should consider your personal brand and should be accessed. If your business brand is strong you have more time at your hand building it. In the case of negative publicity or reputation problems, you need to focus more on changing people’s perception or rebuilt it.

From a business point of view understanding how consumers recognize your business is important and helps you decide how you will be executing your advertising and marketing strategy.

Applying the above-discussed concept oneself creates a simple and an effective way how each of the concepts can be applied to your business.