When is the right time to begin your start-up

Posted on October 07, 2019

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These days it feels like everyone has a start-up idea they wish to bring to life. And yet, most people remain wary due to the well-known statistic that 90% of start-ups fail within the first five years. While the path to start-up success is filled with challenges and questions at every step, today we aim to answer a big one. What are the signs to identify the right time to launch your start-up?

The skills

It is a long road from having the idea to celebrating your millionth customer with your team in a fully furnished office space. To go from idea to implementation you will need to gain the right amount of technical and interpersonal skills along the way. Some common skills you will require are:

  • Leadership and management skills.
  • Critical thinking and problem-solving skills.
  • Proper accounting and bookkeeping knowledge.
  • Basic web development knowledge.
  • The ability to strategise and build an effective business model.

While you don’t need to be a master at all of these, you do need some skill or experience in each one. Launching a start-up is a multi-faceted job. It is better to be prepared for any eventuality than to be lacking in a time of crisis.

The revenue

Launching and sustaining a successful start-up requires time, effort, skill and money. The most common reason for the failure of start-ups is running out of money to keep the business running. You can address this issue by conducting market research, speaking to industry leaders and calculating one-time costs and ongoing expenditures. Decide on whether you will need to rent a furnished office in Mumbai or if a coworking office can get the job done. Identify and plan for costs, building revenue as you go along to support your business through the first 12 months at least.

The right team

Most businesses focus on creating the best business strategy instead of thinking about the team executing that strategy. Your business strategy is only as effective as the people executing it. To build a dependable team you need to look for:

  • Prior experience.
  • Compatibility with others.
  • Passion and potential to grow.
  • Dedication.

An experienced and balanced team can adapt and deliver their best even in a pinch. The right team might just be the most important part of the preparation process.

No two businesses have the same journey. With a start-up, there is always a fear of the business shutting down. Get used to making decisions even without the required information, learn from your mistakes and continue moving forward. If you can concentrate on work and tackle issues head-on even on the bad days then you know that the start-up life is the one for you.

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