Putting a strong foundation in place is the key to growing a Startup: A guide for beginners

With the changing times, there has been a huge advancement in the number of young people taking an interest in entrepreneurship, which accounts for the soaring number of startups. Startups could now possibly be considered as a primary way of providing services and products to anyone. A startup basically means any type of entrepreneurial venture that is built to be scaled up quickly. When somebody first launches a business, they have the intention to work hard and make it a success. However, only a few retain that strength and resilience to let the business grow gradually.

Growing a startup can be a challenging and exciting journey. To begin with this journey, one needs to have patience, compassion, determination, and dedication towards whichever industry they choose.

To increase the chances of the startup being successful, following these 10 essential steps is key:

Before you start your venture

1. Find your passion

• Start by identifying your passions and interests
• Look for gaps/needs in the market that align with your skills and expertise
• A startup driven by passion and purpose is more likely to succeed

2. Conduct market research

• Research your target market, potential competitors, and industry trends
• Understand your customer's pain points, preferences, and behaviours
• Use your research to refine your ideas and identify opportunities

3. Validate the idea

• Before diving in, make sure there is a market need for your product or service
• Conduct market research, gather feedback from potential customers, and validate your assumptions

4. Create a solid outline

• Outline your business goals, target market, revenue model, marketing strategy, and financial projections
• A well-thought-out plan will serve as a roadmap for your startup's growth

5. Build a team

• Surround yourself with skilled and motivated individuals who share your vision and can contribute to the success of your startup
• A cohesive team with complementary skills is crucial for growth

Starting your venture

6. Develop a viable product

• Instead of trying to build a perfect product from the beginning, focus on developing a minimum viable product (MVP) that addresses the core needs of your target audience
• This allows for quicker iterations and valuable feedback

7. Comply with legal requirements

• Understand the legal obligations and regulations related to your industry
• Comply with all legal and regulatory requirements relevant to your industry
• Ensure your startup is compliant with all applicable laws and licences

8. Establish online connect

• Build a professional website and create profiles on relevant social media platforms
• An online presence is essential for reaching and engaging with your target audience

9. Consider customer feedback

• Actively engage with your customers and listen to their feedback. This will provide insights into what's working well and what needs improvement
• Prioritise the needs of your customers and aim to provide exceptional customer service. Happy customers are more likely to become brand advocates and help you attract new customers
• Based on customer feedback, continually iterate and improve your product or service
• Being adaptable and open to change is essential for growth

10. Manage finances

• Depending on your startup's needs, you may require external funding to fuel growth
• Seek investment from venture capitalists, angel investors, or explore crowdfunding options
• Explore various funding options, such as bootstrapping, angel investors, venture capital, or crowdfunding
• Determine how much capital you need and how you plan to use it wisely
• Keep a close eye on your startup's finances and budget strategically
• Efficient financial management is vital for long-term sustainability and growth

Startups are increasing at an accelerated rate in today’s fast-paced world. The disconcerting part is that startups are also declining at a rapid pace for reasons that are largely unexplored. When entrepreneurs identify their passions and strengths, conduct validated market research, build a team, develop a viable product complying with the legal requirements, prioritise online and offline marketing, consider customer feedback, and manage finances while learning from failure throughout, that’s what forms a basic outline of growing one’s startup. Any startup truly fulfils its potential only when it experiences sustenance and scalability.

About the author: Mr. Ajay Gupta is a successful Serial Entrepreneur who has successfully set up his Business Ventures in different sectors; prominently in Education, Technology, and Healthcare. He is also the Best-selling Author of the book "Decoding Business Minds", launched in the year 2001.Despite being diagnosed with 70% Locomotive Disability at the age of just nine months, he refused to let his condition become an obstacle on his path to success. Paralysed in both lower limbs and the left upper limb due to polio, he remained determined, impeccable, generous, and studious. With lofty aspirations and a deep commitment to benefiting society, he founded the NGO HHK (Hum Honge Kamyab). This organisation is dedicated to empowering disability rights, embodying his unwavering vision for a more inclusive and equitable world.