WHAT IS YOUR DEFINITION OF A SUCCESSFUL START-UP ?
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It is when your product is 100% ready ?
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It is when you find your 1st customer ?
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It is when you start generating daily sales ?
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It is when you find an Investor ?
Then what is the true meaning of a Successful Start-up?
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Flexible Enough To Change & Adapt With Time And Situation
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Cash Positive
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Sustainable
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Scalable
HOW TO CONVERT AN IDEA INTO A SUCCESSFUL START-UP: 10 THINGS TO DO
1. Validate Your Ideas On Paper:
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Draw a business plan
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Operation flow charts
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Market research
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Document things you discuss
2. Make Minimum Viable Product / Prototype / Trial Close:
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MVP – For tech based products
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Prototype – For manufactured products
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Trail close – For general business ideas
3. Find A Mentor / Expert / Incubation Program:
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Mentorship
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Industry Expert
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Incubation & Acceleration programmes
4. Build a team
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Solopreneur
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Cofounders
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Full/ part time team
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Virtual teams
5. Self Funded / Bootstrapped:
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Invest in your own ideas
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Ask help from your friends & family
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Take responsibility
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Plan your finances
6. S.W.O.T Analysis
7. Business Model Canvas - B.M.C
8. Innovate Till You Become A Market Fit:
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Know your customers / profile
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Listen to your customers
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Find the right market for your product or services
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Research your target audience
9. Understand & Implement Legal Liabilities Of Your Business:
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Company formation
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Government Regulations
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Government policies
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Taxes & laws
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Patent laws
10. Vision To Drive Your Start-up:
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Find a purpose
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Design a Vision statement
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Set a Mission
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Long term and short term targets
SUMMARY : 10 THINGS TO DO
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Validate your ideas on paper
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Make a M.V.P / Prototype / Trail close
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Find a Mentor / Expert / Incubation program
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Build a team
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Self funded / Boot strapped
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S.W.O.T
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B.M.C
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Innovate till you become a market fit
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Understand Legal liabilities of your business
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Create a clear Vision to drive your start-up
One last tip which is above all...
"DARE TO FAIL AND RISE AGAIN UNTIL YOU FIND YOUR OWN SUCCESS!"