What is Startup? Where to get started and Funding?
You must have heard about big companies, but do you know about the startup business?
Startup makes sense from the name itself that it is the beginning of something. And when you see it in the context of Business, then it is called Startup Business. Today the world is engaged in new product innovation, there is competition everywhere, giving some unique to consumers, but this innovation is based on a lot of research.
If you understand in simple language, then to raise any existing problem in the market and bring solutions for it by research so that the life of consumers will be easy.
Some people succeed in it and many people fail in it. So if you want to know the complete information related to Startup, then definitely read it till the end.
What is Startup? (Startup Definition)
A Startup Company means a company which is at the initial stage of its operations. Usually, more than one person holds the foundation of what we call Entrepreneur. Here people come together with their own skills and specialization, and work on a Startup Idea, so that consumers can be given a unique product or service.
Startups develop products or services in which they are seeing a good market potential. Now here take the example of your favorite website Hindi Sahayta which is part of the startup named Hiigher .
Here we found out what a startup is. If you are interested in Startup and want to be aware of every aspect related to it, then tie your chair and go ahead.
How to start a startup (8 Steps)
A lot of dedication is required to start a startup, you have to put all your strength into it. If you have made up your mind to start with hard work, then definitely read the steps given below.
Step 1) Problem
People do not buy a product, they buy a solution for a problem. First of all, you have to identify the problem and you can also get an idea about this problem from the personal experience.
Similarly, you can also identify a problem with your personal experience and as soon as you get the problem, definitely ask yourself this question:
- Is this a problem that everyone has to face?
- Will bringing the solution of this problem make life easier for many people?
- When and how often do such problems occur to the people?
- Which class of people have this problem?
Step 2) Ideation और Solution
Here you work on the solution of the problem and this solution becomes your business idea
As soon as you get the solution, share them with the people and know their reaction.
- Is he happy with this Idea / Solution?
- Will a large section benefit from this idea?
In this way, with a little market research, you can validate your Idea.
Step 3) Search for Dream
If you are determined to make your Idea a Startup, then you need to find your Dream Team. First of all, you must drill your skills, in addition to work on the people who will be required in your startup.
A good Startup is made up of the following Specialized people:
- Chief Executive Officer (CEO) – It leads the entire Startup and motivates everyone to work towards the company’s Vision – Mission.
- Chief Growth Officer (CGO) – They work towards growth in the company through the right business plan.
- Chief Marketing Officer (CMO) – He is responsible for marketing related work in the company.
- Chief Technology Officer (CTO) – He has the responsibility related to technology.
- Chief Design Officer (CDO) – All responsibility related to design.
- Chief Financial Officer (CFO) – All responsibility related to finance in Startup.
A good team is extremely important. Find people you enjoy working with, especially on the early stage.
Step 4) Customer Persona
To reach your Idea customers, you have to first define Customer Persona. It is a form of your rightful consumer category created by market research. In this, you ensure aspects of consumer information such as age group, educational background, language, etc.
To understand the correct information and needs of your consumer, you must interview them by survey.
Step 5) Prototype MAKING
To understand the Potential of your Idea, you have to do a Prototype. Here you create your product system. There are 2 stages of the prototype:
- Make paper first
- Then design digital design
For example: If your product is a digital solution, first make a process for it on paper like
- Consumer came to your website.
- What information should he see there first.
- What options should be available on the website.
- At what stage will the consumer’s need be met?
- What is it that will give the consumer a chance to purchase / subscribe.
You have to be a little creative here, by creating your prototype with color markers and color labels, first of all you show it to the people near you and pay attention to their reaction. This will help you to create a better user interface for the consumer.
Now you can prepare your Digital Prototype. If you do not have knowledge of Coding then do not worry at all, you can make your Digital Prototype on the below given tools.
- Adobe XD
- Marvel App
Once the prototype is ready, test it again with the logo and change the product according to the feedback. Now your Idea is not just an Idea, you have gone a step ahead, and start working towards your Marketing Plan.
Step 6) Marketing Plan
Now that your prototype is ready, it is time to go in front of the world. Make sure your Short and Long Term Goal is why Marketing Plan has a big role in a real startup.
What message do you want to give? What is unique in your product? Answers to all these will be needed in the Marketing Plan. Here you also have to decide which Channels you will use. You can take decision according to your Customer Persona, Online Channels or Offline Channels or both.
Landing page is an important part of the marketing plan where you redirect your consumers through the campaign. Keep in mind, the Landing Page should have all the information according to the needs of the consumer, then this consumer becomes your customer.
Step 7) Business और Revenue Model
No company can run without Bina Revenue. Revenue will happen only then you will be able to move forward in that business / startup.
Revenue is the most difficult and important part of any startup. For the existence of Startup itself, it is necessary to have a Business and Revenue Model. We can see it this way.
- The Business Model describes what value the company is providing to its customers, and the Revenue Model itself is involved. A company can actually operate multiple Business Models at the same time.
- The Revenue Model ensures how the company will create its Revenue.
At this stage, you focus on the plans and sales processes associated with the earnings of your Startup. Here you will find out the cost i.e. per-unit cost of logistics and operations along with your product.
Step 8) Startup Funding
This is the last step to start your startup and the first step towards increasing your business. If you do not want to fund your Startup yourself, then you can bring Startup Funding in other ways.
Where do you bring Funding from?
- From your friends or family : This is a simple way to raise funds, and this will also let you know how much people close to you are trusting your Startup Idea.
- Funding from Venture Capitalist : This is a group of Professional Investors who specializes in Startup Funding. If your Startup Idea and Startup Plan is very accurate, then Venture Capitalist will rain the funds on your Startup.
- Crowd Funding : Here, through the Crowd Funding Campaign, you get connected to people. Those who like your Idea will contribute to your funding.
- Through Startup Loan: Startup Loan is also available for you. If you want to get funding through Startup Loan, then based on your credit history, you are given a Startup Loan, and for this you must have a correct and detailed business plan of your Startup Idea. There are many options related to Startup Loan In India, you can also take advantage of it.
Read further, what is the benefits of Startup Business and how you can make more money in less time.
Benefits of startup
The style of working of Traditional Business and Startup Company is very different. Startups are trying to fly high from the beginning, so they give many facilities and flexibility to all the people associated with their company. If you have never been part of a startup, then definitely read further.
- Growth Culture – Employees are not motivated only by salary. They are often motivated by learning, growing and challenges. Startup companies keep their employees where they can succeed, learn new skills and do things they may not have the opportunity to do elsewhere.
- Flexible Culture – Startups believe in giving all kinds of flexibility to their employees so that the employer can work comfortably wherever and however he wants to work. This increases productivity in work and it directly proves beneficial to the company.
- Stock Options – Startups do not just give salary to their employees but also make them partners in the company through stock. With this, the employees understand the company and work with full dedication and it proves to be a major contribution to the success of the company.
- Fast Paced Environment – In startups you will usually find Fast Paced Environment. No appointment or permission is required to meet the CEO here, whenever you want, meet them. This makes the Decision Making Process faster and Employees can work on new projects without interruption.
- Valuation Game – If your Startup is being successful in the market in the right way, then you can have a line of Investors and in this way the Valuation of your Startup increases and you can make very good money in a short time.
We hope that this article of ours will inspire you, how did you like our article, and tell us in the comment what you understand from the startup.