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What are the things that one should know before going for a startup?

My answer to What are the things that one should know before going for a startup?

Answer by Raad Ahmed:

There are so many things that go into taking the first steps in a startup. Of course, everybody’s journey is a bit different, but anybody who has “been there and done that” can vouch that there are certainly some things that they wish they had known from the very start.

Here are a few things you should keep in mind.

  1. Working for yourself is not easier than a 9–5. That’s not to say it isn’t worth it, but working for yourself requires a lot of drive to get the hard things done. There’s nobody outlining your milestones or setting your schedule, which is part of the attraction, but also a lot of work in the beginning.
  2. Organization is everything. As others have pointed out, you should definitely do your homework about business in general as well as the niche you are interested in. You should know the requirements for incorporation, develop a solid business plan, and a strategy that will attract investors. There’s a lot that goes in to the planning and developing phase of business. Just remember, the foundation that you establish now, will be what gains success later.
  3. The idea and the execution both matter. It’s not an either/or situation. Your idea needs to be good enough to survive your execution, but without solid execution even the best idea will fail. Both points rely on each other to really have a chance at your startup getting past the development phase.
  4. Be a team player. Even if you went into the startup thinking that you would be a solo member, chances are that will change quickly. Your team members need to add value and your interaction needs to be solid and professional. Not only will a good team get things accomplished, but investors will pay very close attention to that aspect of your business. Learn to work well with others and value the input and skills that others can bring to the table.
  5. Be patient. Startups can take a really long time to reach their full potential. It’s not an overnight success and there’s a lot that goes into reaching even the most basic goals. However, the way that you measure success with a startup isn’t the same as you would if you were an employee with a company. Remember to outline your goals and celebrate the fact that you are making advancements with each milestone that you meet.

There’s not a “right” answer when it comes to outlining what it takes to get a business up and running. There is virtually countless tidbits of information that you can learn from others or learn through trial and error. Ultimately, be prepared to always be learning and evolving as you progress through each phase.

If you are interested in learning more about the legality of a startup, LawTrades would be happy to help. We have already assisted over 1000 entrepreneurs with various stages of the business game. Check out our website to learn more about our affordable services and let us know if you’d like a consultation with a startup attorney. Best of luck to you!

What are the things that one should know before going for a startup?

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