Monday, November 28, 2016

What you need to know before dive into a Start-Up

Few years ago, the term “startup” referred to novel tech business, but today the term is widely used as a verb for starting up business. Survey shows that the younger generation opt for building startups these days because they believe in their own ideas, however some put their foot in with the wrong mindset.

To set things straight building startup is as difficult as building a business back in the 1970’s. There is no highway to success except for those who truly keep the right attitude. 

Failure is not the opposite for success
When facing failures, be thankful. Failure is a priceless lesson that you cannot gain anywhere else. Never put other’s reels of success and compare it with your failure reels. Failure does not mean you are defeated. In fact, you are defeated when you failed to learn from your failure.

Never rely on crowdfunding alone
A lot of startups are funded by crowdsourcing methods. Just like any business, you need to have a capital in hand to kick start your project. Treat crowdfunding source as a bonus or backup when there is an unexpected situation happen. 

Be ready to sell
Be ready to sell your product, but also be ready to sell yourself. Some clients buy your product because they need it. And some clients buy your product because they believe in you. These are the relationship you have to build in order to succeed. 

Give up on weekends
Be flexible with your time. If a potential client asking for a weekend meeting, don’t turn it down because you want that worklife balance schedule. Opportunity comes knocking the least you expect. In fact, you should expect to work around the clock.

Sometimes you can’t afford your own salary
In the beginning, things may be rocky, especially you aren’t good in managing your financial needs. In some situation, you may want to put your business first before your own needs. Be ready to have your family support in this. Count every penny you earn and every penny you spend. 

With all the facilities provided – available funds, social marketing, technologies – it is easy to plant your idea into a startup business. However, startup is not for everyone. Assess your own attributes before jumping into it. Believe in your idea and most importantly believe in yourself. The selling comes later. 

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