These are the steps that could help one to inspire and build a startup:
- Validate your idea – You need to ask yourself and your prospective customers varied questions in order to select and validate your idea.
- Find a co-founder – Startups with 2 or more co-founders are more likely to succeed.
- Create a prototype & an MVP – Prototype & MVP are important for external validation of your POC.
- Develop a business model – Business model is the ultimate structure of how your idea will work and make money in the real market.
- Work on your business plan – Business plan is lot more than just goal. It decides how every department and element of the business model work towards fulfilling that goal.
- Brand your idea – Branding is important as it gives an identity to your dream.
- Register your company – Registering a company is not a tedious task as it used to be. You should always register your company before launching your idea in the market.
- Develop a pitch deck – Pitch deck is really important to secure funding for your startup.
- Secure funding – The key to secure good funding is to know whom to contact at what time and with what proposal.
- Build-up Phase – The real startup journey starts after the funding is secured. Scale your startup only when it is needed. Premature scaling leads to most of the startup failures.