How to create a startup

I am actually a man of ideas. I have created several starups mostly by myself alone. They did not thrive a bit! I thought I will share my experience who to create a startup and thrive?

You have an idea

This is the most important step. You have an idea and you want to pursue in it. You think this can turn into a successful business model. You are committed to it and dedicated to give time to the project. If none of the above, it will likely fail.

Run the idea across friends

Ok you believe in your own idea. What about other people? Are they buying into it. Did you run it across potential partners, what do they think. Do they think it is completely flop and may be it can implement or may be it is a great idea. This is a crucial step. When it is your own idea and you have to approve it, the chances are you decision may not be the best to approve to disapprove it. Run it across potential partners.

Finance the project

This is really important. Dod you spend your own money into it. If you you you likely will end up loosing you money and time. From my experience, it is best to get a partner and finance the project. It has sever big advantages.

1. Your idea and business model is review by someone other than you and they approve it.
2. Someone is willing to invest money into it that means the product has *likely* a solid base.
3. You are more committed to it because you answerable to the investors.
4. You work as part of team. As they say 1 and 1 makes 11. You are much better of succeeding in the project than working on it all alone.
5. You focus on one particular domain, while you partners focus on others. That makes you more productive.

Commit and Execute the Project

Now that you have money and product which was approved by your pears, you are much more committed and will to take what ever it takes to complete the project or prototype if it is not already built. It is a good idea to have a prototype ready to get feel of the product.

Some help Tips

Do not go for 100% share. That will usually hold you back. You need a partner who give you valuable feedback, whom you are answerable in certain ways. Having a 100% share is usually a loss. Try to have at least 51% share if you are the key player in the product and it is your own idea and your own investment.

As a side note, I need to leaner from the above advice as well 🙂

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