Things that you must know before your startup
There is quite a big difference between a startup and a startup, and every organization is unique and different. To define your needs, it is essential to consider the business niche your organization will penetrate.
Various industries have different requirements and rules of work. The integral part of every business plan is your organization’s budget. To create a budget, you must know the industry you will penetrate. In another case, your budget will not be accurate.
But let me list the different things you must take into account when you start your startup. I shall compile this list based on my experience working in various startups with different budgets.
- Startups have asymmetric nature: Startups, usually, are organizations with limited budgets and resources. Think about them as an organization trying to compete with other organizations with sometimes 1000 times bigger pool of resources.
- Smaller teams are harder to manage: To have a properly working group, you will need more time to fix communication issues. Working in startups has quite extreme nature, and sometimes communication can escalate to not very propriety levels. You will need better communication skills to resolve these moments.
- Significant dependencies: Until you sell your startups or become a big corporation, you will be dependent on your clients, partners, and last but not least, employees. It is crucial to choose your early people wisely because you can end up in a nasty divorce situation.
- You have a 5% chance of success: Startups are failed endeavors from their beginning. To successfully scale a startup, you will need a total sum of 15 years of experience. And have in mind that this 5% includes startups that received funding. But funding does not mean cash positive.
In conclusion, I would advise you to spend some time working in startups before creating your own. After that, if you like the lifestyle, you can start your own. Still, please make plans B, C to Z if your startup fails because there is a big chance for this.