Everyone has at least one idea about something that can change the world. What makes startup entrepreneurs different is their eagerness’ to take action to make one of those ideas a true reality.
The most important step is to get started , but once you decided to make your idea a reality. It’s essential to follow the rules required in order to execute your idea.
1. Do your market survey
Doing market research is the first step to define if you really do have an idea that is unique and helpful to society. Get started by determining the problem you solve . Recognize the need of your product or service for society.
2. Pay attention to intellectual property
Intellectual property (IP) attributes to the process by which an individual or company can own the rights to a built product. Examples contain patents, copyright, and trademarks. It is essential to the success of your company that you follow the suitable protocol to protect your competitive edge.
Make sure you aren’t violating any current IP rights or non-compete agreements.
Once you know you aren’t violating any current IP rights , file your patent or apply for your trademark or copyright.
Pro tip: After you have command of the IP, transfer it to the ownership of the company once it is incorporated.
3. Think of branding
Branding is about more than just choosing a name, it's about determining the identity your idea creates. You want to select something you love, but you also want to choose a name that suits the experience of using your product and the problem that your product deals with
Be aware of any current product successes, or failures, that are correlated with the name you select and how they may impact your business.This is the right time you should also secure your website domain name and other related marketing materials.
Incorporating is an important deal for a startup because there are so many conditions of the startup lifecycle that impact it, and are impacted by it. Incorporating is the method of creating your business a legal entity and defining how it will be organized. Usually, startups will be incorporated as an LLC, a C corporation, or an S corporation. Both LLCs and S corporations have special tax exemptions, while a C corporation is viewed as a taxable entity.
5. Find a co-founder
It’s important to rely on great support of your team when you are taking steps to execute your idea.
Your investors will pay attention on how hard your team and you is working to make things happen.It’s important to find a co-founder who can accomplish business goals.
6. Write a business plan
Use market survey and write a business plan which will help you execute your idea.
7. Find a workplace
Decide to work from home or to rent a co-working space .
It’s up to you.The most important part is to focus on your business plan and make things happen.
8. Find a mentor
Knowledge is power and you don’t want to miss a thing when you execute your idea. So , choose someone who has the right experience and knowledge to guide you.
9. Apply for an accelerator program
An accelerator is a program for startup businesses that helps increase the growth of the company by allowing them to get access to a mentor network and sometimes provides a small investment.
10. Raise capital
If you need to raise capital for your business, you should start by defining how much money to raise and how it will impact your startup. Once you have that figured out, you should take the next step and define how you’ll be raising it - by crowdfunding, from an angel investor, or through a traditional VC firm. Then, you need to prepare your pitch and get ready to make this world a little better.