Here are some of the key points. This is the most fruitful aspect of the process. There is no perfect trick to know how your idea will perform in the market. You can only test and check if it works. Some of the budding entrepreneurs have faced a lot of failures before getting to the point they are today. To get a more clear picture of it, here is a perfect validation story.
This guy started pre-selling his product to know if people were interested in his solution or not. Finally, here is the part where you will be actually working on your product. Now, the first question most of you will be having is:. Some of you may confuse an MVP with Prototype. While an MVP is actually a product that will be used by your audience, a prototype is just a draft of your idea. We have a detailed article explaining how to build an MVP. You can easily build an MVP from your business idea without coding.
A business plan plays an indispensable role when starting a startup. It is business plan is a written document that includes all the necessary aspects of the business, like, business goals, business strategies, the time frame of goals, details about profit and loss, finances, marketing methodologies, etc.
Naming your startup may seem like an easy thing, but it is not. Here is a step guide on naming your startup. Startups and companies are run by people. You need to be careful while choosing people for your firm. The coming chapter will explore all the necessary factors that you need to keep in mind while choosing people for your firm. As a startup founder, this question might have popped up in your brain.
Who can I ask to be my partner in crime? Sometimes, when two people come together, they bring in a great amount of value and experience to the team. This way, both of you can contribute equally to the startup. The combined contribution of both the co-founders will ultimately benefit the startup.
But, when it comes to negotiations, understanding the legalities, or even hiring people, you may not be too good there. If your co-founder is also bereft of these qualities, both of you will end up spending the limited amount of capital on hiring new people.
India is gradually becoming a startup-friendly nation and there are several factors to portray the changing scenario. As we progress, more and more youngsters are eager to launch their own startups. Parenthesis over here: The question of how to start a startup in India has nothing to do with age. Anyone who has a basic understanding of managing things can do it. Both you and your co-founder will have to build a strong and balanced working relationship. If you want to see the end of the line, it is important to trust each other.
There is no easy answer to this because building trust or taking someone as trustworthy does not come with one look or meeting. So, if you meet a potential co-founder and find that something is not right or feel that you cannot build a strong working relationship with this person, back away. We have already talked about it in brief above. Keep an eye on the skillset of your potential co-founder and ensure that they complement your skillset. If you have some weaknesses, your co-founder must be able to balance it out.
The right balance does not mean that you need to choose someone entirely opposite from you. Rather, choose a person who aligns with your personality along with having a different skill set. This brings us to the next point.
Your personality should match with your co-founder, and there are many reasons for this. Establishing a startup company in India is taxing and stressful. In that case, you will need someone with whom you can fraternize in those tough times. And that will only be possible if both the founders have a matching personality within and outside of the office. So, it is important to know the honest levels of your co-founder before starting to associate.
There are many other things apart from leaking cash out of the company funds. Swaying away from these also amounts to dishonesty and a breach of trust. It is entirely possible to co-found a startup with your friends. But there are risks involved. While building your dream team that will help you reach the apex level of success, you need to consider these points.
Understanding the legalities of starting a company in India has to be done at the proof of concept stage. Some startups do not take these considerations seriously and end up making legal mistakes that hurt them badly. There are two things to note here: one is incorporating your startup and second, registering it under the Startup India Program.
Incorporating a startup or a company includes obtaining the Digital Signature Certificate and Directory Identity Number. Once your startup is incorporated, you become eligible to enlist it with the Startup India Program. We will talk about the program in further sections. But, for now, you must understand the process required to register your startup with the program.
As long as you are in the POC stage or until the time you are not gaining some traction, not registering the company is fine. But once you enter a stage where you are ready to register, the real complexities begin. From compliances to taxation, labor laws, environment laws, and other legal requirements are meant to be fulfilled. Getting recognition for your product or service is indeed deserving because you took an idea and built it into something actionable with your own innovation.
And to keep that light burning, you need the protection. However, the Indian startup scenario for IP is a bit different. IP Rights for software in India are such that they only apply to the code and the final product. In other words, if you get your copyright, it will protect the form and not the final substance. Another important thing is that you cannot file a patent application for software in India.
What you can do is get a patent on software and hardware integration. This means that if a software is dependent on any form of hardware, then you can get a patent. But software alone cannot be patented. Its level of uniqueness will decide whether or not you can get a patent for it. You may have found your ideal co-founder.
But, have you gone through the requirements and legal considerations it requires? Majorly, a co-founder agreement lists the equity ownership, initial investments and the roles and responsibilities given to each founder. Surely, there has to be a legal contract listing all the guidelines.
This type of contract ensures that both the founders have an apt understanding of their functioning in the company. You need to carefully examine each and every term associated with the partnership and set the boundaries. Even if the venture is at an initial stage, you need to set these boundaries.
You will find that there are a few other legal documents that you need to check out while operating a startup in India. Be very careful with the legal considerations.
If possible, take assistance from a certified lawyer and an accountant to set up your operations properly. The penalties and fines of not following them are high. Moreover, they can also become a reason for shattering your dream startup to pieces. Talking about penalties and fines, money is also a critical factor for any startup.
Basically, you cannot fully understand how to start a startup in India without looking into funding options. Sometimes, the founders do not get enough fuel to keep the engine running, while others fail in using it optimally. Therefore, getting your startup funded is important, but gaining the ability to utilize that money smartly also matters.
Right from the beginning, you need to start making a startup budget that is well within your limitations. Once you have gained the funding, start spending it smartly and on those things that help you grow. This scheme was launched with the motivation of bolstering the innovation of new products and services in the Indian economy. Under this scheme, the startups have to undergo DPIIT registration and complete other formalities to get certain benefits, some of which are:.
It does not matter what kind of startup you are trying to build, funds will be essential. Added with the funds, it is equally vital to build your brand. Once the funds are arranged for your startup, then comes the actual work of building your organization on different levels.
Until now, your work was just revolving around an idea. This chapter will cover some of the essentials of building a startup. It will lead you to the knowledge of various aspects of building an organization from its brand name to the website to its launching. Branding your startup essentially means to establish an identity for your business. The identity of your brand holds your uniqueness amongst other competitors in the market.
A brand has its own voice, image, and personality that makes it recognizable for the people. For instance, when you hear the name Pepsi, what jumps right to your mind? Certainly, their blue ribbon, logo, advertisement, or something related to that drink. Challenging the status quo, connecting with people across the country, imagining new possibilities and bringing them to life.
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View Resources. Asset and interest disclosure by public officials has been widely used to build integrity and combat corruption. Asset and interest disclosure AID systems have become a universal instrument to enhance public sector transparency and accountability, and prevent and detect corruption.
Designed as a how-to manual, the handbook guides practitioners as they grapple with the strategic, organizational, investigative, and legal challenges of recovering assets that have been stolen by corrupt leaders and hidden abroad.
This StAR report examines how bribes, embezzled state assets and other criminal proceeds are being hidden via legal structures — shell companies, foundations, trusts and others. Going for Broke: Insolvency Tools to Support Cross-Border Asset Recovery in Corruption Cases sets out, for the first time, a step-by-step guide for asset recovery practitioners on the use of insolvency proceedings in recovering corruption proceeds.
Asset and interest disclosure and automated risk analysis.
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