Starting a company of your own is never unchallenging. You have everything that you need- an innovative idea, passion to drive your success and clear understanding of your future. All you need is money now, right? You may be amongst 9 of the 10 startups who is in need of operating capital. But there are various things equally important to capital which helps you and your company to start-off.
Here are the 4 elements of starting a company whether or not your venture has capital:
1- Iteration is your critical resource.
Mark Zuckerberg’s first website was closed down by Harvard. It took Thomas Edison almost 10,000 attempts to invent light bulb. Sir James Dyson developed over 5,000 vacuum cleaner prototypes before he got one right. Henry Ford didn’t succeed in the automobile business until his fourth time around. Any there are many more. What we can learn from them is that iteration is necessary if you wish to create something remarkable in the market. Of course, you need to have a strong idea in the beginning but don’t make yourself inflexible just because of business plan. Business plans rarely survive in this world. You need to iterate your concept for clearing your roadblocks, recover from failures and capitalize on opportunity.
2- Establish a comfort level with your prospect.
It’s not obvious that if you have a wonderful idea your prospect customers or clients are going to embrace it. Establishing a comfortable environment and relationship with your prospect customers can be remarking for your product’s success. Creating healthy relationships with them can ensure you to develop an image, persona and business culture.
3- Hustling is more valuable than cash.
Yes, that’s true. hustling is more valuable than waiting. As practice makes a person better. You and your idea might be too small in the business world as you are a beginner. However, Hard work can prove or disprove your idea. Investors are attracted to fund a startup only if the founder has some track record. But if you do not have, you might end up investing your “own money”. Instead of taking such a risk, hustling demonstrates progress which is essential in a startup culture.
4- Profits cure all.
Profits cure each and everything in the organization. If your company is making regular profits the disruptive events tend to occur lesser. There is no way you can control your journey towards destiny without being profitable, as early as possible. Profit creates leverage, and it’s leverage that leads to control.
Not every startup can begin operations with zero capital but the modern technology has reduced the number of barriers and playing fields leveled. Business culture favours startups which are ready to adapt new situations with persistence, imagination and ambition. If you have an idea and a plan for it’s execution plus belief in yourself, then my friend, don’t let money become a roadblock.