Planning to start your own venture? Things to consider

Planning to start your own venture? Things to consider

A startup team includes mix of professionals like managers and financial experts. If you are a mid level or senior level manager of a company and planning to start a startup then below are the things you must consider:

You must have a clear idea about what you want to set up and also think about the funding also.

Build a team including founders and co founders who are passionate to execute their ideas. And also include a mix of team members like good managers, financial experts etc.

Experts’ advice that investing at a time is not advisable and it is important to move step by step.

Venture capital is also not advisable. Get money from family and friends and try to do bootstrapping. Debt funding is most suitable than equity funding.

If you have bigger idea, then cut short it and eventually develop it in long term.

Have a clear idea of financial sources. Maintain a buffer of savings to run the business and ensure about your cash flows, including salaries, rentals and other expenditures.

Do market research to get complete knowledge about multiple resources, including market research, government reports and business models.

Network with the people who are already in same business line and gather information from academic institutions or your team members have been associated with.

If you are decided to quit your job to start a venture then learn few things about parameters of corporate governance.

Prefer angel investors. Have both the bandwidth and the capability ie network and/or expertise to help. If you explore the entrepreneurs with sheer capability (expertise, true network), level of intellectual honesty, and your chemistry then they will become the valuable partner to your business.

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