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Starting a Startup

How to Start a Startup

A startup is a company that derives from a passion project and transforms into a solution to a problem.

Difference between a small business and a startup

A small business entrepreneur

  • Wants to be self-employed
  • Aims for profitability and stable, long-term value

A startup entrepreneur

  • Wants to change the world
  • Aims for a scalable business model and is prepared to take risks

The basic components of starting a startup

  1. Idea
  2. Team
  3. Product
  4. Execution

Idea

The idea phase stems from one main question, what is the problem in the world that you want to solve?

Some examples for the types of solutions

Disrupt

Change the landscape:

  • Airbnb – Hotel Tonight (Changed the hotel industry)
  • Uber – Lyft (Reinvented the taxi industry)

Improve

Create a new platform or provide a value:

  • Kick Starter – INDIEGOGO (Spearheaded the crowdfunding movement)

Types of Business Models

  • Business to Business (B2B)
  • Business to Consumer (B2C)
  • Software as a Service (SaaS)
  • Peer-to-Peer
  • e-commerce
  • Lifestyle
  • Non-Profit

The name should be

  • Memorable
  • Expressive
  • Available

Then What?

Repeat

Your startup will go through phases and you may have to go back and revisit one or all of the previous steps.
It’s all part of the process, unless you have to change direction and…

Pivot

Be prepared and willing to ditch the original idea or pivot if your product isn’t quite cutting it.
Your audience is the most important part of the equation so if they aren’t responding, you need to be open to starting back at square one.

“Stay hungry. Stay foolish.” – Steve Jobs


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