Written by Mahan Mohammadi, Ph.D. Candidate & International Ambassadors
How to start a STARTUP ?
Today, we are going to start publishing a series of articles talking about establishing a startup and seeing how we can be a startup founder.
Nowadays, more than ever, individuals dream about starting their own businesses. There are young individuals who are choosing this alternative rather than working for somebody else, and there are individuals in the next stages of their careers seeking a more significant expression of how they can have a new income source and lifestyle for themselves through starting their own business.
“Successful Startup” in a sentence: A company in the starting phase which tries to think innovatively and has a firm commitment to teamwork in order to put its ideas into successful practice.
How challenging it can be: In a more realistic sense, that may sound like a challenging job for those who have never started a company before. It will take hard work, money, some sleepless nights, and even some failure before you succeed.
You may need more flexibility as a startup founder than as a CEO of a company. Get used to unexpected changes: Unlike experienced organisations that have well-defined processes and procedures and have hundreds of workers to replicate the same habits day after day; start-ups can/should make adjustments very frequently. Items like job titles, tasks, assignments, writing structures, and plans may wary over a short period of time.
Size of your future company. Based on the available information, most startup companies are just a small number of people gathered as a team. It does not mean that you will need to stay small after hitting your goals, but then in most cases, the starting size of startup companies is not that big.
How much money do I need to run a startup? Clearly, to start and operate a new business, you need money. If you want to know how much money is needed to investigate, I should say that there is not a fixed rule for that; it can vary from industry to industry and it should be financed by the founders until they have an MVP to attract outside investors. In brief, your startup may require more or less funding depending on the situation.
Is it easy to have outside investors? Something tricky about startups is that they do not have any history of profit, and it will seem too risky for someone to invest their money in a company with no record of investment return or tax filing before. Even some outside investors go and check on the experience and public reputation of the founders to see if the startup is worth financial support or not.