Thinking Of A “Start-up”: Working for an organization might be a dream for people who are unaware of the thrills of being one’s own master.
In top companies, even the most brilliant minds reach a saturation level and get stuck on the plateau of similar work patterns. Companies have a set protocol according to their functionalities and services and they are very adamant to change their obstinate mindset. Therefore, they prefer the employees to work as per the issued guidelines instead of devising a new idea. This style kills the entrepreneur within an individual and leads to boredom as a result of the monotonous job.
Thinking Of A “Start-up”
By being an entrepreneur one can satisfy the creativity within oneself. Entrepreneurs have the edge over others as they convert their ideas into money. To get started with a start-up the following should be kept in mind:
- Research well about the product or service you wish to launch. Identify your competitors and the portion of the market owned by them. Undergo a SWOT analysis to locate your strengths and weaknesses.
- Understand your potential customer’s requirements and their point of view. Create a customer archetype to easily describe him and his expectations from you as a fictional character so that everyone in the company can communicate with him with more clarity.
- Create a customer persona to segment your customers based on their demographics.
- Launch a Minimum Viable Product to get an idea about the scope and viability of your venture. Take feedback from the early adopters and improve upon your weaknesses.
- Form a Business model canvas stating a summary of your strategies for your venture.
To legally start a business, the business structure needs to be formalized with a founder’s agreement. The founder’s agreement consists of a brief detail about the business, founding team, responsibilities, executive compensation, and operational details.
The startup must be registered with the government and obtain a license based on its type and nature. A self-declaration needs to be furnished for compliance with nine labor laws and environmental laws in India.
Start-ups can avail of income tax exemption for up to three years. All businesses involving Manufacturing, Selling, Exporting, and Service Providing need to register for GST within thirty days of incorporation, otherwise, the startup will be subject to hefty penalties.
Keep in mind that the startup must be an original entity. It should not have been formed by reconstructing or splitting up an existing business. It should work towards development, processing or improving a product or offer any services.