Abhishek Sengupta

Entrepreneur | Author | Podcaster

Before Getting Into Startup !

Before Startup

Startup is a common thing now a days. This is the real buzz word now. A lot of college graduates are getting into startups. This is a challenging thing. Many get successful in this and build successful business empires. This is an interesting journey. ⠀

There are few check-points one need to keep before startup. I am hereby noting six of them

1. Find you passion : You need to find your passion. Are you passionate about the work which you are starting? If answer is yes, simply go ahead. If answer is NO, they wait a moment and introspect. If you are not passionate about your work, you will get bored soon.

2. Write down your plans : You need to plan in writing. One need to plan before start. “Plan is the blueprint of future action”. This need to there in writing. Plan does not become actionable if it is not written. This becomes your bible.

3. Make plan of action : Your action plan need to be chalked out. This need to be in details with timelimits. Time limits are important as they track your performance.

4. Calculate & plan finance : Financial planning is important before start of business. This makes the business framework concrete. Your need to plan your finance for next two years. This includes planning break-even, income – expense forecast, budgeting etc.

5. Check legal formalities & compliance : Before start an aspiring startup founder need to get well versed with legal formalities and compliance. One cannot afford to miss this. Missing this might lead to huge penalties. So right knowledge of this is the key.

6. Get Mentored : Mentoring is an important criterion. Mentors are generally veterans of business. Their experiences help newcomers. By this, they make a startup founder rise.

These are important factors which a startup founder must make a note before making a start