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1. How To
Startup in 2024
By : Abhisek Ashirbad Sethy
Founder, DataChest

2. #1. Finding a good idea
Identify a problem or need in the daily life that
your startup can address. Ensure it's an unique
and the easiest solution available.
E.g: ChatGPT
It mainstreamed Generative AI to the masses. It
identified the problem of people having queries
get appropriate answers in an instant in their
native language (i.e, English), thereby greatly
surpassing search engines like Google, Bing.
It's one of a kind and very user friendly that led
to its mass adoption.

3. #2. Research
Conduct thorough research to understand your target
audience, competition, and industry trends. This will
help you refine your idea and make informed
decisions. This will enable you to build a viable
product.
E.g: Apple
Apple had ventured into the cell phone industry with
its iconic IPhone to make it more secure, luxurious
and as a status symbol. It had understood its market,
audience, competitors and industry which helped him
achieve its full potential and is one of the most
valuable companies on Earth.

4. #3. Create a MVP
Start small and create a basic version of your
product or service to test in the market. This
allows you to gather user feedback and make
improvements.
E.g: Facebook
One of the pioneers in social media. It started
as pilot project for Harvard students to play a
type of "hot or not" game. Later, it rebranded to
Meta offering a host of other social media apps
and futuristic technologies like Metaverse,
Oculus, etc.

5. #4. Collect customer feedback
Continuously gather feedback from your
early customers and be willing to adapt
and iterate your product or service based
on their input.
E.g: McDonald's
McDonald's offers variety of offerings
created from the local flavors to satisfy
natives while still retaining and perfecting
their classic recipes.

6. #5. Build a Brand
Establish a strong online presence through a professional
website and social media profiles. Consistent branding and
content marketing can help you reach and engage your
target audience.
E.g: Tesla
Heard about Tesla flamethrower, Tesla tequila and tweets
from its CEO, Elon Musk. He knows how to build his brand
and keep it relevant on today's social media platforms. This
helps Tesla grow in popularity and makes its product more
noticeable to the masses. Before acquisition, Tesla was
already in the electric vehicles (EVs) industry. But Elon made
it the behemoth it is today.

7. #6. Legal and regulatory compliance
Ensure you comply with all legal and
regulatory requirements, including
permits, licenses, intellectual property
protection, and data privacy regulations.
E.g: Lehman Brothers
In recent past, Lehman Brothers had
gone bankrupt due to non-
compliance and was later acquired by
Barclays.

8. #7. Financial Management
Keep a close eye on your finances, manage
expenses carefully, and plan for cash flow.
Being financially responsible is essential for
long-term sustainability.
E.g: Zerodha
It's one of India's successful startup that
continues to grow. One of the largest retail stock
broker in India achieved its unicorn status in
2020 without IPO. It managed to do so by
excellently managing its finances and cash flow.

9. #8. Networking
Attend industry events, join startup
communities, and network with mentors and
potential partners. These connections can
provide valuable guidance and opportunities.
E.g: Postman
Postman is an API platform for developers. It
has become synonymous with API testing. Its
popularity is largely due to networking.

10. #9. Build a Strong Team
Surround yourself with a diverse and
talented team that complements your
skills. A strong team is critical for
executing your vision.
E.g: SpaceX
SpaceX has revolutionized the space
industry by its competent leadership
under Elon Musk and it's team of finest
engineers and researchers.

11. #10. Create a robust Business Plan
Develop a comprehensive business plan that
outlines your goals, strategies, financial
projections, and a clear roadmap for your
startup's growth.
E.g: AWS
Amazon became first-of-its-kind cloud services
provider by AWS. And now the primary revenue
generating arm of Amazon is AWS which
contributes to almost 70% of profit. All thanks to
the roadmap, strategies in the business plans.

12. #11. Adapt and Evolve
Be flexible and willing to pivot if necessary.
Markets and customer preferences change,
and your startup may need to adapt to stay
competitive.
E.g: Nokia
Nokia was a market leader in the cell phone
market which was then overtaken by Android
cell phones. Nokia failed to adapt and evolve
according to market and consumer
preferences which led to its downfall.

13. Conclusion
Building a startup is challenging, and you will face setbacks. Be prepared for failures
and setbacks and use them as opportunities to learn and grow.
Find experienced mentors who can provide guidance and share their knowledge. Their
insights can be invaluable in navigating the challenges of entrepreneurship.
It's a long-term commitment that requires dedication and perseverance. Success may
not come overnight, but with the right approach and continuous effort, you can
increase your chances of building a thriving business.
All The Best!