1. Find a good investor
Money is an important thing; however, you should choose the right money source. Since most business angels and funds will want your company's shares, it is safe to say that during the whole period of the startup's existence you will be "married" to them. Therefore, it is better to find a business angel or fund that with which you would like to have some good business relationship. Also, as an option, you can apply for business loans.
2. Create a prototype with your own money
Do not start looking for money for your startup without building a prototype. Instead, you should try to finance your team with your own savings or ask your relatives and friends to invest into your project. The reason being that it is much easier to sell something tangible as opposed to some non-existent product. In addition, you will prove that you can bring into life your startup idea.
3. The prototype should be as simple and cheap as possible
Start with a minimum viable product. Do not try to build an industrial solution on a penny budget. The prototype must exhibit one or two key functions and it should be simple. Therefore, we recommend you invest in creating an interface and usability.
4. Start testing the prototype immediately
Once the prototype is ready, ask friends, colleagues or any person from your social circle to try it out. Listen to all their suggestions and improve the product accordingly. In general, if you expect to ever get investments, you will have to prove to users that, first, they need your product; second, they love it and third, they are ready to tell their friends how cool you are. Do not worry if there are bugs in the product. If users do care, they will tell you about them. Keep in mind that being a startup, people will cut you some slack.
5. Never start on your own
Most individual startups fail and for this reason, you need to have a strong team of co-founders. Do not start a project if you do not have a design and interface specialist, a marketer, technicians and developers. Do not take the people in the startup as hired workers. They are co-founders and partners in your common cause and it is worth treating them accordingly.
6. Top managers from large companies are not necessarily cut out for startups
You should shy away from the idea that top managers at some large companies are great entrepreneurs or mentors by default. Big businesses and startups are absolutely different things.
7. Do public speaking as much as possible
Your duty as the founder of the project is to make people happy with your product. You need to be passionate, active and incendiary. The more you do public speaking, the easier for you it will be to convince everyone that you are a cool and promising startup.
In conclusion, we hope you find the article useful. Additionally, we suggest you learn about bad credit business loans.