By Mahesh Bhalla
Over a years we have met scores of people looking to do their possess ‘start-up’. Almost though exception, these have been good definition youngsters, ardent about their idea. And over time, we watched a series of them make a same mistaken assumptions.
I am capturing here a tip 9 questions that we trust would be of aptitude to anyone looking to try out on their own:
1. Have we discussed your thought with lots of applicable people? Not surprisingly, we find that a series of would-be entrepreneurs are unequivocally heedful about deliberating their thought and garnering feedback, for fear of plagiarism. Today, everybody has dozens of ideas, and each would-be businessman is too bustling posterior their possess venture, to be duplicating someone else’s. Bouncing your thought off of many people is a good approach to check on your assumptions and block gaps in a business plan.
2. Do we have a right team? Team is substantially a Number One reason for a start-up to get funded. Or not. Make certain that we have a set of co-founders who have interrelated skills, and a right chemistry between themselves.
3. Is a thought scalable? Investors are penetrating to know “How large can this animal get?” Scalability is pivotal to removing support for your idea. Frankly, if with a thought we are anticipating to spin out a distinction of usually a integrate of lacs, afterwards we would rather pass your thought by.
4. Is it unique? Is your thought differentiated adequate or are we a “me-too”? Ideas that are me-too, or simply replicable due to low entrance barriers might not get support. No, though no appreciate you, India does not need another e-commerce site. Or food smoothness app. Or laundry.
5. What’s your go-to-market strategy? Products don’t sell by themselves. You need to have a minute devise for reaching out to your customers. It is a parable that good products sell themselves. The highway to destruction is dirty with a carcasses of good products that no one ever listened of.
6. How are we formulation to use a supports that we raise? There are ‘kosher’ account uses, like building or enlightening a product, or investing in a sales team, or building a go-to-the-market strategy. Asking for crores to spend usually on selling will be met with a sip of healthy skepticism. And income compulsory exclusively to compensate salaries to a founders, will flattering most be satisfied usually in their dreams.
7. Who will attest for you? People cite to be compared with persons carrying a certain reputation. Or even a neutral one. They will actively equivocate argumentative people. Do make certain that we have a set of references that yield credibility. These could be your earlier employers, managers or even professors from college.
8. What’s your Plan B? Most start-ups destroy due to a opening in a money overpass – an inability to lift a subsequent round. Make certain that we have designed for contingencies, good out into a future.
9. What’s a genuine universe problem we are perplexing to solve? Is your thought going to make people’s life easier and give them behind some time? Is it going to make an existent complement faster, cheaper and generally some-more efficient? Or, are we perplexing to make a ‘differentiated-and-never-before’ recipe of papdi chaat, that is cute, though doesn’t unequivocally impact people’s lives.
Author’s caveat: These are formed on my personal experiences. This list is by no means authoritative, and does not request in all scenarios. It is meant to offer as an demonstrative check-list for planning, as one goes about formulation a appropriation pitch.
The author is boss of Qwikcilver Solutions. He is an angel financier and actively concerned in a start-up space.