To Do's For Early Stage Startup Entrepreneurs
Getting Innovative ideas is a good job, but more has to be done to make your startup a successful one .We have noted down some important 'To-Do's ' for every Entrepreneur , regardless of what idea they possess & what industry they belong to :
1) Grow Your Network wisely : Discuss your Startup ideas with family and friends to get input and feedback. Widen your sphere of influence as quickly as possible. When you present your ideas to your wider network, you can often get more knowledgeable and objective feedback. You can also improve your presentation skills & prepare for counters for future arguments if any.
Your network may also help connect you with other valuable people who can provide key advice or valuable industry perspectives. Sometimes, the people in your network may even become your investors, which can offer advantages never thought before.
2. Create your Startup Business Plan :
A written description of your business; a document that explains what you plan to do and how you plan to do it. You need to create a strong foundation for your Startup. Your business plan is the blueprint for that foundation. It shows the foundation & keystones on which the success of your business will depend.
Your plan should include Goals for your Startup. Your Startup Goals must be measurable. Set a deadline for each goal. Have no unanswered questions; identify any unanswered questions in your plan, then scout out the information you need to answer them. Give detailed information about your industry; ensure that your plan is rooted in fresh, solid and relevant data
Remember, a well-written business plan is not just for you; it can help land partners, employees, investors or lenders to finance or provide other support for your business.
3. Acquire legal documents :
One of the most common mistakes that entrepreneurs make is to get so swept away by the excitement of launching a new business, that they forget about a critically important element. Its the Legal Documentation.
For example, a startup is like any other business in that it requires a strong, clearly defined legal structure. You can avoid some unpleasant surprises by making sure standard legal documents are in place.
Here are some of the basic documents your startup may need to have:
Business Agreements ,Contracts, Terms and Conditions: This describes what exactly you are providing to your customers and how it will be provided. It’s essential for limiting your liability and otherwise protecting your business against breach-of-contract claims.
Memorandum & Articles of Association These are a set of documents that create a legal corporation. They describe the clauses under which your Startup is incorporated.
Partnership Agreement: If, instead of incorporating, you are creating a Limited Liability Partnership (LLP) or Limited Liability Company (LLC) for your business, a Partnership Agreement describes all of the terms of the partnership.
Shareholders Agreement: This document may be a part of corporate or partnership documents, or it may be a separate agreement addressing specific investors in your business.
Employment or Contractor Agreement: Standard documents protecting your business against employees leaving and unfairly competing against you, and unscrupulous actions by contractors.
Sales/Services Terms and Conditions: Defines the terms of specific transactions.
Intellectual Property (IP) Assignment Agreement: A description of who owns the specific trademarks, patents, copyrights and other IP associated with your business.
Non-Disclosure Agreements: Prevent employees, vendors, contractors, etc., from divulging or improperly using trade secrets and other sensitive information about your business.
Obviously, any of the documents in the list above will need to be tailored to your business, so, you will need to consult with an attorney to help create the legal documents necessary to protect your business and your rights.
4. Start Hunting For Vendors :
Startups depend on vendors to provide quality goods and services at an affordable cost. Often, your ability to provide your own customers with high-quality, affordable products or services will depend on the quality and affordability of your own vendors.
When you find great vendors that you can depend on, make sure you treat them fairly. You won’t succeed if they don’t succeed.
5. In-House Or Outsourced ?
Some startup products/ services are either In-House and some are by using outsourced Teams. Generally speaking, outside agencies can quickly provide a wide variety of skills, talents, experience and expertise. Hence an Entrepreneur has to decide whether to have in-house talent or get it outsourced.
Considering your business goals and objectives and the product or service you’re providing. Are there compelling reasons to spend the extra time and money to develop in-house skills?
Following the practical considerations of your budget. Hiring outside may be more cost-efficient at the beginning. Then, once your Startup business is financially on its feet, you can invest in in-house talent for the quality-control, organizational intelligence, and brand development benefits it offers.