Startups: A Guide to Survival

If you're contemplating the exhilarating journey of launching your own startup, kudos to you! The entrepreneurial path is one laden with ambition and innovation, offering immense opportunities for growth and success. However, before you take the leap, allow me to draw a striking analogy.

Envision this scenario: You find yourself atop a horse, facing backward, blindfolded, and armed with the formidable task of hitting a swiftly moving target. It's an incredibly daunting image, right? Well, starting a business in today's competitive landscape is, in many ways, akin to this extraordinary challenge.

From the inception of your idea to securing funding, assembling the right team, and navigating the intricate web of business logistics, you'll encounter hurdles that demand creative problem-solving, resilience, ferocious determination and unyielding dedication. I invite you to explore the rollercoaster ride that is the world of startups, gaining a deeper understanding of the trials and triumphs that define this incredible journey.

Basis on my knowledge and experience, here are 10 essential tips to help your startup not just survive, but thrive:

1) Vet Your Idea: Validate your concept through customer feedback and market research. Before you start building anything, it's super important to validate your idea. This means talking to potential customers and getting their feedback. You can also conduct market research to see if there's a demand for your product or service.

Here are a few tips for vetting your idea:

• Talk to potential customers. Ask them about their needs and pain points. See if your idea solves a real problem for them.
• Conduct market research. Look at industry reports, surveys, and other data to see if there's a demand for your product or service.

Use tools like

Google Trends: See how popular your search terms are over time.

Answer The Public: Get insights into what people are asking about your topic.

SurveyMonkey: Create and send surveys to potential customers.

2) Join Startup Programs: There are many programs available to help startups succeed. Consider joining F6s, Y-combinator, Microsoft startup program, AWS activate, Alchemist, Accelerator500, Startups, Techstars, Founder Institute, AngelPad, Uncork Capital, Dorm Room Fund, Hustle Fund.

3)Build Your Dream Team: You don't need to do everything yourself, so find people who can fill in the gaps. You'll be spending a lot of time with your team, so it's important to find people who you enjoy working with and who share your values. Surround yourself with passionate, talented individuals who share your vision. Consider Startup School, F6S, AngelList, LinkedIn, Meetup, or your personal contacts for potential cofounders / team.

4) Secure Funding: There are many ways to fund a startup, including:

• Venture capital: Venture capital firms invest in high-growth companies with the potential to generate significant returns.
• Angel investors: Angel investors are individuals who invest their own money in startups.
• Crowdfunding: Crowdfunding platforms allow startups to raise money from a large number of people.

Explore startup funding platforms like openvc.app, Investor Scout, Seedproof.com, LetsVenture, AngelList India, Seedfund, 100X.VC to fuel your startup's growth.

5) No-Code Prototyping: Quickly develop prototypes with no-code apps for valuable customer feedback. Nocode apps are a great way to quickly and easily develop a prototype of your product or service. This allows you to test your idea and get feedback from potential customers before investing in a full-blown development project. To use a nocode app, you simply drag and drop elements to create your prototype. You don't need any coding knowledge to get started.

Some popular nocode apps are bubble.io, webflow.com, Glide, Adalo, or Draftbit.

6) Efficient Documentation: Documentation are essential for a startup as,

• Keeps track of knowledge and information. This includes things like product requirements, design specs, code, and customer feedback.
• Improves communication and collaboration. Documentation is a central repository for all information related to the product or service, which makes it easier for team members to communicate and collaborate effectively.
• Onboards new employees quickly. Documentation can help new employees learn about the product or service quickly and get up to speed quickly.
• Reduces errors and rework. By having clear and concise documentation, startups can reduce the number of errors and rework that occurs.

Saves time and money. Well-written documentation can save startups time and money by eliminating the need to constantly reinvent the wheel or answer the same questions over and over again.

Examples of documentation tools that startups are;

notion, Confluence, Clickup, or Asana.

7) Flexible Workspaces: Flexible workspaces are office spaces that can be adapted to meet the changing needs of businesses. They offer a variety of benefits, such as affordability, flexibility, and convenience. some options are Regus, Wework, Industrious, CommonDesk, 91springboard, ServCorp.

8) Startup-Friendly Banking: Startup-friendly banks understand the unique challenges and needs of startups, and they offer a variety of products and services that are specifically designed to help startups succeed.

One of the most important benefits of startup-friendly banking is access to capital. Startup-friendly banks often offer a variety of loan and financing options that are specifically designed for startups, such as business loans, lines of credit, and venture debt. This can help startups to get the capital they need to start their businesses, grow their operations, and launch new products and services. Opt for startup-focused banks like Mercury, Relay, Brex, Open, Mashreqneo, Wio, ICICI for tailored financial solutions.

9) Onboard first 10 Customers on your own: My dad used to say "If you want to goto heaven, you have to die yourself". Onboarding your first 10 customers on your own is a great way to learn about your own business, capabilities, customers and to build a strong foundation for your business. Investors are always looking for businesses with a proven track record. If you can show investors that you have been able to onboard 10-30 customers on your own, it will make them more likely to invest in your business. More than anything, it will boost your confidence as a founder. It also will show that you are capable of selling your product or service and that you are committed to your business.

10) Expand Sales Channels: Diversifying your sales channels helps you to reach more potential customers and to reduce your reliance on any one channel. This can help you to grow your business more quickly and to make it more resilient to changes in the market. LinkedIn Sales Navigator is a powerful tool for finding and connecting with potential customers on LinkedIn.

Diversify your reach through LinkedIn Sales Navigator, email marketing using mailchimp, and lead gen platform like Snov.

Conclusion

Congratulations on making it to the end of this startup survival guide! By following the tips in this guide, you can increase your chances of success in the competitive startup world. Stay safe and Be well!

Here is one last tip: Invest in a vCTO. A vCTO is a virtual chief technology officer who can provide you with the technical expertise and guidance you need to build and scale your startup. I highly recommend investing in a vCTO. It is one of the best investments you can make in your business. Well, we provide vCTO services, you may click here to schedule a call with me.

(Disclaimer: Shameless self-promotion, but hey, we've all got bills to pay, right? ??)