The Startup Checklist-1

In the current scenario we can see many peoples are emerging as entrepreneurs, they are starting their own startups or business. Many of them fail and didn’t get the success which they wanted. What’s the reason behind that? According to me they fail because of lack of proper guidance and a proper to do list or checklist which they should follow from the time when they are thinking or having any thoughts to start their own startup.

In this blog we’ll talk about everything which is needed for starting a startups, so today’s blog topic is “The Startup Checklist”. We’ll discuss about the various checklist which everyone should follow or check before starting up their startup or business.

Today we will know what are the checklist to start a business or a startup?

The key to start a startup is to organize your work and yourself: For starting a startup or your own business it is very important to keep the work and yourself organized. For keeping yourself and your work organized the important thing is to plan your work or have a checklist to follow, so it is very important to create a checklist of your work for your startup to run successfully. The Actionable items on your checklist will help you start your business efficiently and effectively.

Checklist will also help you to keep updated about your work order that which work should done first and which should done second and so on, it will organize the work according to their importance.

So let’s start the checklist which is required by a startup before starting the business:-

1.The Entrepreneur Checklist

2.Idea and market checklist

3. Business plan checklist

4. Finance checklist

5. Legal checklist

6. IP Checklist

Let’s talk about the very 1^st point:-

ü  The Entrepreneur Checklist:

Are you ready to become an entrepreneur? According to the experience I can say maximum of the entrepreneur are clueless and they don’t have any concrete answer to the question “why do you want to start your own business?”

So the first point or the first question in your checklist should be:

i. Why do you want to be an entrepreneur? And the second point

ii. Are you ready to start your journey as Entrepreneur? That means do you have proper knowledge and skills required to be an entrepreneur or you can say that are you ready to take risk because I have to say that entrepreneurs are not born.

Now if you are clear about why do you want to be an entrepreneur and are you ready to start your journey as entrepreneur then you can move to the second point of the checklist:

ü  Checklist for Idea:

 You have to think that which idea in market will work which will not, carefully think about the market Ideas.

Now the question arises that what problem you can solve in the society through you startup or business. So you have to think that what type of business you have to start around which product or which service.

So, for that it is very important to know what you want to do, and in what you have your interest? because if you have your interest in that work then only you can enjoy the work and have success in that field.

The checklist which you have to prepare in this part that will be for your:

i.  Hobbies, skills, and experience

ii. After that you have to list down the ideas according to your preferences and interest that which problem of the society you want to solve or want work for and also keeping in mind the market demand of the product or the service. You have to write down your business ideas of your interest according to the current market demand or you have to see that can you create the market demand of that particular product or service in upcoming times.

iii. Now brainstorm these ideas, narrow down and then decide that with which idea you can proceed and start your business successfully.

ü  Market Checklist – for analysis

Once you had finalized the business idea then after that you have to do market analysis about the risk factors. You have to do a proper risk mitigation with the market analysis.

Following are the points for market analysis checklist:

i. Analyze your customers – At first you have to analyze your customers or the target group of people which you want to serve the service or product. You have to know that who are your customers, what age group of people you have in your costumers and what is their demography? You have to also analyze about the demand of your product and services within your customers. This process can simply called as analyzing your potential customers.

ii. Analyze your product or service’s SWOT and competitors – now in the second point you have to analyze the SWOT (strengths, weaknesses, opportunities, and threats) of your product and services. You also have to analyze that who all are your competitors in the market, and from the SWOT analysis you will also get to know about the opportunities for you startup.

These are the following checklist for a successful startup, we have more checklists which are – Do you want to be entrepreneur? Why you want to be an entrepreneur? What are you interested in, what is the idea of your business? What is your market? Who are your customer? Who are your competitors? How are u different than your competitors? And what all opportunities are there in market for you? The remaining checklist will be continued in the next blog.