If you’re new to the startup ecosystem, you might have thought about the startups’ glorification, exposure, and fund raising most of the times but the hard part is actually getting there and unfortunately not every startup gets there. Most of the startups fail within a few years. Startup founders know that it may not be the easiest thing to do and many startups just like them fail every day. So they strive at every step and avoid from being one of them.
This piece of content is designed for those who haven’t been able to dig in much into the startup culture and have a vague idea of the startup launching and fundraising process. None of us know everything perfectly unless you’re an experienced co-founder or a CTO.
If you’re new, you could have been bombarded with the fundraising guidelines for a startup — because that’s is what happens or many startup founders think that’s the way forward. Before you get your hands dirty, let me tell you something:
Bootstrapping is a process of starting up your company from the scratch with own finances. An entrepreneur is considered boot strapping when he or she attempts to create a company from personal finances.
Whereas, the startup begins with the idea and founded by the co-founders. This infographic shows the pathway of a startup from being launched to turning into an IPO.
This guide is supposed to be for the audience that could potentially be new to the investment and startup ecosystem, which is why it’s describing everything at a grass root level. In order to build a startup, you need to make the following steps:
1: Create an Idea
One of the most important steps of starting a company is the ideation process. It is actually the process or job that startup is supposed to do. It all begins with the creation of a unique product. If you’re a startup that does the similar thing as 10 more startups do, then there is no way this idea could work for you as it worked for the ones who have had the opportunity in the beginning. So, create a unique idea and find what you can provide that solves a problem of a specific group of the audience.
2: Find a Co-founder
Finding a co-founder is an essential part of the startup launching as well as growing strategy. A co-founder is a person who brings some exposure, experience, and value to the startup. One of the key elements of bringing a co-founder is that he or she must be passionate about the startup as well as the responsibility which has been given. The purpose of adding a co-founder is to add more managerial hands to the process and if that person is technical in the subsequent operations, that would be an advantage.
3: Build the Product
Building a product is a crucial part but what makes it easier is the previous part of the process which contains ideation + finding a co-founder. When you have an idea that is being considered a brilliant one, and a co-founder that is adding value to the startup through his or her experience and knowledge, then building the actual product gets easier and startup ends up making an effective product. The building process also involves the hiring of a team who would perform the development job. It may vary from startup to startup.
4: Work on the Scalability
After building the product successfully, the next part comes in the process is scalability. It’s a time where the startup founders dream to expand the operations and work hard to take it to the next level. At this point, the startup looks forward to bringing the initial pre-seed funding from the friends & family, and later on, look at the seed funding and angel investors. Of course, if the company grows as per expectations.
Today’s growing trend of mobile and smart devices has made startup founders convinced that mobile-based startup ideas are worth following. CitrusBits is a reliable and well-known mobile app development company that helps startups in building their mobile apps. Contact the team at CitrusBits for your app development.