The Ultimate Guide to Startups
Each year, an estimated 50 million businesses are birthed. Although this seems like an incredible number, it actually balances with the yearly firm death rates. All else being equal, it’s an understatement to say that building a successful startup will be difficult. It takes more than money and guts to succeed in this sort of environment. If you’ve decided to take on the challenge and become the next startup success story, read on further as we discuss how to build a startup.
Don’t Be Afraid of Feedback
Take as much of it as you can, in fact. Positive feedback motivates you and confirms that your on to something. Meanwhile, negative feedback points out areas you’ve overlooked and enables you to resolve issues before they can turn into major problems. Both forms of output are helpful to any startup. Get feedback from people who actually know what they are talking about, have done it in the past, or is currently working in the industry.
Treat Your Business Like Your Baby
When hiring, it’s common practice to measure the candidate’s competence. Yet perhaps a more important issue or question to address is, “is the candidate passionate about the business?” If a professional is passionate in his/her chosen industry, everything else takes care of itself. They make decisions that will holistically benefit the company, rather than selfish decisions that will benefit themselves.
Avoid Debt Unless Necessary
To build a startup costs money. Know your numbers precisely before taking the leap. How much do you have in spendable capital? Will it be enough to produce prototypes or to purchase the necessary equipment and supplies? You will also have to account for fees incurred by company registration in Malaysia, auditing services, and secretarial fees. Taking on debt at an early stage as a startup can cripple your business and deter investors from trusting your business with their money.
Do Your Homework
Assuming that all pieces of the puzzle will just connect with each other seamlessly can end up tragically for aspiring entrepreneurs. Do your research about your chosen market and target audience. Confirm any assumptions as fast as you can, whether it’s constructing a prototype and testing it in the field or simply talking to other entrepreneurs who work in the industry.
Hire the Best
Startups are known for their ability to grow quick. And one of the reasons successful startups have been able to pull off this fast-paced growth is their workforce. Hire the best technical team you can find in the field. People who are proactively participating in projects and events within their industry and community are often the brightest and most passionate bunch of folks you can work with.
In the end, becoming a successful startup CEO in Malaysia takes the right technical team, an unusually high tolerance level to absorb stress and pressure from constant criticism and failures, and an unwavering passion to what you’re trying to accomplish. Having these ingredients already sets you up for future success. All you have to do is keep working on that path.