Best ideas for a startup, but is it idea or implementation or something else ?

"Think Big, Think Fast and Think Ahead, Ideas are no one's monopoly"

Startup Idea

Hi Friends, I also have a startup idea and it is no less than Flipkart or Byjus or Uber or Bookmyshow or any other multi-billion start up idea. But all ideas after few days and months of motivation goes into the dustbin.

With my experience and talking to people, lot of times, I have seen a group of friends or bunch of people having same thoughts and aspiration, who are discussing long hours on creating business idea that would change the way businesses are done in the country or world while making tons of money through their startup.

However, the unfortunate reality of these startups is they don’t survive for long, either due to lack of motivation, effort, money or they get death because of their own Karma like due to less preparations or eventually left in between.

Do you also have any great idea on Startups?

Usually ideas are available or already known to many people, what is not known is the implementation or knowledge of converting that idea into real successful business.

Every time when I also thought of converting an idea into reality, I thought of validating my business thought with others. But during this process I noticed that most of the people already knew at least little bit about the same or have heard similar idea otherwise also or some of them knew they required this idea from long time or they have already tried working something like this but couldn’t do it because of one or the other issue.

Then before you gets excited and act on such ideas- think again, is it an idea that matters more or implementation or idea with right implementation.

So, here this idea implementation may have lot of steps like understanding the dynamics of idea, feasibility, if feasible then resources required, planning, testing the idea at less cost, implementation of idea and most important learning to survive through the ups-and-down of startup journey.

Here, one should understand when it comes to Entrepreneurship, it is 99% of execution and only 1% of idea.

How to think a viable idea for startup?

It is not necessary only big idea or idea coming from big meeting rooms only becomes successful.

Idea should be something that solves a problem, and idea is big when it solves a bigger problem. I believe solving a bigger problem brings bigger returns to community and entrepreneur. However still some of the ideas fails even after having all the good features associated with them. For instance – Windows Phone, Good product, display, interface but still failed due to better ideas and innovative products available in market like Android, and IOS.

Check if you can develop a web portal where you can post details about your product or ideas or offerings are posted. You may also choose to use your personal networks or social media to gather inputs to know the possibilities of idea becoming successful. Just be sure your file for a patent, trademark or copyright before showing the world your idea!

Finally, obtaining advice from industry leaders or investors who have successful experience in bringing products and ideas to market. So to make Startup successful - you will need huge amount of passion to make it successful, along with right advice, implementation and fund to support your working capital and capex requirements.

Is Indian government supporting startup industry?

Since BJP led Modi government has come into the picture, government has taken many steps to support and back startup industry. The purpose is to boost new startups and encourage innovation among those who are keen getting into entrepreneurship.

This initiative was called Startup India which was first announced by Indian Prime Minister Mr. Narendra Modi while addressing the nation on 15 Aug 2015. This campaign got launched on 16 Jan 2016.

Purpose of this initiative:-

Government of India has set up an action plan that looks to address all aspects of the Startup. With this Action Plan the Government hopes to accelerate spreading of the Startup movement not only in the field of digital world, technology but also like to cover areas including agriculture, manufacturing, health care, society, education etc.

The Action Plan is divided across the following areas:

• Simplification and Handholding
• Basically simplifying the compliances for startups, no inspections for first 3 years
• To simplify keeping only one startup India hub to facilitate exchange of ideas and access of funds for new startup founders.
• Creating mobile app and portal for transparent and quick information made available by government
• Legal support is provided by government subject to meeting the conditions and performance eligibility
• Under winding up, creating an easy fast track exit, as per the recently tabled Insolvency and Bankruptcy Bill 2015

·         Funding Support and Incentives

• Government shall help fund the startups
• Credit guarantee given
• No tax on capital gain if they have invested such capital gains in the Fund of Funds recognized by the Government
• Tax Exemption to Startups for 3 years and investment done above FMV
• Industry-Academia Partnership and Incubation- this is also to promote ecosystem of startups in India.

For more detail review the website, click the link- https://www.startupindia.gov.in/

How to scale the startup?

Scaling up the business or startup is one of the most difficult task for any entrepreneur as it requires huge amount of right planning, effort and execution of such plans. To scale up the businesses it is highly important to standardize the processes across the company and outlet to bring uniformity in quality of products and services.

Before one go for scaling of startup, ensure you know the answers for the following:-

1.      Is your idea scalable? If Yes, then only go for scalability.

2.      Discuss your plan with investors, and mentors of industry in case you have any, and read the market availability for your product.

3.      Ensure you and your team have clear understanding on scaling the operations, because this is also true most of the businesses either burn their hands in this process or gaps in process makes it ineffective. See your plan is Fool-Proof.

4.      Check you have all the resources as may be required to scale

5.      Create a hype and use marketing team effectively even before you launch or reach larger audience.

6.      Standardized different SOPs, team trainings and materials, look for automation to avoid errors, create detailed flowcharts to understand and map risk and controls in processes.

7.      Being a startup you can’t afford to in-house the non-core and unessential services, simply outsource and focus on your core.

8.      Continuously follow and improve on your social media feedback or direct feedbacks.

9.      Make good team – offer share in equity or business instead of salaries.

Important note- scalability of business means you are trying to take a big step towards your big dream.

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