Starting a Start Up

Have a great business idea but don’t know how to get started? Here are some tips to help your young business blossom

HOW TO PICK A PARTNER FOR YOUR STARTUP
“Pick a partner who shares your passion regarding the business. Find a partner who has different skills than you; that way you’ll complete the picture. Find someone you can really trust. It is beneficial if you and your partner have been friends – it worked for us. Also, pick young people – their ideas are fresh and they are enthusiastic and more adaptable and not afraid to take risks. When picking your core team – choose attitude over aptitude.”
Sachin Parikh, co-founder, White Collar Hippie
White Collar Hippie is a travel company that organises offbeat journeys and outdoor experiences.

WHAT MAKES A SUCCESSFUL STARTUP?
“Can everyone who rides a motorcycle be called a passionate rider? Can anyone who starts a business be called a startup? Turns out often the answer is NO! And why is that? Entrepreneurs and startups are not mere businesses or businessmen, they are value creators for the eco-system they live in and that includes customers, investors, partners, employees and the society. Startups should remember the primary reason they exist and make sure all the stake holders are benefitting and growing along with its own growth, so it is important to define how value can be created to every stake holder and keep a moving target to achieve that.”
Shashikiran, co-founder, Startup Festival
Startup Festival is an annual event that promotes and encourages entrepreneurship in Bangalore.

HOW DO I GET FUNDING FOR MY STARTUP?
One of the preliminary hurdles start-ups face is finding capital to propel their business idea towards reality. However, a number of venture capitalists offer angel funding to young businesses. Before approaching these companies or individuals, make sure you have a well drafted business plan to offer. Also, companies choose to fund a specific type of business (such as social entrepreneurship) so make sure you look for one that supports the nature of your startup. Here are some companies to help you get started:
Kae Capital – Invests in businesses that are in the early stages of development
Seeders – Offers funding to technology startups based out of India
Pitch India – Acts as a meeting point for both investors and entrepreneurs
VentureEast – Provides venture capital to innovative businesses in any stage of development and from any sector.

Volume 2 Issue 11