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Startup? Have you ever heard about startup? If you haven’t, let us introduce you about startup. There are some definitions of startup. Most of them define startup as a company that designed to grow fast and also online. Being newly founded does not make a company a startup. For example, a barbershop, a food trailer, and a sewing stationare all designed to grow, but not as fast as a search engine. The only essential thing is growth. The word “startup” is supposed to point out the difference of a company that is designed to grow fast from the ones who were not or were successful through luck. We could just talk about super successful companies and less successful ones. In fact, startup has different characteristics from other businesses. Take a look at Google. Google is different from the beginning. It gives the best and relevant search results for its users, which is something that they do better than their competitors. In order to grow rapidly, you need to make something new that will be easily sold to a big market. That's the difference between Google and some other non-startup businesses, such as a bakery, which doesn’t scale. If you want to start a business, you have to think something novel. A startup has the ability to sell to a large market. That type of idea is so rare and valuable that all the common ones are already taken.
“Running a startup is like being punched in the face repeatedly, but working for a large company is like being waterboarded. “ - Paul Graham
How to make your own
You need four things to create a successful startup: idea, good people, make something based on customersâ€™ needs, and spend as little money as possible. Most startups fail because they failed at one of these. A startup that does all these four things will succeed.
1) The Idea Idea of startup business doesnâ€™t have to be new brilliant concept or never invented before. The way a startup makes money is to offer people better technology than they have now. It means, creating something useful to prove the quality of life. Google's plan, for example, was simply to create a search engine site that works well. They had three ideas: list more index of the Web, use links to rank search results, and have clean and simple web pages with attractive keyword-based ads. Beyond it all, they were determined to make a site that is great and easy to use. Well, they probably have bigger ambitions now and it brings them a billion dollars a year.
2) People It would be hard to build a startup alone by yourself. One person would find the moral weight of starting a company is hard to bear. Even Bill Gates, who seems to be able to deal with moral weight, had to have a co-founder. Most startups began with a group of friends and hire the employees through personal contacts. There is a crucial difference between startups and big companies. Being with friends or someone for a couple days will tell you more than companies could ever learn in interviews. The ideal number of people who become the founder of startup is between two and four people. Why? Because you don't need a lot of people at first, but mainly because the more founders you have,
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the worse disagreements you'll have. When there are just two or three founders, you know that you have to resolve disputes immediately so the startup won’t crumble.
3) What Customers Want Every business, of course needs customers. Most businesses are failing because they don't give customers what they want. Let’s look at restaurant businesses. Many entrepreneurs are trying to build their own burger restaurant like McDonald’s. Their burger may better than McDonald’s, but many of them failed. Why? Because they don’t give what people want, clean restaurants that sell burger, fast, cheap, and accept delivery. It's the same with technology. You may often read about startups that have very interesting concept and very popular at first. But then, they just disappeared nowhere. Why is that happening? In nearly every failed startup’s real problem was that customers didn't want the product.
4) Raising Money The last but not least, we need money to build startup. Some startups have been self-funding, Microsoft for example, but most of them not. You can borrow some money from investors to add the equity of your company. If you want to use your own money to fund a business, it is better to start being a consult or service business rather than manufacture business. The next round of funding is to raise funds from venture capital firms. The deals take long time with numerous conditions but the amounts of money involved are become larger, millions usually. So, if you succeed, it will really help to expand your startup bigger.
Inspirational St How the Mumbai floods of 2005 made a passionate entrepreneur: Shiladitya Mukhopadhayaya Near cultural festival, college is always crowded and busy with preparation such events. Amongst the busy crowd, there is always one person who runs the creative show-designing posters, getting them printed and all such creative peripherals. This person was Shiladitya Mukhopadhayaya from the University of Mumbai in 2004. Making of an entrepreneur Shiladitya excelled at what he did and he quickly started taking freelance projects for external colleges and companies as well. “It was additional pocket money at that time,” says Shiladitya. One thing led to another, and he started jumping into different technologies and taking up small projects, things like building applications on ASP.NET. Then came the break. In 2005, Texas instruments was looking for someone to take up a RFID (Radio Frequency Identification) project for which they didn’t have competency and Shiladitya happened to be at the right place at the right time. This was his entry into RFID and successfully delivering the project, he realized the opportunity that existed in the space.
tartup Stories The Fateful Night of the July 27, 2005 The 2005 Mumbai floods are remembered for its destructions effect and for the resilience of people in Mumbai. He was at a friend’s place when the incessant rains began. This friend happens to be SahilAnand, Shiladitya’sbatch mate and now co-founder of Rasilant technologies. Shiladitya couldn’t go back home that night and disaster that was being created outside, got the duo in an introspective mode. They conversed about the strong urge to not fall for the ‘corporate trap’. Everyone has these talks at one point in time but the duo took action upon it. Things were hazy until then but that night put things into perspective. A company took birth. Sahil is a very resourceful guy and liked what Shiladitya had thought about RFID. Raising some money from their families, the duo started up Rasilant technologies - a Global Automation Solutions and System Integration Services company. The Growth Story Rasilant is a B2B (Business to Business) company that has undertaken more than 35 major projects until now including Bajaj Auto, Reliance and IL&FS. “We basically help companies automate their internal processes,” says Shiladitya. The market was almost non-existent when they started up in 2005 but has picked up since then and now Rasilant is a formidable name in the industry. Along with another co-founder PriyoPatra, who also has a similar story in running his own family business, they started a company called Infisync Labs in 2011 and since then have built Pointshelf. It is a platform for small-to-medium sized businesses to launch a mobile-only loyalty program, which in its current form gives customers a web dashboard and consumers use the Android or iPhone app to collect loyalty points at all partner outlets. “I’m a big fan of technology like Square and what I hope we can do with Pointshelf is evolve it into the mobile payments app that everyone is competing to become,” says Shiladitya. It’s a tough market to crack but they have set themselves some milestones and will be firing on all cylinders to make it happen. Shiladitya takes huge inspiration from the marvelous Elon Musk(founder of Paypal, SpaceX, and Tesla Motors) and just chases his dreams, not worrying much about consequences. Shiladitya has hardly touched 30 and is definitely one of the entrepreneurs that we can took inspiration from.
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Do you still remember barter? It is used by people before they know money.
There is a startup named Magpalitan in Philippine that adopts the barter system which allows users to swap items they own for something else from another user. It means that users do not have to pay out money to obtain another item, though they have the option of specifying a swap plus a sum of cash if they wish.
Users who are interested in swapping an item can simply go to the website and post what they have for swap and what they want for it in exchange. The site does not require any registration and users don’t have to post the price. The idea is to make swapping easy to do and remove all possible friction. While users do not have profiles because they don’t need to sign up, the founder believes that people will use the platform
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because it helps to communicate and collaborate with other users to improve each other’s standard of living. This is a different approach. This site will never be a transactional marketplace. This site will be always focused on a communi cation rather than on the on-site transactions.
Started in January this year, Magpalitan is still young and has room to grow. And currently, Magpalitan is self-funded and doesn’t have a revenue stream. Krzysztof, the founder believes it’s important to grow and build awareness first. In Indonesia, there is also a similar site that called baterindonesia.com. So if you wonder, go try it guys.
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