Do you know the recipe for a successful startup?

Recently i happened to witness a presentation on "Do s and Don't s of a successful Business Plan" by Ms. Nandini Vaidyanathan, founder and mentor at Carma Connect. She is a mentor for entrepreneurs in and out of Indian, giving the best advice in the fitting of ways! Now, her talk was not just regular, it was rather mind blowing, so much so that i decided to share some insights from her talk with you guys!

Changing your FB status to Self Employed/ Entrepreneur,  takes more than just an FB account. So, i have jotted down some pointers from her presentation, that are necessary to set up a successful startup! 

1) Before you start building your business, the most rudimentary and  important part is the "IDEA". It is the foundation for your business. In today's world most of the ideas are "me-too" ones, meaning, there's barely any innovation! So, let your idea be a game changing one. Go original! Go fresh!

2) Once the idea is finalized, bring it to the table and start discussing it! Ask people to valuate your idea. However, remember not to get it valuated by people who are either left with no option but to say "great" or by people who are greatly impressed by the very word of a startup! Grab a list of all your worst critics and get them to work on their most revengeful review and Snap! you'll have the right opinion coming your way. Now Fix your idea!

3) No money, no business! So, when it's time to look out for investors, always remember that it is certainly your headache and yours alone to convince the big guy! He/she might look at the fruits, while you look at the roots! Never mind! because it is just a perception mismatch! Once you get past it, life becomes easier.

        

4) You have now setup a sweet little business of your own! It is evident that you can't handle it all alone, so you decide to hire people, your team! Watch out ! because at this juncture, you are responsible for your team's performance. If you hire anyone who knocks at your door, it shall be a wrong move! Believe in your business! If not experienced, atleast hire capable people who share the same passion as you and then watch them work magic for your startup!

5) Build a strong Differentiation! When you sell cupcakes in a space where there are 10 others like you, find the one reason that separates you from the crowd, let's say a cherry on the top. If that's the cherry people have been looking out for thus far, they are already on their way to your store! Dare to be different! That's where the game begins!

6) Finally, focus on the future as well! As important as "today" is, bear in mind that "tomorrow" is no far away! Be ahead of your time and come up with a logical and achievable Business plan that will be your guide all along!

Right from the stage of idea generation to execution, cook a nice dish that is not just liked by you, but by all ! Be specific and focused. After all you don't want a Recipe of Disaster!

P.S: Please note that all the concepts quoted above have been delivered by Ms. Nandini Vaidyanathan. They have been rephrased, embellished and coated with some examples by me for the benefit of the readers from a blog's perspective.

Untill my next post ...