#13- So you wanna build a startup?

The founder's guide to starting the startup!

It always feels great to work towards building your startup. In this guide, let us dig a little deeper into your motivation towards building your startup. Mind you, many of these will be asked to you during funding rounds.

Why exactly are you building this startup?

This is the answer we are trying to find. You need not have a concrete answer. To simply start something - an idea, tech component, or inspiration is enough. Let's explain, however, where you start and give it a little more definition.

So you have an idea?

What are the important questions to answer here-

• How did you get this idea?

  Are you solving a real problem? What is your understanding of the problem? What exactly are you solving?

• How is this better than what’s in the market?

  Have you considered existing products and their solutions? Are you incrementally better? Are you bringing a new and better solution?

• What is your target market?

  Have you interacted with your target market? Do you have a sense of their pain points? Do you understand how you can add value?

• Why do you feel you are the one to bring it to the market?

  How is your solution better than what’s in the market? Why would customers select your product?

So you have a tech component?

• Where did this tech come from?

  Did you make it yourself? What were your learnings in the process? How long did it take to build it?

• Will it require some tweaking to put it to use?

  Is it a custom solution? Or can you deploy a plug-and-play method? How will the update cycles be?

• Will you have to pay royalty or commission to use this tech?

  Will you have to partner with an existing provider?

So you want to become an entrepreneur?

• Why do you want to startup?

  What are your motivations for starting something on your own? What is your end game? What is your vision?

• How can you find a co-founder?

  Can you sell your vision to one person? Can your idea be validated by finding someone to come onboard? Do you have more than yourself to back your vision?

• Do you have what it takes to scale it up?

  What experience or insight do you have that others in the industry do not? What systems and processes can you bring to the table? How soon can you get to product-market fit?

There are no wrong answers here. But finding the true purpose and reasons for starting something on your own is very important!

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