Start-up Advice Every Entrepreneur Should Know
A lot of people have great business ideas, but very few people follow through and actually act on it. The following tips will help anybody who’s thinking about launching a start-up. From Malaysia business registration to scaling slowly, this start-up advice is irreplaceable.
1. Form Your Company
With the advent of technology, setting up company is no longer as much a hassle as before. You can refer here for Malaysia company formation.
2. Perform Market Research
Before you can successfully launch a start-up, you need to do some market research. While starting with your friends and family is a good idea, you need to look beyond that. According to Entrepreneur, [ http://www.entrepreneur.com/article/244876 ] you should visit different neighbourhoods (or different online communities) to ask for feedback. Show people a prototype or sample of your product or service and ask them to fill out a questionnaire. It’s possible to do this even if you have a virtual address and a virtual office.
3. Self-Fund as Long as Possible
According to Forbes, [ http://www.forbes.com/sites/kateharrison/2014/01/09/the-best-startup-advice-from-14-tech-heroes/#5c9be3f20948 ] it’s a good idea to self-fund your start-up for as long as possible. The hope is that the money will end up coming and you’ll never have to look for outside funding. When you borrow from the very beginning, it’s extremely difficult to get out of the loop of borrowing and repaying debt.
4. Don’t Be Afraid to Start Small
Even if you want to grow into one of the big businesses you admire, you still should start small, according to Inc. [ http://www.inc.com/elle-kaplan/three-financial-tips-for-a-successful-startup.html ] The most successful companies started out small and even a little bit scrappy. If you truly want to scale, you need to scale from something small at first. This will also prevent you from using money you don’t have just for the sake of making a big splash.
5. Create a Prototype
You can talk as much as you want about your product, but unless you have a prototype to show people, it’s all just talk. According to Entrepreneur, [ http://www.entrepreneur.com/article/253916 ] you should get a prototype out there and let people start using it. This is where you can separate hearsay from reality.
Becoming a successful entrepreneur is not easy. Start-ups are exciting, but they’re also extremely difficult to navigate. By avoiding common mistakes and staying focused, you have the best chance of creating a business you can be proud of.