11 things a startup CEO must Know in Pakistan and India
Startups culture in Pakistan is promoting in youth of Pakistan at a very high speed and you may interest to start a startup in Pakistan. If You are also interested in a startup or having an idea that you have full knowledge to execute your idea in a good way then you are getting +1 when you present your idea in front of Venture capitalist.
Here are ten things that you need to know about when starts a startup in your location or country.
No. 1 There is 50% chance of your failure
Can you know nine out of 10 startups fail during their first year and only one get into success. Why? Because idea execution is something else then having idea, most of the billionaire or millionaire you see have tens of failed startups and at last after repeating trails then come to know the secret that what they are lacking and where they made a big mistake. Some entrepreneur even fell in love with failure and at last, they compounded their failure into success.
Related: How to increase your startup success rate?
No. 2 There is a company x that also provide a service alternative to you
When mark zuckerberg create Facebook there are already social media sites existed, when Adam D, Angelo create Quora there is already Yahoo Answers existed but why Yahoo answer is beaten by Quora and Facebook beat other social media site because of great service and an impressive UI. Some day may a site X created that even beaten Quora and Facebook. How to Know that a company also exist that provide service like you?
No. 3 VC is hard to get
When you have an excellent idea but having no funding will create a sense of inferiority and also create a problem of accessing to your customers. VC loves those startups that they think having a huge market share in Present and in past. Why I will invest $1M in a startup that may has less market share in future then present. As we are talking about developing country like Pakistan and India then it is very hard to get a VC but you can only get a VC that is rich and have an approach otherwise all you need to do by yourself. Some of the VCs are Angel investors and G3I. If you want to Know more names of Angel investors then you need to read the Article “Top Ten venture capitalists that you need to give idea”
No. 4 Get a team
Most of the entrepreneur thinks that it is not the CEO that get the startup into success but a great team, a team that is passionate about the idea and work for startup success not for collecting money. Here is the article how to build great team
No. 5 Keep an eye on your competitor
Some entrepreneur does not even think of their competitor and most do and the success or failure rate for both startups is again 50%. Keep in eye on your competitor is very important, why. Because your startup and your competitor work for same product and the person will go for those product, which is cheaper, and have quality too. Do everything pre-plan like in which area you can beat your competitor and in which area is the competitor product is missing, combing all these things you can get the required results.
No. 6 cheap Promotion
This is very interesting, how to promote your startup without any extra money spending. What you need to do to get a cheap promotion? Simple create an interesting Game for people, a game that everybody discuss, be controversial.
As a famous saying is, “Every advertising is a positive advertising”
How to Create a Cheap Game for Pak-IN entrepreneurs
No. 7 Welcome difficulties
Never feel frighten about difficulties, every startup starts with many difficulties. The person who had had better handle the difficulties and work out to find an alternative, go further and if his service is exceptional he will goes into a huge success.
No. 8 be a leader not a master
If you act like a boss and use the word “You” you are going to lose your startup people, startup people are those who start with your idea and have a same mindset.
A leader always uses the word “We” like instead of saying “You need to do this work” should say, “We need to do this work. There is a superior form of leadership is that “Let start this work”
These types of things create a sense of responsibility and at the same time respect in heart of the people, working for your startup also increases.
No. 9 Create an environment of competition
How to create an environment of competition in your startup? Easy. Reward those who do exceptional for your startup and at the same time punish those who do not work well.
Competition has two types: interior and exterior
Creating an interior competition is easy but create a competition outside your startup is very difficult and time needed bomb. Once this bomb exploded you are going to be on top of your niche.
No. 10 Say no “to be evil”
Do not be evil with your customers, employees and people who cofound a business with you. Do not be evil by using such type of cheap advertising.
No.11 Work by passion
Passion is what a person would like to work without thinking about its monetization and work without watching to clock to turn at 4, can you know mark zuckerberg, Facebook founder, he like coding too much that he make a site for his class fellows to connect, which later on become Facebook.
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