Attention founders and those interested in setting up a business! - There are often stumbling blocks in the start-up process that you don't even notice. Here are a few tips for you:
Stumbling block 1 - Capital
It is theoretically possible to set up a company without equity capital, but this step is not advisable. In addition, it is often very difficult to convince investors when founding a company without your own investment. There are a variety of state/public funding options and start-up competitions that can be very lucrative. Detailed planning (business case + cash flow planning) is a MUST in every respect for a successful start-up.
Stumbling block 2 - Team composition
When the time comes and you want to expand your team, you should be very careful with the decisions you make. We are automatically attracted to people who are similar to us, but especially in a founding team you should make sure to build a diverse community: Interdisciplinarity is the key word. In an IT/tech start-up, for example, IT/programming expertise should be on board right from the start. In terms of roles, a rough distinction can be made between 6 types: Innovator, Visionary, Doer, Networker, Analyst and Team Player. Above all, you need to be able to trust and rely on each other. You should also pursue a common vision and have fun!
Stumbling block 3 -Legal matters
Legal and tax obstacles lurk in almost every corner when setting up a business. As a founder, you should acquire the necessary knowledge, but under no circumstances should you do without the professional support of a law and/or tax firm. Good advice on the type of start-up is essential. It is often underestimated that external expert knowledge can also provide very good support when it comes to sales and marketing.
Stumbling block 4- Sales talent
As a founder, you need to have sales talent and personality. You often find yourself in the situation of having to present your founding idea in a concise and crisp manner. Sometimes in less than 3 minutes. How to inspire stakeholders and convince investors can be trained to a certain level. Nevertheless, the business idea should always be presented in an ideal light. It's not for nothing that they say that a lot of business is done on the golf course - personality is key!
Stumbling block 5-Challenges Mastering with perseverance
As a founder, you have to be able to grit your teeth! The decision to found a company is an important life decision that will also affect your private life. Potentially, you dedicate yourself to your start-up idea every day, 24/7. There are many entrepreneurs who have not given up on their original idea even after a first failure and have dared to make a second and third attempt. Founders who give up immediately when things get dicey are doomed to failure.
Follow Your Dream - TeleskopEffekt shows you the way!
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