It is probably the hardest startup to set up. You will spend the rest of your life obtaining new rounds of investments to assure growth. It is not a startup you can easily try out and close down in a year or two to try something new (yes, there are those who even manage that but here success does not necessarily mean victory and good experience). In this case, you are building a startup for life. Your reward will be moments that you can´t get from any other company in the world.
So what is the best startup in the world that you can set up?
Focus and start
Like any other startup, you first have to decide what kind of a startup you want. Where do you want to execute your joint business? What are the plans? To devote collectively to new developments? Or focus on other values? After defining the basic scheme, it is good to obtain a first investment. It will usually be someone from your surroundings – friends and family – and that who will help get you established. allow you to start off in the first place. An important step will then be obtaining another round of investments because it is usually just a matter of time until when you will want to expand your team. And that will require, among other things, money.
In the beginning, you will only need to select your partner. You will then form your team together. The advantage is that you can shape the members of your team from the very beginning. But one disadvantage is that some traits and facts cannot be changed in any way. A new member of the team will bring you great pleasure and joy from the very beginning, despite being totally incapable. His quick progress will probably fulfill you more than the numbers on any financial report. Do not forget to constantly work on your team. Your new colleague has a great employment contract cannot be terminated! Don't forget, you will have this team for the rest of your life.
From the marketing perspective, there are a number of significant waves – the initial enthusiasm, founding of a joint business, expansion of your team and then celebrating various milestones. In fact you do not need to worry about marketing whatsoever. It will all be taken care of by your friends and social networks. This startup markets itself and virally so (especially when it regards very good or very bad news).
There are a great number of threats involved just like with a real business. What is most vital are relationships, maintaining a good mood and the startup spirit across the entire team. Everyone has to keep believing in your vision; if something stops working, the company is in danger of falling. Everything revolves around the team and especially the new arrivers. It is important, however, not to center the business around the new support but to focus on the development of the whole company. A great danger is falling short of financial resources that the company depends on to function properly. Although it can also function relatively well with limited income, low cash flow will limit your future development plans.
With this startup, it should not all be about increasing profit. There are more important values in play here – fortune, health and love. Most successful CEOs will confirm that despite the importance of money there are situations where it could be traded in exchange for good health or love. It is important, however, to possess money because with its help, you can more easily conquer new goals.
What is really different
There is no financial report or a form that will tell you how you are doing. It is virtually impossible to change the team or your partner; such options can be very expensive and have an uncertain outcome. You do not need a marketing agency. Most of the PR will be done by your team. Do not underestimate human resources management. The departure of one member of the company very often means the end to the whole company. Control over the corporation is then gained by a new CEO and you will have to deal with him since you need to continue cooperating with this team of yours, even though you are one foot in another company already.
Even here, good design is vital. And just like with product design, it is very individual. You do not need to bother if the design is liked by others, it is only you who needs to like it – this make is easier. As time goes by, the significance of design decreases, so it is not a key thing that you should build your entire success on – usually that will not work.
What you will not find at any other startup
There is no comparing the holiday times, trips and celebrations with your team with any other startup. Watching the progress of the youngest ones, seeing their first smile and first steps is something one cannot buy.
And that is what it is all about. This startup won't make you money but will fill your life with something more important.
It is not that difficult to come up with such a startup. In essence, most people have the same idea, vision and concept of implementation. It is about the right execution and luck – just like with any standard startup!