Are you tired of working 9-5 and sometimes even longer, that too for someone else? Does it ticks you off to work like an ass and still get painted as the target of your boss’s frustration? If yes? Then, this is the time you should do something about the startup idea that does not get out of your mind anyway.
To get you a kick-start, this post contains everything one needs to know about the startups.
You might have to fasten your seat belts and be a total badass when it comes to nurturing your idea, strategizing and executing the plan. You need to be extremely clear when defining the processes and frameworks for your dream project.
Most of the times, you will hear your family or friends throwing a cautionary warning about the tiffs and truffles the path includes. Don’t let it de-motivate you. The beginning might not be easy, but the process will be fruitful. For starters, let’s dig into what the different stages of a startup life cycle are? Put your corporate pants on and enjoy the ride.
- An Idea Can Take You Anywhere: The Foremost Stage
‘The Idea‘ is the most encouraging and energetic phase of a start-up’s life cycle. You will be up with passion and devotion, and it will reflect in your approach towards everything. This very conception or beginning comes before your startup is even legitimately in existence.
- Problem and Solution: The Second Stage
The dreamy phase is over; now it’s time to work your ass off for what you desire to achieve. Your leading idea for a product or service could be the result of your needs. At this instant, ask yourself: “What problem does this idea solve?” and “Does the projected solution solve it successfully?”
If you have a concise reply to the first question and a positive “Yes” for the second, then you’ve got through the second stage, and it’s time to make a move to the next level.
- Launch the Startup: The Third Level
Once you are sure of your idea, the solution it offers and the potential audience for the product or service, it’s time to make the business authorised and launch your startup. Many people say that it is the high-risk involving phase of your complete business cycle. The mistakes made at this step affect the organisation years down the line, and are the main reason why startups do not survive for long. Being adaptive to the changing trend of the market will help bring stability to your business.
- Development and Growth: Makes the Fourth Stage
Crossing the riskiest stage is like jumping through the loop of fire and coming out safely. When you pass that third level, it brings relief to your mind, and now you can focus on the escalation of the startup. After all, you don’t want your dream company to live under the tag of startup only.
Being at this stage means your company is generating a steady source of income and recurrently getting new customers. The cash flow improves as persistent revenues help to cover ongoing expenses, and you will be looking for different methods and strategies to increase your profit rate. This stage is about coming out of the ‘No profit no loss’ phase and earning serious dollars.
- Maturity: Sums up the Final Stage
When all your efforts flourishes, and the business is at boom, know that you’ve reached the final point of the start-up cycle. Your venture will now be collecting stable profits year-on-year. The question that arises here is: Whether to plan the expansion of the business or stay intact?
If you opt for the former, you should ask yourself: Can the business uphold further growth? Are there adequate prospects for expansion? Is your business monetarily steady to cover an ineffective effort at expansion?
If the answer to all these questions ranks positive, go ahead. If not, then probably the latter should be your choice.
Coming through these stages requires a lot of efforts and more than that, the willpower to continue. You might fail innumerable times and hit rock bottom, at that time remember the words of Steve Jobs,” Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your innovations.”
Contributor Bio – The blog is brought to you by 9ightout. The round-up is an attempt at understanding the journey of most of the start-ups and is intended to help hustling entrepreneurs.