Two friends eventually met each other in corporate space during their 9-5 Job at a retail company. Manohar Reddy and Shabbar Syed were working together at this retail company for only a period of 5-6 months as Manohar had to leave for growth opportunities. Shabbar left this retail company in 7 months too. During their tenure, Manohar used to handle operations and Shabbar handled strategy and sales.
Shabbar did his skill evaluation and started a skill development Startup. He was one man army to run this business until he met Manohar again to discuss about his startup, when idea strike a great deal for Manohar, he joined the same startup and took over operations. Whereas Shabbar evaluated that Manohar could add great value to his startup in terms of operations and that is how teams are formed.
Now we co-founders of skill development startup FOITO brings you a startup drill that will help you start business effectively.
Assuming that you have used your passion and strengths and found some problem to solve with big positive impact, it is already sign of doing startup. You are already on right track. Never wait for perfect time, start now.
Step 1: Find out Unique Selling Proposition. This is very important while doing any startup. Our USP was Skill Evaluation Module (we validated and found it was very unique and it was not being used by many startups out there). This is a very complex task. Make sure you come up with 10 unique selling propositions and then shortlist 3 of them. Map them to your startup.
Step 2: If you are planning to do a startup, team formation is very important too, as it is very clear from above story that teams are generally formed accidently, therefore go with the flow wait for someone to come and join you. Someone who can fill something missing in your skill set. For example: if you are sales expert you could collaborate with software (tech guy) or operations expert.
Step 3: Plan well on technology: We are in fast pace world, we consume lot of data and technology has become very crucial part of our lifestyle. Regardless of what industry your startup belongs, you need a top notch web portal or app as a basic for you to launch your startup with world class interface. I wonder how difficult it is to startup business nowadays without proper web portal or app in place.(Example: Can you imagine existence of logistics giant Uber without use of app or technology?) This shows technology is not just important for SAAS startups but it is basic ingredient of any startup formation today.
Step 4: Revenue streams drive your business forward: Even if you have very best of the product, failing to create more than 3 revenue streams is like testing waters in a stormy sea. Best quoted example could be a lesson from Cult (Indian Startup) which is into fitness and their revenue streams are from various models. They are into fitness focused food, with Eat.Fit, fitness focused gymnastics in cult.fit. and more.
So if you are planning to launch a startup ensure to do this drill. Even if you have already started a venture this will still be very helpful tool.
If you want to take it to next level use skill evaluation module and evaluate your skills to check what kind of entrepreneur are you? Have you got that swag?