10 Startup Tips from the Co-Founder of Yuvraj Singh Backed ‘Startup Buddy’
Running a startup and generating profit is one of the toughest tasks in the world. You have to learn, adapt, and continuously evolve in order to thrive in ever-changing market scenarios. Though the failure rate of startups is very high; if you have the right knowledge and do things in a proper way, then they lead to the success that very few people achieve. Keeping this in mind, Amit Singal, CEO and Co-Founder of Startup Buddy has shared 10 startup tips that can help you excel in your entrepreneurial journey.
Amit Singal is running ‘Startup Buddy’, which is a one-stop shop offering financial advice to startups. Startup Buddy is growing by leaps and bounds, as Amit and his team members are helping Indian startups in taking right financial decision. Also, they are backed by famous cricket player Yuvraj Singh, who believes that Startup Buddy understands the needs of the younger generation, who are building the Indian startups.
Here are startup tips from Amit Singal to help you progress in your startup:
1. What should a person do to come up with the best start-up Idea?
“To identify proper startup idea; it is important to do a proper survey and understand the market very well. Another critical aspect is to make a precise business plan and check the monetisation method for the idea.”
2. Can you share a harsh truth that every budding entrepreneur must know?
“It is not easy to run a startup, as it has to survive with limited resources. Funding of the startup is not equal to success. Real Success is to create a real profitable business, funding will automatically follow.”
3. Can you share a finance tip for early-stage startups?
“Always prepare a business plan before starting a Startup. It is important to bifurcate the financial need into two parts; one is the working capital requirement, and another is risky capital like marketing, IT Investment, etc. For working capital, debt is a better option rather than diluting equity. For funds requirement related to risky capital, raising capital through equity is better.
Whenever you are raising funds, it should be at least for next 9-12 months requirement.”
4. What must an entrepreneur do to have a healthy relationship with the co-founders?
Clearly define roles and responsibilities of each co-founder. Document it through Co-founders agreement to avoid any conflict at the later stage. Create KPIs for each co-founder and assess time to time.
5. Which are the common mistakes done by a first-time entrepreneur?
Sometimes entrepreneurs enter into the business of which they don’t have any expertise, which is fine. But it is also important to have advisor/ mentor onboard expert in that sector to avoid common mistakes related to that sector. Another important fact is that everything takes time; so patience is important. Rather than entering into many things together, step by step movement is important.
6. Can you share some marketing tips for a young startup?
Client satisfaction is more important than marketing. Once you have satisfied clients, success will be very easy. Target marketing through social media and influencer marketing are cost-effective ways to do marketing.
7. Do you believe that academic knowledge plays a very little role in a person’s entrepreneurial journey?
I totally agree that academic knowledge is not very relevant to create a successful startup. I know a startup in Legal Tech, where none of the founders is from the legal background, and there are many more examples like them. What is Important is to identify the real gap in the market, and to find out the practical solution.
8. Can you share some tips to become an effective leader?
“Clarity on the KPIs and proper teamwork can help you become a great leader. Coordination between team members from a different background is the key to success for an effective leader.”
9. If you have to share one of the most important startup tips, what will you share?
“No hocus pocus; only Focus. Every idea is a great idea, but the execution makes the difference.”
10. At last, can you share your favourite quote for budding entrepreneurs?
“Starting your own business is like riding a roller coaster. There are highs and lows, and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started.” – Lindsay Manseau
So which startup tip did you like the most? Comment below and share it with your network.