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5 Things that should be done before you start your company

By SiliconIndia   |   Friday,August 26,2011
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Bangalore: Is this a good time to start a company? Probably not! The world economy is rather unstable and many economists are predicting another recession soon. But, none of this would stop visionary entrepreneurs from going ahead and setting up his first venture. Their overwhelming passion makes them ready to take on the whole crumbling business world and show them how it really should be done. Are you one of those young visionaries? Then, let us go through some of the things that should be on your to do list before you start your company.

Know Your Market

You saw the pain point in the market and you got a great idea for a solution or a product that will bridge this gap, yet, it is very important to know all the aspects of the market that you are targeting before you nose dive into it. You cannot pay your employees, your bills or your mortgage with idea; for all those you need money. So, can your idea make money? Do your homework and find out if there will be buyers for your product, how big this market can be, and more. Then check and make sure if there are others who are already in the market with similar products or are someone coming up with something similar. Only after doing the research and understanding the pulse of your market and making sure it is financially viable, should you go ahead.

Know Your Team


A group of people brought together by a 'great idea', that is the story behind the inception of most of the giant companies in the world today. We have heard this story so many diffe
rent times, but, what we have not heard about is the very large number of companies that have failed due to the 'group of people who were brought together by similar ideas'. Yes, that is true, and many of these ideas were brilliant too. If you venture into the field with a set of people who are a mismatch then your company is doomed to fail. What you need is a team of people with very distinctive set of skills fit for the industry, who can go along easily and will put 100 percent commitment. What you do not need is a set of part time entrepreneurs. Even in your wildest dream, do not think that you can run a company while keeping a full time job.

Educate Yourselves

If you think all that is needed is passion and a great idea, then it is about time you learn your basics. When it comes to building your business both passion and idea are v
ery crucial building
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