This story is for people who are drawn into thinking that having an idea converts itself to having a startup. Consulting and correcting is far better than tasting failures at an early stage. To this context, two factors are considered important. The first is regarding the founding team.
What to know before choosing your co-founder
It is not a matter of grave concern whether to launch a startup with co-founders or a sole founder. But, it is important to consider certain traits while choosing a co-founder, says K. Vaitheeswaran, co-founder of Again Drinks. In a co-founder system, make sure that there is decentralization of work. Co-founders should have complementary strengths and different skillsets. Infosys is a fine example of this. At the time of initiation, 7 of its founders were skilled in different sectors. That had a positive impact on their success. Co-founders should ideally have prior experience in different fields. They can be school or college mates, colleagues or even your customer. But, never make a new person a co-founder. They can be part of the team, explains K. Vaitheeswaran.
Plan before starting up
Thomas Alva Edison once said that “the value of an idea lies in the using of it”. According to a statistical report from the Institute for Business Value and Oxford Economics, 90% of Indian startups close within the first five years. A major reason behind this is the lack of proper planning. A common problem faced by entrepreneurs in their startup journey is the lack of proper guidance, says D.V.R Seshadri. They end up making a lot of mistakes because of the lack of clarity on whom to approach for advice.
Healthy relations for a smooth startup
Creating a founders agreement which is not legal is also important for the growth of any startup. For this, founders can take a cost-friendly trip. It could be to destinations like Goa, Ooty or Thekkady. Communicate continuously with each other for at least 5 days. At the end of it, they can create a non-legal agreement of two pages. The content of these two pages should focus on the management of the company. This document should be the guiding constitution of the company. This method is currently being followed by many successful companies, added D.V.R Seshadri.
