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What is the first step to do if someone has an idea for a startup, and what are the next steps for getting funds?

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What is the first step to do if someone has an idea for a startup, and what are the next steps for getting funds?
posted Jan 5 by anonymous

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Develop a prototype?

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Here the steps how to start a successful startup?

Prototype:

Idea is in your mind; you need to show your idea to 100 people to get it successful. Make a prototype if they can be – program them, design them, do anything that makes them more than just thoughts. Most people will stop right here. So if you do this, you are already ahead of the imaginary curve.

Find a co-founder.

When the prototype starts making sense, go find another person who will pour a decade of their life into this project because it will change the world and they probably don’t have a more meaningful thing to do in life at the moment.

Register your business.

Split equity. Finally, an easy step. Get a lawyer who will register your company. Give your co-founder as much equity as will make them work their hardest, while you keep as much as will make you give it your all.

Look for funding and build version one.

Unless you have enough savings to build version one, go find an investor. While you are doing that build version one. You have to keep building because there is no guarantee about when or whether you find an investor. Don’t assume that you will just because other startups are getting funded. Assume the worst, and build your product. Go for crowdfunding platforms for fundraising.

Launch.

By the time there is even an iota of usefulness in your product, launch it. Extra features, better interface, faster load time and other optimizations probably won’t save it, if the core features have no use.

Follow up with users.

Are users coming back? Find out why they are not. Launch again. Launch as many times as it takes. At some point, if at least a few dozen people are coming back on their own, you probably made something valuable.

answer Jan 8 by Deepika Jain
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