Entrepreneurship nowadays is highly encouraged and if you have a good idea to put into practice then this is the right time to play your cards. But how to create a successful start-up?
In today's article we want to provide you with a series of ideas and suggestions to apply in the realization of your business. Before proceeding with our guide, however, the limits of this type of company must be clearly defined.
What is meant by start up?
With the expression start up we refer to a capital company that must necessarily meet certain requirements. It aims to promote mainly technological services or products. To be defined as such, it must also have characteristics imposed by the Ministry of Economic Development. The guidelines of a startup are as follows:
- The company must have been born no more than 60 months ago ;
- It must be based in India or also in the European Member States, but in any case with a branch in India;
- The annual production, established during the second year of production, must not exceed 5 million Euros;
- It must not distribute profits ;
- It must not have arisen as a result of or as a consequence of a merger, sale or company split;
- It must have technological value ;
Ideas for a successful start-up
Now that you know what defines a successful start-up, you just have to find out what determines its success.
The first rule for building a successful business is to find a good idea: a start-up is required to be innovative and therefore the idea behind it must also be brilliant and productive.
Build a Business Plan
Building a Business Plan can come in handy in realizing your goals. Ask yourself what your goals are and describe them in detail in your document's mission. Quantify how quickly you dream of making them, study the competition and the market in which you intend to operate. The Business Plan can also be useful during interviews with suppliers and potential lenders.
Train perseverance
A good entrepreneur knows that the market is fluctuating and so are the results. The fruits of the work are reaped only after the second year of activity and for this reason one must never give up: the secret in this case is to train perseverance.