10 steps to build a successful startup | How to build a successful startup
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
FRIDAY, MAY 20, 2022
FRIDAY, MAY 20, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
10 steps to build a successful startup

Pursuit

Ibtisum Nabihah Babar
18 March, 2021, 02:00 pm
Last modified: 18 March, 2021, 03:45 pm

Related News

  • Arogga raises $1.3m seed funding from Silicon Valley investors
  • Intelligent Machines: Intelligent by design, humane by choice
  • FBCCI, VCPEAB to develop Startup Ecosystem
  • Nuport: The start-up that promises to cut down distribution planning time by 85%
  • When should a founder step down as CEO?

10 steps to build a successful startup

These steps were originally developed by Francine Hardaway, Ph.D. He is an entrepreneur and a communication strategist to a successful startup

Ibtisum Nabihah Babar
18 March, 2021, 02:00 pm
Last modified: 18 March, 2021, 03:45 pm
TBS Illustration.
TBS Illustration.

With so many young entrepreneurs on the rise, it is of utmost importance to equip them with the right tools to build their dream startups. To come up with an idea to solve an existing problem can be easy but the road to execute and sustain a well thought out plan can be rather strenuous. One must focus on the initial lift-off to hold the attention of their desired market. Here are 10 steps provided by Francine Hardaway, Ph.D. He is an entrepreneur and a communication strategist to a successful startup. 

  1. Understanding the target market. Although the product itself has to be of value, for it to work and make a lasting impression one must also consider the timing of the launch and the need within the market that they are trying to fulfil. For instance, Groupon launched during a recession. Businesses needed customers and the customers needed finding solutions that would help them save as much as possible. In came Groupon; the perfect solution at the right time.  Had it been launched during any other time, it may not have been as successful. 

  2. Sorting out the legalities. Attorney charges are extremely high, especially when millions are involved. To avoid getting into legal battles after the startup has been launched successfully, it is important to narrow in on the details and read through all the legalities thoroughly.   The last thing your booming business needs is to lose money in a legal fight between conflicting co-founders and partners. 

  3. Delayed involvement with the market. To test your product, you must face the market. The knowledge you will gain from entering it will help you formulate an even stronger plan for your business. The sooner you dip your toes into the water, the faster you'll be able to ride the wave. 

  4. Know your worth. Unlike large companies like Twitter, smaller startups have to start selling right away to be able to support themselves. Putting the right prices on the products and finding the balance between a good profit but not too high to steer customers away is fundamental for growing any small business. 

  5. Make calculated moves. Every small expense counts. Rents and bills need to be considered as well as travel expenses and lunch meetings regarding your startup. Whatever the cost is to cover all those within that list will be your monthly goal; your break-even point.                                                                                         

  6. Expansion of the team. Cut costs everywhere you can. This includes hiring employees you do not need. More employees do not mean they will bring in more revenue. Therefore, only hire when needed. This however does not mean you should refrain from hiring employees you require to carry out your projects. Being understaffed can lead to different problems altogether. Cutting unnecessary costs also include signing a lease for an office until it is necessary.

  7. A clear mission and vision. Your end goal should be as clear as day. As the founder, it will be your job to dissect the why, where and how and construct a well-designed map for your team to follow. The potential that will shine through the plan itself will attract individuals who believe in a similar vision as yours and enthusiastically join the journey.  

  8. Don't rely on quick money. Unless you are already a notable millionaire in Silicon Valley with existing successful businesses, raising funds organically may take longer for you. If you find yourself in a situation where it is taking longer to raise the necessary funds than initially planned, do not be discouraged. Instead, keep going and keep selling. That is the only way forward. 

  9. Understand cash flow. Working with large companies is always exciting. It shows that you are capable and they trust your plan enough to invest time and money into it. That being said, it is also important to understand that these companies have certain policies regarding payments. It usually takes larger companies 60 days to pay. Therefore, when signing that deal, it is important to keep this in mind and collect money upfront whenever you can or at the time of the sale. 

  10. A price you will have to pay. Launching a startup and the initial period following it can lead to a lot of stress for the founders and their team. More often than not, the lack of time and constant focus on work can start affecting the personal relationships of those involved. Although unavoidable, a fair warning and transparency are appreciated on the receiving end. Not all relationships can bear the weight of the absence of a loved one but the ones who can come as a sense of comfort for those chasing their dreams. 

 

Features / Top News / Startups

Startup / successful startup / 10 steps

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • US growth seen outpacing China’s for first time since 1976
    US growth seen outpacing China’s for first time since 1976
  • BNP misinterpreting PM's comment over Padma Bridge: Quader
    BNP misinterpreting PM's comment over Padma Bridge: Quader
  • Transparency International Bangladesh
    TIB calls for independent Economic Strategy Advisory Committee

MOST VIEWED

  • Illustration: TBS
    Ugly business: Politics in workplace
  • The open-browser-tabs question also tells an interviewer how much of an internet native the job applicant might be. Photo: Noor-a-Alam
    The best question to ask a job applicant
  • Success with the MBA degree does not equate to a successful manager. Photo: Saqlain Rizve
    The real reason MBA graduates make worse managers
  • Illustration: TBS
    How important are job titles?
  • Illustration: TBS
    Being a pharmacist in Bangladesh
  • “Kitty”, the robot Prapty Rahman developed with her team to grow logic capacity among children. Photo: Courtesy
    Ministry of Codes: A young woman’s mission to make STEM accessible to students

Related News

  • Arogga raises $1.3m seed funding from Silicon Valley investors
  • Intelligent Machines: Intelligent by design, humane by choice
  • FBCCI, VCPEAB to develop Startup Ecosystem
  • Nuport: The start-up that promises to cut down distribution planning time by 85%
  • When should a founder step down as CEO?

Features

Mohammad (Mejbah) Mejbahuddin, Former Senior Secretary, Economic Relations Division (ERD), Ministry of Finance, Government of Bangladesh. TBS Sketch

‘No project is being delayed too long at the moment’

5h | Panorama
Dr Shamsul Hoque, Professor, Civil Engineering, BUET. TBS Sketch

‘Planning commission only in the name, there are no planners’ 

5h | Panorama
Masrur Reaz. TBS Sketch

‘To ensure accountability, contract financing should be based on ‘performance based payments’

5h | Panorama
Professor Mustafizur Rahman. Illustration: TBS

Project delays and escalating costs are driven by frequent revisions and lack of good governance

8h | Panorama

More Videos from TBS

Ways to retain body fragrance

Ways to retain body fragrance

6h | Videos
Gazipur restaurant that serves 150 food items

Gazipur restaurant that serves 150 food items

10h | Videos
How to prepare for a job

How to prepare for a job

11h | Videos
Putin's strategies to face Nato

Putin's strategies to face Nato

23h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

3
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

4
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

5
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab