Are you planning on quitting your job and launching your own startup with your friends? Well, it’s a big step to take and a lot of risk is accompanied with it. So, consider these 5 things before you go ahead and launch a startup:

Have a flexible team

Your core team is the backbone of your startup, and if they are not flexible with the changes you are going to deal with in future, you are really going to lose a lot.

 

Evaluate your idea

By simply assuming that their idea is a stroke of genius, many people commit a huge mistake. It’s better to evaluate the pros and cons of your business idea, making sure that you have the potential to earn back what you invest.

 

Have proper funds

It will be the biggest mistake of your life if you launch your startup without having funds to back it up. Make sure that you have an amount that will be available for at least two years, irrespective of the profits you might make.

 

Prepare a backup plan

I am sure you wouldn’t want to go bankrupt because of a silly mistake you made in your startup. To avoid bankruptcy, you must have a backup plan for every action you take and make sure that it stands aligned with your objectives.

 

Be prepared for challenges

A big firm with a turnover in crores is not something that is served on a silver platter. It comes with a lot of challenges and you need to overcome every hurdle life will throw at you. So, make sure you are mentally prepared for the challenges because quitting in between is not an option.

 

Author’s Name – Kritika Sharma

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