What is the first thing to do to start a startup?


what is the first thing to do to start a startup


Yes this is a genuine question?


Many folks ask me from where should I start? Or how do I start my own startup without any uniqueness?


So here is my view as an entrepreneur.


I started with curiosity, I was always curious about numbers, businesses.


When I was in 7th grade, I started a business of kite selling. I used to purchase kites for 50 paisa/each and sell it to my neighbours for 1 Rs/each - direct 50% profit. Fun fact, till today I don’t know how to fly a kite.


What I learned from it, that you don’t need to be an expert at something to start something.


You have heard many people say that you need to find a unique idea to start something on your own, but to be practical there are so many great university professors and smart students thinking the same.


Most likely you will never find an idea which is so unique that nobody heard or started a startup before.


You don’t need to find a great idea then start something on your own.


What you should actually look is for Problem in any traditional process.


When you find a problem in any process, bang...there is your startup.


There are hundreds of startups who do nothing but provide a single solution in the process.


Let’s take example of startups in the Finance world who just look for the process problem:

​Startups

Problem

​Solution

Banks



Money transfer problem



Easy transfer



Wallet startups

Bank transaction are not fast



Fast transfer



Reconciliation startups



Default transaction entries in businesses

Reconcile all the transactions


Credit card startups

Banks verification to get loan too complicated & takes time

Easy verification & instant loan

Reward startups

People demand rewards for their loyalty

Rewarding people who pay bills on time

Payment gateway startups

Security issue with payments made online

Provide highly secure interface


Now all these startups have made our life easy with payments or managing money.


And there are so many other startups who are finding a single problem in other processes and solving it with tech & expertise.


So overall, you need to look up for a process problem which is taking more time, more energy, more human effort - start your own startup, make that process fast & smooth, and become unicorn in no time.