Starting a business is a multi-step process that can seem overwhelming at times. However, if you break down the process into smaller tasks, it becomes much more manageable.
The 5 components of a startup are:
Ideation: This is the first and arguably the most important step. This is when you come up with your big idea. It’s important to do your research at this stage and make sure there is a market for your product or service.
Validation: Once you have your idea, you need to validate it. This means testing it out with potential customers to see if they are actually interested in what you are offering. This can be done through market research, surveys, and interviews.
Business Model: This is when you start to put together a plan for how your business will operate. You need to decide on things like pricing, marketing, and distribution.
Execution: This is when you actually start to bring your business to life. This includes things like building your website, creating your product, and getting your first customers.
Fundraising: If you want to grow your startup, you will likely need to raise money from investors. This can be a challenging process, but there are many resources available to help you.