By definition, a startup is a young company founded by one or more entrepreneurs with the aim to develop a unique product or service. For a successful startup, most startup entrepreneurs will tell you that you need three elements: a quality team, a product that customers need, and to spend as little money as possible. A large number of startups that fail, do so because of one of these three elements.
On the other hand - there are many reasons to start a startup. For some, the reason is money or a desire to make some change and for others to provide some kind of help. Steve Jobs started Apple out of a desire to make a personal computer, and Jeff Bezos wanted to start a store that would sell different things, and today Amazon really is a place where you can find everything. As you can see the motivation behind starting the most famous startups wasn’t the desire to make money, at least not directly, but the desire to provide the community something different and better than the ones that were existing. What they certainly had was dedication, discipline, and a plan. They say that starting a startup, or a business, is not for weak-hearted people.
So, what you need to reckon with is that without courage and risk, you shouldn’t get into projects like this. So, if you are not mentally ready to potentially lose everything if the startup does not go the way you planned to, then you should not start it in the first place. On the other hand, there is nothing in life that brings some satisfaction or benefit that does not involve risk-taking. According to Merriam-Webster's dictionary, "An entrepreneur is a person who organizes, manages, and assumes the risks of a business or enterprise."
Another piece of advice from experienced entrepreneurs is to stick to a profession that is familiar to you. Start with things you already know a lot about; you’ll find it easier to find flaws in a field you know something about than to venture into completely unfamiliar waters. This way you can use your knowledge, skills, and passions to the maximum.
According to the Startup Grind page, it is important to:
1. Have a good short-term business plan that summarizes exactly what you want to achieve and how you will achieve it, while long-term plans are much more flexible but again must contain clear goals
2. Start networking as soon as possible - networks like LinkedIn are a good start where you can quickly connect with experts who are relevant to your startup
3. Be one step ahead of others - many companies fail because they resist the inevitable adjustment that is necessary when market trends change
4. Keep the work-life balance - there is not much to say here, everyone needs to figure out a way for themselves.
According to Shahriyar Mohammadi who is the founder of the Goody startup, it is essential to make a product that is easy to understand and then develop it when the right time comes. He believes that to launch a successful product it is not necessary to use the latest technological discoveries but passion is more important and to share your idea with others, without fear that others will steal it from you because the feedback of other experienced entrepreneurs is immeasurable. According to Shahriyar's experience, running a successful startup is far more complicated than having a good idea, because as he claims, "the chances of having an idea that no one has ever had before you are zero."