{"id":59381,"date":"2022-03-28T23:01:48","date_gmt":"2022-03-28T15:01:48","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=59381"},"modified":"2022-11-21T20:47:54","modified_gmt":"2022-11-21T12:47:54","slug":"launching-your-startup","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/launching-your-startup\/","title":{"rendered":"Launching Your Startup: 6 Things You Should Know"},"content":{"rendered":"<p>Owning a business is many people\u2019s dream. But, before you go ahead and <a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/category\/startups\/\" rel=\"noopener\">launch your startup<\/a>, there are a few things you should know to maximize the probability of success.<\/p>\n<p>This article will give you six things to know before launching your startup. It will show you some of the problems you might face on your journey and possible solutions to make the ride as smooth as possible.<\/p>\n<h2>1. You need a good team<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/team-work.jpg\" alt=\"good team\" width=\"1500\" height=\"1000\"><figcaption>Photo by fauxels from Pexels<\/figcaption><\/figure>\n<p>Before you even consider starting a business, you must gather a good team. Even if you\u2019re the most intelligent person, you have your strengths and weaknesses. Knowing those weaknesses will help you determine what you need to look for when searching for partners or hires.<\/p>\n<p>But, a good team doesn\u2019t solely revolve around technical skill or knowledge. A good team needs a strong leader that can keep it working as a cohesive unit. If you don\u2019t have strong leadership skills, try working on them or partner up with a strong leader.<\/p>\n<h2>2. Cybersecurity is very important<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/cybersecurity.jpg\" alt=\"cyber security\" width=\"1500\" height=\"1000\"><figcaption>Photo by Tima Miroshnichenko from Pexels<\/figcaption><\/figure>\n<p>No matter what type of business you\u2019re starting, it\u2019s safe to assume that you will have some online presence. With that in mind, you have to consider the different cyber threats out there, especially with the recent rise in cyberattacks targeting everyone, from individuals to small companies to large corporations.<\/p>\n<p>In the early stages of your startup, establish good <a target=\"_blank\" href=\"https:\/\/endpoint.tanium.com\/what-is-cyber-hygiene-and-why-does-it-matter\/\" rel=\"noopener nofollow\">cyber hygiene<\/a>, which involves:<\/p>\n<ul>\n<li>Using <a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/password-tools\/\" rel=\"noopener\">strong passwords<\/a><\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/tag\/data-encryption\/\" rel=\"noopener\">Encrypting sensitive data<\/a><\/li>\n<li>Using a data security tool, i.e, <a target=\"_blank\" href=\"https:\/\/nordvpn.com\/\" rel=\"noopener nofollow\">NordVPN<\/a>.<\/li>\n<\/ul>\n<h2>3. Most startups fail<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/startup-fail.jpg\" alt=\"startup fail\" width=\"1500\" height=\"1000\"><figcaption>Photo by Nicola Barts from Pexels<\/figcaption><\/figure>\n<p>It may be a hard pill to swallow, but the fact is that <a target=\"_blank\" href=\"https:\/\/www.investopedia.com\/articles\/personal-finance\/040915\/how-many-startups-fail-and-why.asp#:~:text=In%202019%2C%20the%20failure%20rate,70%25%20in%20their%2010th%20year.\" rel=\"noopener nofollow\">90% of start-ups fail<\/a>. Now, that isn\u2019t to say that you should give up on starting a business. It\u2019s simply a reminder to keep realistic expectations and your options open.<\/p>\n<p>Stories about how people risked it all and made it are inspiring. However, for every one of those stories, a million more failed and lost everything.<\/p>\n<p>If you\u2019re unsure about a business idea, start working on it in your free time while keeping your full-time job. When you <a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/app-business-tips-resources\/\" rel=\"noopener\">start your business<\/a>, incorporate it so that you aren\u2019t fully liable in case of bankruptcy. These are some ways you can risk-manage the start of your venture.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/your-first-business\/\" class=\"ref-block__link\" title=\"Read More: How to Deal With Failing In Your First Startup Business\" rel=\"bookmark\"><span class=\"screen-reader-text\">How to Deal With Failing In Your First Startup Business<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/your-first-business.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-18228 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/your-first-business.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">How to Deal With Failing In Your First Startup Business<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tSo you've decided to finally apply the advice you keep hearing and reading about. You're determined to build...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>4. It will be emotionally draining<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/emotionally-draining.jpg\" alt=\"emotionally draining\" width=\"1500\" height=\"1018\"><figcaption>Photo by Serkan Goktay<\/figcaption><\/figure>\n<p>Starting and running a business is rarely a smooth ride. There will be some bumps on the road that even the most mentally resilient leaders will have trouble dealing with.<\/p>\n<p>Many founders experience emotional drainage due to:<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/freelance-designers-balance-work-life\/\" rel=\"noopener\">Family-work imbalance<\/a>,<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/stay-stress-free-in-stressfull-line-of-work\/\" rel=\"noopener\"> Work-related stress<\/a>,<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/how-to-manage-your-team-with-praise-incentives-and-autonomy\/\" rel=\"noopener\">Managing people<\/a> etc.<\/li>\n<\/ul>\n<p>Additionally, small business owners often take on multiple roles in their company for lack of resources. This leads to role ambiguity and can significantly affect the owner\u2019s decision-making capacity and mental health.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-2\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/career-dilemma\/\" class=\"ref-block__link\" title=\"Read More: How to Navigate Career Crossroads with Confidence\" rel=\"bookmark\"><span class=\"screen-reader-text\">How to Navigate Career Crossroads with Confidence<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/career-dilemma.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-10297 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/career-dilemma.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">How to Navigate Career Crossroads with Confidence<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tGone are the days when a job was merely a means to an end, a transaction where you...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<p>While emotional drainage is hard to avoid, there are some things you can do to minimize its effects. One practice that many successful entrepreneurs recommend is meditation.<\/p>\n<p>The various forms of meditation can help clear your mind and tackle problems more effectively. If you\u2019re new to meditation, consider guided meditation on YouTube or even get a special app.<\/p>\n<h2>5. Find a mentor<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/finding-mentor.jpg\" alt=\"finding mentor\" width=\"1500\" height=\"1000\"><\/figure>\n<p>No matter what road you\u2019re on, there are people out there that have walked the same route and live to tell the tale. Find those people and soak in as much knowledge as possible.<\/p>\n<p>If you\u2019re lucky, you can build a good relationship with someone who eventually becomes your mentor. If there\u2019s someone you admire or would love to meet, don\u2019t be shy to reach out to them. You\u2019d be surprised at how many people are eager to share their knowledge with others.<\/p>\n<p>With that said, a mentor doesn\u2019t always need to be a business figure. It could also be a family member or a good friend \u2013 someone who can keep you level-headed and help you focus on your goals.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-3\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/design-mentor\/\" class=\"ref-block__link\" title=\"Read More: 5 Reasons Why Designers Need a Mentor\" rel=\"bookmark\"><span class=\"screen-reader-text\">5 Reasons Why Designers Need a Mentor<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/design-mentor.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-22287 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/design-mentor.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">5 Reasons Why Designers Need a Mentor<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tWhat is a mentor? Plenty of people think it's some formal, master\/apprentice agreement that lasts for a certain...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>6. Writing a Business Plan can help<\/h2>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/launching-your-startup\/business-plan.jpg\" alt=\"business plan\" width=\"1500\" height=\"995\"><figcaption>Photo by Eva Elijas from Pexels<\/figcaption><\/figure>\n<p>Writing a <a target=\"_blank\" href=\"https:\/\/www.investopedia.com\/terms\/b\/business-plan.asp\" rel=\"noopener nofollow\">business plan<\/a> isn\u2019t mandatory. However, if you want to pitch your startup to investors, a well-written business plan can help get your message across.<\/p>\n<p>The main components of a business plan are:<\/p>\n<ul>\n<li>Executive summary,<\/li>\n<li>Products or services description,<\/li>\n<li>Marketing strategy,<\/li>\n<li>Competitor analysis, and<\/li>\n<li>Financial planning and budgeting.<\/li>\n<\/ul>\n<p>A business plan is one of the first things investors look at when making investment decisions. But even more importantly, it gives you an objective summary of the business.<\/p>\n<p>This can help you analyze certain aspects of the startup and drive good decision-making in the future.<\/p>\n<h2>Final thoughts<\/h2>\n<p>Launching a startup is a big step. You\u2019re bound to face some hurdles along the way. It\u2019s essential to prepare yourself for what\u2019s to come and find solutions to problems that may arise.<\/p>\n<p>To maximize your chances of success, surround yourself with a good team. Strong leadership and cohesiveness can make or break a startup. However, keep in mind that most startups fail, so be prepared with a few exit strategies just in case.<\/p>","protected":false},"excerpt":{"rendered":"<p>Owning a business is many people\u2019s dream. But, before you go ahead and launch your startup, there are a few things you should know to maximize the probability of success. This article will give you six things to know before launching your startup. It will show you some of the problems you might face on&hellip;<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3407],"tags":[4105],"topic":[],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Launching Your Startup: 6 Things You Should Know - Hongkiat<\/title>\n<meta name=\"description\" content=\"Owning a business is many people&#039;s dream. 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