Startups aren't superior because they look good. They're superior because they ARE good. The Superior Startup is a principal idea around which everything else is built. A Superior Startup recognizes money is always limited, and that money needs to go to the people and the products/services first. Know going in how you're going to get out. Build an exit strategy now.
Challenge 1: Money- Find a mentor, and get an accountant.
Challenge 2: Forming the right team.
Challenge 3: Personal and Brand Identity. Remember, if you have to fail, you might as well fail well.
Step 1: Define what the business will be.
Step 2: Create a one-sheet that includes company name, company leaders, company financiers, company structure, company start date, company exit plan, and the company mission formed in step one.
Step 3: Research your competitors and your industry.
Step 4: Match the players with the team.
Step 5: Legalize it.
Step 6: Form a mentor advisory board.
Step 7: Develop your launch plan. This doesn't just include the plans for the day of launch, but a week after the launch, a month after the launch, even a year after the launch.
Step 8: Never stop raising money.
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