Five tips for launching a startup

Startups have been around as long as businesses have. However, over the past decade with the dotcom burst, economic reforms and easier access to venture capital, India has germinated into a fertile ground for interesting homegrown startups.

So whether you're a college dropout, or in tour mid 50s, just at the verge of quitting your job, and starting something of your own, here are the five most useful advice you can get:

1. Start while getting a paycheck:
It's better to test the waters while you still have a regular income to back you up .Think it out well. Don't just quit. It's better to try something new and back out when there's time than quit and after a year go back to your previous job. You'll be out of touch, and surely not in demand.

2. Be prepared to fail:
Learn to prepare failure. Most early businesses fail because the founder quits after the first investor refuses, or the first product doesn't sell as much as he thought. In failure is your next step. Failure doesn't make one a loser. It's only when you give up, or never try in fear of failure. Be positive and carry on.

3. Be flexible:
Every founder feels he has the 'next big' idea. The problem is that most emulate their idea so much; it turns out to be something else. Many fail because their vision was flawed. Always be open to conversation and critique. Adjust, drop, or carry on with your idea according to the feedback you get. Also try and look for mentors. They'll be your angels on the way to success.

4. Have a well rounded plan:
Business isn't run by an idea, its run by people. One has to realize there are several components that make up a business. This includes Legal, Marketing, Accounting and so on. All these elements must have a percentage of your thinking space.

5. Never compromise on quality:
If you're not convinced that your product/service is not useful worthwhile, no one will. Never compromise on the quality of product and after sales service just because you're a startup. You might not be making million dollar profits, but the initial months are crucial to building your reputation. Sub-standard quality ruins just that.