Dhaka has the real potential to become the next hub of Asia for all great businesses. And you should take the chance.
Starting any thing is often very tough. We can’t make our mind to take the leap. We often think too far ahead and always fall prey of that old question-‘what if’ i.e. what if I fail, what if things go wrong, what if nobody wants to work with me etc. Fear of failure, risk will always be there. You can’t completely live without fear but to make something great you have to work amidst of fear.
When we make up our mind for starting something then the question of ‘how’ comes in i.e. how to start, how to find co-founder, how to choose products and many more questions. These are very relevant questions but you can’t find answers for all these questions just by sitting idle and surfing internet. You have to walk the path. In this piece I will try to give some ideas on these two problems: how to overcome fear and how to start building your tech startup in Dhaka.
What I know about fear is that you have to live with it. So, press the button. Go ahead. We can’t conquer fear but we can ignore it and do the work, right?
Let’s start:
Find Inner Passion
Passion drives us. It makes our work easy and enjoyable. Find your passion and try to convert it into business. Here are few areas to start in:
Pick your partner
Having co-founder is good for any startup. As wise man said-if you want to go fast, go alone, if you want to go far, go together. Here is a simple guideline for finding partner:
While taking partner make sure what is his contribution. You can consider following factors as criteria for partner selection:
Form A Company
You know what your passion is and you have partner as well. Now decide what kind of legal formation you want. If you are thinking of forming a company, ask:
Do I need to form a company?
If you want to go for forming a company below are few options you have:
Unlimited liability:
Limited Liability
Organizational structure
This often becomes a big hassle for startups. Avoid complexity and make things simple. Here are few ideas:
Divide in 2/3 layers:
More on what to start with: In previous section we have seen few areas to start with. Now you know your passion and you have partner and you have already made decision about your organization formation and structure. Now, what you want to sell. Below is a list of few ideas:
Service or product: What do you want to sell, service or product? Before going for a quick fix think and talk and then decide. Here is a list of simple pros and cons for both sides:
Service: You have following issues with service business:
Product: You get following issues with product:
Ideas for a Service based startup:
Market Focus: Local | international | both?
Ideas for product based startup:
For international market
For local market
Tips: How to take it to the next level?
Starting is hard but making a startup successful is way harder. Here are few tips to take your startup to next level. Focus in:
Happy building 🙂
Image: Brain Tracy
Good read!
well written and inspiring..
plain n laid out in simple way.
Have to add something here: discipline plays a major role in the outcome of a startup's lifespan. It's almost as if I am raising a child. There is no ideal time to have one, so the main challenge is to decide, even though information at hand may be incomplete.
What you say about 'thinking about and and surfing the web' is basically a 'security blanket' for the mind to prevent it from taking action. Knowing is not enough; you have to act on it, for it actually tests the knowledge against the fabric and uncertainties of reality.
Overall, great article on the technicalities and steps.
Hope that helps.