The IRR for Starting Up

In the world of startups, a different IRR is what budding entrepreneurs should be more concerned about.

IRR = Idea, Research, Responsibility

Idea: The first step is to get an idea.

Research: The second step is to research the idea thoroughly and make a solid plan around it.

Responsibility: If I feel I have a good idea, even after researching about it, it is my responsibility to ensure that the idea gets it’s share of planning, hardwork and diligence.

Steps to Actually Startup

The following are the exact steps one should take in order to actually start up.

Finalise the Idea

Build a Founding Team

Register a Company

Start Building the Product/Prototype

Get Other Licenses (such as tax registration numbers, licenses etc. wherever required)

Build a Business Plan (focus on the early stages of the business)

Hire Team Members (for marketing, sales, product development etc.)

Launch