1. Study the feasibility of the idea

In this step we will study, evaluate, and discuss the chances of your business idea becoming successful. It will also include a thorough assessment of the commercial viability and the market.

The new startup business is primarily dependent upon a good planning and also discipline to execute it. The idea of starting a new business may sound glamorous but that is not the fact. It is important to submit yourself completely to the process. Eric Rises has explained clearly in his book “The Lean Startup” that you have to learn a lot from both from your successes and failures. It is a process of learning and unlearning even from other’s mistakes and more so from the boring stuff that is usually ignored. The success of startups is not about genes or being at the right place at the right time, instead is engineered by practicing the right process that can be learnt as well as taught.

Challenges are all around for every thriving startup. Hence, the theory of “survival of the fittest” is the best fitted one to describe the violent world of startups. In the recent times, there have been some radial changes in the practices and concepts of the overall operation of startups that have added to the increasing number of challenges faced by them.