Well that something really good and appreciable step of thought to start something as your own! Before starting a company, obviously you will check with your relatives, friends, contacts, industry leaders and all. Everyone will [if experienced] ask you to make a plan and think about your financial split up. In such pumping energy of starting a company, you may feel awkward for every such word.
Anyone can start a company, I am the best example for it. You only need to have an inner fire [foolishness], the ability to live in ZERO and certain qualities like smile against humiliation, compromises, maintaining happiness in broken dreams and last but not the least, live without financial backup. If you are blessed enough to have parents like mine, then you are the winner. Else you need to make the plan well, I swear, I am not advising you.
First, think about yourself, no matter which domain you are about to start your business, if you have the trust in yourself of running it alone, don’t, I repeat don’t search for a partner!. You can do it, and no one else in this world could do your dreams like you!.
Okay, now if you are selecting a partner, make sure to write each and every term about the process, checkpoints, reviews, corrective measurements, financial recovery, and milestones well in detail. At least it’s better to have a call or direct meeting or under seawater meeting or any hell, just clear the plan, I mean the process. Now blame the process if things are going down, not the person!. If the partner is the same as you, or better than you, then man you are safe else, push him up a bit, but don’t waste time. Coz everything is eventually a choice. Unfortunately, the game you are about to perform is time-oriented!.
Second, proper execution [dot].
Third, check whether the execution was right. Make sure about to standardize the process from the very first day, you will never get an ‘okay we can make it from tomorrow’ moment!. The moment you are starting compromises for anything, it will reflect in any point in quality, delivery, service or at least in money flow!.
Fourth, resources, if you want to cut any friend from your gang, make him your partner. The best way to end a friendship is by starting a company [if you are skipping the first step]. If the first step is well and good, then your friendship bond will reflect in your balance sheet as well. While choosing a resource, make sure you are in need of a resource, initially, the options will be less so try to make a lest destructive placement so that the regression will be less. After recruitment, no personal bonding [to all initially], I repeat with a kaboom, no personal bonding. If your ancestors did good to your society, then sure you will get family-like team members, again note, not everyone will be your family member and those bonding team members will be with you in your ups and downs. The team is everything!, choose and maintain it well.
Fifth, the legal side. A high-level view of legal formalities looks so funny, but the moment when you are putting your nose into it, you will feel the heat. Summer summer happy summer!! in case if you are skipping things. Better to get a piece of proper advice from respective domain experts could help you out from a lot of sleepless nights!.
Sixth, luck. It always favours the hardworking soul having persistence in dedication.