Risky Start-Up: Is It Worth Your Effort?

The age of technology has brought people closer to each other than they ever were. At any given moment, all that’s standing between you and everyone else is the screen of some device. This has drastically changed the way we communicate with each other, express ourselves, and even how we make our living.

Today no one tells you what you can and can not do. Nothing stops you from throwing your passion project out there into the world wide web. Everything is fair game. The only judges are the consumers; everything in excess is cut out.

This new model has given life to things that should’ve never existed under usual circumstances. And yet, defying all classic standards and rules, they are now thriving under the digital sun, some even sustaining their creators.

But this freedom comes at a certain price. Being a one-man army, you never know how bad your passion project may backfire.

Where to Begin

Creating a start-up project may seem as easy as coming up with an idea and throwing it out there for it to make you many.

In reality, all the technical issues you would have to handle can prove extremely challenging for a person with this sort of approach. After all, managing your own start-up is very much like managing your own company.

So the first second and third thing you want to do is plan, plan, and then plan some more. What your idea is, its details, specifics of its implementation, time, funds, and manpower needed. You may have to spend several evenings figuring the math out. Ultimate knowing your start-up down to its smallest cog will help you out immensely.

Coincidentally, that’s where you’re most likely to understand if it’s worth your time trying to make this thing happen. Getting a bright idea in your head is one thing, spending weeks trying to make this grand concept meet with reality is another.

If you find yourself getting overly frustrated, tired, or disenchanted, it’s probably best to drop it altogether.

Making It Work

Once the setup is done, you should have a pretty solid understanding of whether or not you want to continue on with your project.

So if you take a look at your chart and tick off every single point there, thinking you can probably do it, you can get to work. Be sure to prepare yourself mentally, as plans often tend to fail.

The most common reason people turn to start-ups is the freedom of being your own boss. But with great power comes great responsibility. You will have to invest a lot of your personal time, sweat, and tears into your brainchild for it to fly. And no one (at least at first) will be there to do it for you.

In fact, the very first steps (like creating a demo of your product) you will have to make all by your lonesome. So if it’s your main project, be sure you’re not too bogged down with work or study. Getting a helping hand with your assignments from essay writing services like EssayPro can get you those precious hours to spend on perfecting your project – in case you are still a student, obviously.

Some of the Risks

The failure rate of start-up projects is fairly generous, all things considered. Studies show the following statistics of start-ups survival:

  • 80 percent make it to the second year;
  • 70 percent make it to the third year;
  • 62 percent make it to the fourth year;
  • 56 percent make it to the fifth year.

So from a purely statistical standpoint, your project has pretty good chances on the market. However, special attention should be paid to the reasons why most start-ups fail.

The main one is believed to be the lack of demand for the product created. Yeah, when you come up with this cool and extremely useful concept, ask yourself, “is it really so?”.

The misfire on the idea stage is followed closely by the failures of the planning stage. Running out of budget and getting the wrong people to do wrong jobs are respectively on the second and third places on the list of most common failure reasons.

That’s why planning is so important. Realistic outlook and sound logistics will steer you clear of 94 percent of failure causes. Pretty good odds, right?

Final Words

So that’s how it goes. As you can see, there are certainly some benefits to building your dream projects as a start-up. Working for yourself is pretty nice, and doing what you love is even nicer.

However, even though the start-up approach cuts a lot of extra steps and gives you space to maneuver, it doesn’t mean you don’t have to put elbow grease in it.

So be smart, dedicated, and good luck!