Questions to ponder over, when figuring out how to start-off

This is an email I wrote to a few interns who had worked with me in the past, and wanted to get-together and figure out how to start a software company >>

 

Hi Abhinav,

I do have a few ideas, about what you could start-out in, and we could discuss those.. but lets do one short exercise first.... just you and your friends answer the questions below without discussing between yourselves and send me your answers....

1. Name & brief profile, with regards to previous projects and current job profile.

2. Reasons for wanting to set-up a start-up.

3 Are you open to leaving your jobs immediately? How long can you survive on your own, in case leaving your job is an option for you...

4. What was your facourite subject in college?

5. Name one area of work you like to do

6. What role do you see yourself doing in the start-up... e.g. technical development, managing people, meeting clients, handling finances etc

7. What do you think makes you suitable for setting up a start-up successfully

8. State 5 different ideas for what your start-up could possibly do. Rank each of these ideas in order of your preference, and state your reasons for the ranking.

9. For the top three ideas in your list, write one short paragraph each about a) Idea description b) who is your target market/customer c) why will someone want the product/service you wish to offer c) how much will someone pay for it? d) who will you be competing against e) how will you reach out to your customers, what will be the method of sales / marketing / advertising channels ? f) what are the difficulties in offering the service or developing the product you have in mind g) what additional features can be provided to improve the service/product (try and list out atleast 5 additional features) h) what will be the financial model? Income: do customers directly pay, or revenues are based on advertising etc.  Expenditure: What will be your expenses?  Try and make a 3-year plan for finances. i) what can possibly be your strength against your competitors (current and future ones too...)

Take some time.... perhaps start this weekend (take as long as it takes... and spend at least one week thinking abt these things..) and answer these questions individually. This will help you to think and appreciate the process/some of the issues related to starting a company.

Regards,

Vishal