How to start a startup

How to start a startup

online legal services for startups

There are two fundamental elements that define startups: scalability and innovation. Scalability allows to have a business model that can grow without acquiring additional fixed costs. While innovation is the factor that usually allows that large scale through the use of technologies.

After having conducted a thorough market study, you will know what you are facing, recognizing your values, strengths and being clear about your objective. Likewise, you will be able to evaluate if your idea is viable to invest in it.

The value proposition is that key differentiating element that will make you stand out from your competitors in the same sector. It is what makes customers decide whether to buy your product or go for a similar one from another brand. For the most part, the value proposition marks the business strategy of startups.

Startups compete in a fickle market alongside big and not-so-big brands. In short, it’s a constant struggle. The more complete and transparent your brand is, the more notoriety it will have. Let’s not forget that the brand is defined by the perception of our customers or users.

legal for startups

The impact of this boom is also social: experts estimate that in Chile 1% of the companies created are startups and they are currently providing 40% of the new jobs. How do you create a startup and what steps do you need to take? On this route, Chilean universities have played a leading role in encouraging innovation among their students. Most houses of study have diplomas, postgraduate courses or incubators that support relevant projects that can change the lives of their creators and their environment. Here are 7 keys to keep in mind.

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«An innovation with social impact will be a catalyst to achieve funding and positioning, thanks to the broad spectrum of benefits generated by different actors in society,» says Francisco Chiang, director of Innovation, Technology Transfer and Entrepreneurship at the Universidad Andrés Bello, a higher education institution that offers a Diploma in Startup Creation and another in Business Creation. Daniela Soto, who provides mentoring (support to entrepreneurs) at UNAB, adds that a cultural change is taking place: «Startups are seeking to generate an impact on society, to help the evolution of the community around the economy, to empathy more than to generate a certain product».

startup legal documents

The startup entrepreneurship model is one of the most known and demanded. Many of them manage to survive and even be sold, but it is also true that around 50% fail and disappear.

The success of a startup is based, above all, on strategy and prior planning. Let’s take a look at some tips for creating a startup from scratch and minimizing the main failures that can have complex consequences for its continuity.

Another great feature of startups is that they are usually closely related to the technology sector, being new technologies and the Internet the natural scenario to grow and seek business opportunities and even funding.

Without a good idea it is very difficult to raise a startup or any type of business. In fact, defining the business idea is the main step towards success, as well as one of the most difficult tasks to develop.

The entrepreneur must be able to describe in a precise, clear way the essence of the business in order to have the maximum security to continue with the following steps of creation of the startup and not to die in the attempt.

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startup formation

Knowing the different ways of financing and choosing the right one can be key for a project to avoid problems in the future. Normally, the first financing is done by the founders themselves or their family and acquaintances (these investors are known as Family, Friends & Fools). However, in order to grow, larger investments are necessary and, for this, the figure of startup accelerators is essential, entities with support programs for emerging companies that usually include financing, training and contacts.

Being part of an accelerator can not only increase your funding, but also provide you with the basic ideas to know how to grow your startups in the future and make the business idea scalable, which is why choosing the right one is very important. «What sets an accelerator apart is its commitment to startups. Most offer general education, but not all of them assign specific specialists to optimize the operation of these startups,» explains Jordi Escruela, Deputy Director of Innovation at Correos and head of CorreosLabs, the parcel delivery company’s accelerator.

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