No matter what is the age when you decided that I need to start my own company there are certain things which you need to look into in order to be sure that what you decided should be a good journey rather than counting on failure after the failure and thinking I should have done this and done that.
First aspect for any startup of business is what is the idea or whats the business you want to start, its ocean out there and you cannot drink the whole ocean you need to first understand what is business you need start or which segment of the industry or if you have got new idea then before jumping better to understand some basic things.
First check are there any other companies in the same field of the business you are planning this will help you in understanding the various business models that are currently in place this will help you either to refine your idea’s business model or you will create new once you know what are the different models that other companies are doing.
Then comes finding the first co founder as getting person who has not visualized what you have done is the first thing you need to do it can be either your friend, colleague or your cousin. Convincing new person who has not thought what you did is the first challenge, which will help you in getting the required confidence that you idea has someone who has bought it.
Then start figuring out the various revenue models and pricing that is being followed and accordingly create your own financial plan to understand the feasibility of the idea on the financial aspect as every idea will have to generate revenue otherwise it is not an idea.
Figure out how to reach end mile connectivity as when you think of idea every thought looks brilliant and good but when you figure out the end mile connectivity aspect to ensure that idea can be implemented is where you get to know is the idea implementable or not.
Then don’t write competitive analysis and compare your idea with a leader company in the same segment and don’t start dreaming that you can also do big when then can do, you can also raise funds when the leader can do after all it’s the same idea.
Then don’t get into swot analysis you need to understand drawing a overall blue print in presentation is good but till it gets validated with revenue the distance is as good as hand to mouth.
SWOT analysis is theoretical and to be used only by big companies being just a startup no point in your writing SWOT analysis with your own words or writing business canvas. These things SWOT analysis and business canvas are like experiments being done in laboratory.