5 Steps to Launch That Disruptive Idea
That disruptive idea needs to go to market! But where can you start? Here's where.
Author: DBS BusinessClass, Administrator of DBS
You have a disruptive idea that could change the face of an industry – but where can you start? Here are the 5 steps you can use to ensure you're on the right path.
1: Baby Steps
Perhaps you're not so sure if your idea can make money. You might want to pit your idea against others in a business plan competition like Start-Up@Singapore or at various hackathons in your market, where you will be able to get feedback on your idea from seasoned professionals, and refine it to the next level.
A great place to meet like-minded people, mentors, and industry experts are social networking events, like e27's Founder's Drinks. You can also consider the Entrepreneurs's Corner @ SMU, or events like Startup Weekend.
3: Register your Startup
As you start to register your business as a legal business entity, you will want to ensure that you've done some important homework. Has the name of your soon-to-be business been taken? Do you have premises for your business, and will you be allowed to carry out your business there? You'll need to be familiar with procedures, permits, licenses, and appropriate personal documentation before you register. In Singapore, businesses can follow checklists of activities depending on what types of businesses you are, like a sole proprietorship, a partnership, a private limited company, or a limited liability company (note: many entrepreneurs prefer registering as a private limited company for the protection and limited liabilities that they get as a result). Fortunately, this is made easier by taking advantage of guides that take you step-by-step in that process.
4: Tax Schemes (along with other government schemes)
You may also want to apply for favourable tax schemes in your market. For example, Singapore offers a tax exemption scheme for new start-up companies that allows you be exempted from paying taxes on the first $100,000 of income over three years. Look out for other schemes that your local government has to support your venture.
5: Keep Learning
Keep the saw sharp by improving your skills. You can learn more about product management at websites like the Silicon Valley Product Group site. Learn timeless and valuable lessons about starting by avoiding common mistakes. Learn how growth in your start-up has less to do with fads and more about creating delight in using your product or service.
Note: This guide is regularly refreshed with the latest developments in your market, so you'll always have the latest and most helpful resources at hand. If you know of a resource that can make this guide better, tell us! ([email protected])
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