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  • Checklist for a startup

    Shashank Moghe

    Shashank Moghe

    @shashank-94ap1q
    Updated: Oct 23, 2024
    Views: 1.4K
    Apart from being an innovative, sharp and confident person (team), I would like to know what else are the "allied" things you need to take care of while forming a company (a new legally registered startup company).

    As a qualified and experienced mechanical engineer working in a niche automotive field, I see myself becoming an entrepreneur soon in the future. While I can take care of the intellectual capital required, I would also like to know a list of things you must do before you can entertain your first business opportunity. I am talking of all the petty registrations, administrative hassles, etc. Please share whatever comes to your mind in a logical order. Personal experiences most welcome.

    #-Link-Snipped-# sir, [USERGROUP=4][USERGROUP=4]@Moderators[/USERGROUP][/USERGROUP] . Any help shall be appreciated.
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  • Kaustubh Katdare

    Administrator • Sep 22, 2014

    Frankly speaking - you don't have to be innovative, sharp or even 'above average' to start a business. From my own experience, I can say with great confidence that if you are a first generation entrepreneur with limited access to resources (everything included); you need to be unreasonable. Engineers tend to fall in love with the 'solutions' to the problems; but building a business is entirely different.

    First - don't even think of starting a business unless the thought of starting up gives you sleepless nights. Unless you are totally mad and are ready to be unreasonable - you aren't quite there 😀 Everything else can be taken care of. But the inner drive needs to be built first.

    Things to do to start a company-

    Personal Checklist (Self Check)
    • Prepare for your survival for 2 years at least without any income
    • Make sure you are in it for the long term
    • Promise yourself that you won't quit; no matter what (being unreasonable)
    • Be ready for the best time of your life; EVER.
    Admin / Legal Checklist
    • Decide the nature of your business and talk to Chartered Accountant (CA) and Company Secretary (CS) about it.
    • Get their help (CA, CS) to prepare documents for registering your company. I recommend a PVT. LTD. company; or a US C-Corp. This process starts with getting a DIN in India. For incorporating in United States, you just need a corporate lawyer and fill up a few online forms. It's easy to create a corporation in Delaware, USA.
    • Secure your IP, if required.
    • If hiring an employee, get an employee agreement ready. It's easy to do so and CA,CS guys should help you out.
    • Create a current account in the bank with minimum capital. Totally depends on the nature of business you are starting.
    I believe these are the basic steps you'll need while creating a new company. The number of documents, legal stuff will vary depending on the nature of business you are entering.

    If you have specific questions, I'll be happy to answer. Let's wait for what others have to say.
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  • Shashank Moghe

    Member • Sep 23, 2014

    No ambition to start a business in the USA. Thank you for the detail response! Please add whatever (and whenever) you feel is equally important.
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  • avii

    Member • Sep 24, 2014

    This one too: <a href="https://www.crazyengineers.com/threads/get-your-idea-validated-before-anything-else.76518">Get your idea validated, before anything else</a>
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