The start-up, a new innovative company (also known as a young start) has significant growth potential. From the first idea to the creation of a successful structure, different steps must be taken. All founders of startups dream of becoming giants, like Chifco, a Tunisian startup specialized in M2M (machine to machine) and IoT (internet of objects). Finding the right idea, ensuring its development and marketing at the right time guarantees success. Nevertheless, many difficulties will have to be overcome (find his business model, satisfy the customers, convince the investors, etc., it is not easy to avoid the pitfalls.) We propose you to discover the errors not to commit for that your startup is turning into success.

 

Choosing the wrong status for your startup
Establishing the status of a startup is not just about registering a business to start. The solutions available to you (SARL, SA, SNC, etc.) differ from each other particularly in terms of responsibilities, governance, taxation, etc.

 

It is therefore recommended to take the time for reflection. It may be best to consult a lawyer or accountant. Depending on the startup project, they can help you draw up a forecast balance sheet and choose the most appropriate tax system.

Select the wrong financing method
After formulating your idea, you will have to find funding to make the first prototypes. You have the choice between different solutions including:

A banking institution
Loan amounts and associated fees depend primarily on your repayment capacity. It is not uncommon that as founder of the startup you are obliged to become a guarantor on a personal basis. Your assets and those of your potential partners are exposed to risks.

A fundraiser
Business angels or private or public investors participate in the financing of a promising start-up. In this ecosystem, startups manage to raise important funds.

 

Nevertheless it is not advisable to rely solely on subsidies. Indeed, the success of the startup depends, for the most part, on your ability to monetize your project with the help of a sustainable business model.

Premature fundraising too important
Large fundraisers often encourage startups and founders to spend a lot of money. As soon as the funds raised are wasted and entail the use of part of the capital of the structure, the founders are exposed to significant financial risks.

Choose your partner
Creating a startup while developing an idea can be time consuming. Indeed, these activities require a significant daily investment. It is therefore essential to choose the right co-founder. This association must in no way be counterproductive.

 

It is imperative to establish a relationship of trust with your partner, your complementarity must be positive. It is commonly accepted that the ideal partner must have a skill that you yourself do not possess.

 

On the other hand, as soon as the number of co-founders is too great, a lack of consensus on certain decisions can lead to the liquidation of the startup. Depending on the status and terms of exit in the capital of the startup, financial difficulties may arise.

 

The creation of a startup is framed by rules. The accompaniment by lawyers or accountants, from the launch of your structure, allows you to project yourself in the long term.

About The Author

CEO AfrikaTech

Comme beaucoup de personnes j’ai connu l’Afrique à travers des stéréotypes : l’Afrique est pauvre, il y a la guerre, famine… Je suis devenu entrepreneur pour briser ces clichés et participer à la construction du continent. J’ai lancé plusieurs entreprises dont Kareea (Formation et développement web), Tutorys (Plate-forme de e-learning), AfrikanFunding (Plate-forme de crowdfunding). Après un échec sur ma startup Tutorys, à cause d’une mauvaise exécution Business, un manque de réseau, pas de mentor, je suis parti 6 mois en immersion dans l’écosystème Tech au Sénégal. J’ai rencontré de nombreux entrepreneurs passionnés, talentueux et déterminés. A mon retour sur Paris je décide de raconter leur histoire en créant le média AfrikaTech. L'objectif est de soutenir les entrepreneurs qui se battent quotidiennement en Afrique en leur offrant la visibilité, les connaissances, le réseautage et les capitaux nécessaires pour réussir. L'Afrique de demain se construit aujourd'hui ensemble. Rejoignez-nous ! LinkedIn: https://www.linkedin.com/in/boubacardiallo

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