How to Start Your Own Startup, Step by Step

Startups have become a global phenomenon transforming economies and societies worldwide. While they can be found in various shapes and sizes, there are certain common characteristics and challenges that startups face regardless of their geographic location. But what is a startup? A startup is an early-stage company that seeks to develop a sustainable business model. It is an innovative company based on a unique idea, product, or service, with the goal of rapid growth and expansion. It can be any entrepreneurial venture that involves a high level of innovation, a propensity for risk-taking, and an ambition for global success. Startups are the drivers of economic growth, creating new jobs, and changing the way we live. Startups are characterized primarily by innovation, often in terms of technology and business processes, although they are increasingly found in agriculture as well.

But the first thing you need to pay attention to is that startups are high-risk and constantly uncertain, primarily related to their success. Are you ready for such a risk? Although there are certain specificities, and launching startups can vary significantly depending on a country's regulations and interest in this type of business, startups worldwide share many commonalities. Startups across the globe strive to develop new technologies, products, or services that solve specific problems or simply improve existing solutions. Successful startups have the potential and tendency to grow rapidly and expand into the global market. Such startups place great importance on agility. Rapid adaptation and flexibility are key factors in adjusting to market changes and responding to user feedback.

From a good idea to a startup

Startups in smaller countries around the world have made significant strides in recent years. While market opportunities may not be as vast as in the United States, access to capital can be particularly challenging compared to Silicon Valley. However, local venture capital funds and support from international investors are increasingly emerging for these startups. Such startups often immediately target the global market, which is frequently their primary motivation. It is true that in many countries, regulatory challenges can be the biggest hurdle, although governments and many organizations are working to create a more favorable business environment. Incubators focus on education, while accelerators provide funding. An accelerator is an organization or program that helps young companies develop and grow rapidly. They typically offer mentorship, funding, training, workshops, and a network of contacts. Accelerators usually last for a few months and culminate in a Demo Day, where startups present their ideas to investors. Incubators, on the other hand, typically offer longer-term support and are ideal for entrepreneurs who want to build a solid foundation for their business.

Even in countries that are not yet part of the European Union, like Serbia, which has a very strong educational base, especially in STEM disciplines, there is a great deal of potential for startups. This provides a high-quality workforce for startups. One thing is certain, if you decide to start your startup anywhere in the world, don't do it alone. The first thing is that you need to be well-informed about everything, as laws and regulations in the startup world often change. It can easily happen that what was valid yesterday may not be today. That's why it's very important to seek appropriate support and a community for your idea. Take a good look around you or in the nearest larger city at the growing network of startup incubators, accelerators, and coworking spaces that provide great support to young entrepreneurs, but also pay attention to crowdfunding platforms. Pay attention to the development of European funds and initiatives such as Serbia Ventures, ICE Hub, Startit, and VentureX. A small country like Serbia is an ideal example of successful startups. In Serbia, you even have the Belgrade Venture Forum, and the state provides subsidies and support through initiatives such as Digital Serbia. Serbia has an excellent opportunity for global expansion, especially in the IT sector. Although investments in Serbia are much smaller, they are more numerous. Five small startups in Serbia are definitely SignAvatar, BiFrost, OutPost Chess, Remonte Santa, and Challenger. However, the most successful Serbian global startups are: Lead Delta with investments of 800,000 euros, Collabwriting 880,000 euros, Mily Technologies 1,000,000 euros, Motion Ops 1,200,000 euros, Ota Sync 1,300,000 euros, HireApp 1,500,000 dollars, Index Health 3,000,000 dollars, and Fuller Vision 4,000,000 dollars. 

Specifics of Global Startups: A Global Perspective

The US startup ecosystem, especially in tech hubs like New York, Austin, and most notably Silicon Valley, is one of the most developed in the world, primarily due to the massive scale of investment. It's home to the world's most famous startups such as Facebook, Google, Instagram, WhatsApp, Tesla, Airbnb, and many others. When talking about investments, we're talking about billions of US dollars poured into startups. Silicon Valley attracts enormous amounts of capital and has numerous angel investors and VC funds ready to invest in promising startups. Of course, we cannot ignore the immense support and mentorship. There is simply a strong support network, including mentors, advisors, and other startups with incredible and rich experience. In the United States, the culture of entrepreneurship and innovation is deeply rooted, motivating the constant creation of new ideas and businesses, and with that, the realization of successful startups. The United States is a large and competitive market, which automatically allows you to test your startups and products on mass markets. The US market is just the starting point for entering the global market. Even the regulatory framework, legal and business conditions in the United States are among the most favorable in the world, offering numerous tax breaks and legal advantages that enable growth.

A global perspective makes a startup global

If we look at Asia, the most populous countries such as China and India have very dynamic startup communities with high growth potential, but also specificities related to the legal framework, government subsidies, and market conditions. Singapore has even become a regional startup hub for the entire Asia region, offering a favorable business environment and access primarily to Southeast Asian markets. In Europe, it can be said that European startups face the most challenges in terms of access to capital, although many countries such as Estonia, France, Germany, and the Netherlands provide a stable infrastructure for startups. European startups can also easily enter the EU market, which has over 500 million consumers. However, the European market is still considered to be developing.

In Africa, the situation is much different than anywhere else in the world. African startups have specific challenges related to infrastructure and financing, but also enormous opportunities, especially in the sectors of mobile technology, agriculture, and healthcare. Have you ever heard of the Silicon Valley of Africa? This usually refers to Nairobi and Kenya due to their advanced startup system. In essence, American and European startups have a more favorable regulatory framework and tax breaks than other countries where entrepreneurs face more complex administrative and tax rules on a daily basis. The United States is definitely the leading global startup hub, while Europe and Asia offer their own specific advantages and challenges. In Asia and Africa, startups generally have to work with lower incomes and infrastructure, but they offer many opportunities due to growing markets.

Having great mentors for a startup is the path to success

What do you need to step into the world of startups? First and foremost, you need a good idea that you believe in. Then, it's necessary to do your research and find accurate and precise information and guidelines that will lead you in the right direction. Then, it's essential to find and assemble a team of experts who will professionally work on the realization of the idea and who are willing to take the risk with you. Then comes the hardest part, securing initial funding for starting a business from angel investors, VCs, crowdfunding, government support, and incentives from banks that offer special loans for startups. In the United States, you can build an entire network of excellent contacts with large technology companies and innovation centers in the US, which also provide startups with access to mentorship, partnerships, and potential customers. In other countries, this is a bit more difficult, and while American startups have a whole spectrum of activities, in smaller countries it's better to focus on solving local problems and software solutions. No matter where you start your startup, always pay attention to the risk of insufficient investment, costs can always increase and surprise you, think carefully about how limited a market you are launching your startup in, choosing a team is also crucial, a lack of experienced personnel can slow you down, and there are bureaucratic hurdles that you need to be especially careful about. Regardless of the obstacles you encounter, try to make your own business easier every day. All in all, if you are ready for a huge risk, start getting informed, protect your idea, take the first steps in a startup, and don't open a company until you secure financing! Good luck!

Great team, great startup!