Apply these 4 aspects to your new startup and you might be on your way to a breakthrough

It is no lie that most of us are planning to have or even have a running business. We at YoungFounder know that you have the will and drive to build and take your startup to the next level.

Check out these 4 important aspects that you should consider to ensure the health and success of your startup.

1. Regulation

You need to clearly understand the regulations surrounding the industry that you are venturing in. There may be somewhat lax or poorly defined regulations surrounding some of the startup sectors, but what really matters is that you know the industry that you are getting into.

As a startup, you cannot afford to ignore the law. It will be too costly. Even catastrophic. At the end of this post, we'll share two of our favorite (No. We are not celebrating their failure. Nope. We are just highlighting some good examples of the need for regulatory awareness and customer trust.)

Most startups have increasingly moved towards heavily regulated sectors, e.g financial services, healthcare, insurance, etc. We cant stress this enough. You need to align yourself with the regulatory requirements to avoid any pitfalls.

2. Customer trust

This cuts across all sectors and all startups, but more so if you are in the tech-enabled startup world. You need to be extremely aware of the security and data breaches that exist. Your customers have essentially trusted you with their most personal and sensitive data. You can not allow this trust to be broken. Ensure you have well defined (and functioning) safeguards that will assure your customers of their security.

3. You need a strong team

A team that believes in you and believes in your vision. Of course, your team should be able to take your venture to the next step. Do not employ or engage people just because you feel indebted to them. The general skills still apply as well, skill, be trustworthy etc.

Be especially careful with the selection of your co-founder.

4. Ensure its a unique and valuable service

Sorry to say this, but every waking day we hear of a new app in the financial services sector that claims to provide loans at better rates than the banks, or any other app out there, with better terms, etc.

Here you are, with the same business idea, honestly, unless you can clearly prove that your service is clearly unique, you will just be another fish in the pond. Bring something unique and valuable and you will control your market. In addition, make sure you understand the ins and outs of the industry you are venturing into.

We have in no way insinuated that that your loan providing app isn't valuable. All we are asking is, are you offering value?

Get these 4 areas right and maybe, just maybe, you'll get your breakthrough....

As promised, read these two stories that will clearly show how negligence, non-conformity with the law and the lose of customer trust can kill your startup.

Theranos. - There even exists a documentary for this one. 'The inventor. Out for Blood in Silicon Valley.

Zenefits