12 Things Aspiring Startup Founders Need to Know

Before Starting a Startup

Photo by Austin Distel on Unsplash

1. Understand the basic financials of your product

The basic financials of a product include:

Cost of Goods Sold (COGS)

Gross profit

Net profit

Gross profit margin

2. Understand the sales funnel

3. Understand the basic marketing principles

Differentiate your product or service

Identify the problem your product or service is solving

Determine the target market

Decide on the marketing strategy

Choose the proper marketing channels

4. Understand the basics of human psychology

5. Understand your competitors

6. Understand the basics of accounting

Know the difference between cash and accrual accounting

Understand the balance sheet

Know the basics of the income statement

7. Understand the basics of legal

8. Understand the basics of intellectual property

9. Understand the basics of work culture

10. Understand the basics of organizational behavior

11. Understand the basics of human resource management

12. Understand the basics of project management

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.