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The art and science of starting a new business is a complex subject to understand. The world is full of examples of both rags to riches entrepreneurial successes as well as bitter failures. I really wanted to study and understand what works and what doesn’t and see if any patterns emerge that we can all learn from and make use of.Traditionally it has been thought that only a select few can successfully handle the myriad challenges of entrepreneurship. In reality, entrepreneurship is not just for the Steve Jobs and Bill Gates of this world. Like every other discipline, it is both an art and a science. The rules of thumb or heuristics can be learnt from successful ventures and reapplied to our own.

Creating a new business is risky. The very initial phase of a startup is the one of the hardest, which is why it is the primary focus of this brief. If you are thinking of starting and growing a business, this cheat sheet will help you gain better understanding of the theory and practice of managing startups.