Startup is a business venture which is started by an individual with the purpose of developing a business model capable of meeting the needs of marketplace. This article holds the purpose of presenting different aspects which can prove be useful for succeeding in startup.
Article: 10 Smart tips to succeed in your start-up
Startup is an entrepreneurial move and an individual would make several mistakes in the process to make it successful. However, the tips and suggestions can always be followed so that the startup can be successful. Some of these tips include the following:
Startup shall be a solution to real problem
A successful startup would be based on solving real problem faced by the intended customers and clients. The idea behind the startup may be creative and innovate but it will only be successful if it is able to meet the market needs in first place (Nirwan and Dhewanto, 2015). The requirements of the customers shall be known and the entrepreneur shall be able to make required change according to the demands of the customers he/she is looking to serve with the product or service.
The first and the foremost step to initiate a startup is to plan it thoroughly. A business plan shall be developed which acts as a tool for guidance in doing the tasks and get the required amount of funding as well. The initial amount of investment can be evaluated in the business plan and the sources of funding can also be identified. It is also important to analyze how much money would be sufficient in actual and define the line for emergency funds. If more funds are raised then the actual requirement then the business might get in heavy debt which is not a good sign for startup to be successful (Bryson, 2018).
Right team shall be put in place
The vision for the ultimate business goal will always be of the entrepreneur but in order to accomplish it a team of right members would be required. If you want to achieve the goals you desired for the business then surrounding yourself with the people who understands what you want to achieve and has the right potential to make it happen. The team members should have the right mindset and fit in the organizational culture without much hassle.
Requirement of mentors
When the business is in the developing stage the entrepreneur would require advice and guidance so that the business can be navigated in the right direction and overcome the hurdles without much difficulty. An advisory board is required to be set up which has experienced people who could give the right kind of advice for making the startup a big establishment in the near future (Bell, Bryman, and Harley, 2018). Entrepreneurship is just like labyrinth and an entrepreneur must get all kind of help in this regard.
Emphasize on leadership
Leadership plays a significant role in directing the actions of the team and therefore the idea of leadership shall remain fundamental to the business. Successful leadership depends upon how it is driven. Therefore, an entrepreneur shall have the determination, attitude, and work ethics so that an example of right kind can be set before the team to be followed (Trevino, and Nelson, 2016).
While developing the startup many people will tend to quote a price for your product. In this case, you have to remember the extent to which the price can be negotiated so that a healthy proportion of profit margin is left behind. Moreover, many resources would be required to develop the startup and it is important to negotiate the prices of the resources whenever possible (Rubin, and Brown, 2013). One of the most significant rule of doing business is that if do not ask for it you will never get it and this has to be kept in mind.
Anticipation of the future
It is not certain what tomorrow will bring to the success. It could be stepping stone for the startup or it could be a hurdle to overcome. However, it is important to keep yourself informed about the existing trend in the industry in which the startup operates and also learn to spot any upcoming trend. This will help in predicting the future and prepare for the obstacles and opportunities in advance.
Marketing plays a significant role in the success of any business. You can only expect positive results if people are aware of your existence. According to the budget, you need to market the product or service you offer using different sources. Social is an emerging source of marketing the product. You can simply tweet, write blogs, and advertize the product or service on different social media channels such as Facebook, Instagram, Youtube, and LinkedIn etc (Hyder, 2016). This way awareness can be created about the new venture and with increasing popularity more people will be attracted towards your startup which is a sign of success.
Dedication towards work
Many people think that by developing a startup they will get rid of regular 9 to 5 working hour routine. In actual, the scenario is entirely different because one has to adjust the life around the work. In order to be successful, you have to work beyond the standard 40 hours of working weekly. The more effort and hard work you put in your startup the more successful it will become. The success or failure of the startup would be entirely dependent on your own hard work.
Never give up attitude
In many of the cases, startups do not fail but the people operating them gives up easily. The most effective thing to make the startup rise and shine is to never give up on the idea. A new business always takes time to get established perfectly and reap benefits. A never giving up attitude will be beneficial in the success of the business (Weblen, 2017).
It is easy to thing about the idea of startup and start imagining the success of it. But in actual it takes many things to build a successful startup. The success of startup depends upon many things including finding a solution to real problem, effective planning, selection of right team, listening to mentors, negotiation, emphasizing in leadership, negotiation, future anticipation, marketing, dedication, and most of all never give up attitude.
Bell, E., Bryman, A. and Harley, B. (2018) Business research methods. UK: Oxford university press.
Bryson, J.M. (2018) Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. USA: John Wiley & Sons.
Hyder, S. (2016) The zen of social media marketing: An easier way to build credibility, generate buzz, and increase revenue. USA: BenBella Books, Inc..
Nirwan, M.D. and Dhewanto, W. (2015) Barriers in Implementing the Lean Startup Methodology in Indonesia–Case Study of B2B Startup, Procedia-Social and Behavioral Sciences, 169, pp.23-30.
Rubin, J.Z. and Brown, B.R. (2013) The social psychology of bargaining and negotiation. USA: Elsevier.
Trevino, L.K. and Nelson, K.A. (2016) Managing business ethics: Straight talk about how to do it right. USA: John Wiley & Sons.
Veblen, T. (2017) Absentee Ownership: Business Enterprise in Recent Times-The Case of America. USA: Routledge.