Every startup has a risk factor attached to it. Founders invest significant time, effort and resources into creating path-breaking solutions that will
disrupt the market.However, 90% of all startups fail according to research. Given the hard work that goes into getting the venture started, every founder
wants to be among the 10% startups that succeed.
A simple search will yield several tips and tricks on making the startup venture successful. We believe that possessing the right framework from the
beginning yields a critical competitive advantage. Let us delve further into building such a solid framework.
The Quicker You Learn About Your Customers; The Sooner You'll Be Able to Serve Them Better
You create solutions/ products/ services with the aim that end-customers will use it. For this to happen, you must learn all about your target audience and
learn from them. If they are not interested in the product or if the interest does not sustain, then your business will hand in the balance.
Visualize and Define a Coherent Shape and Structure of Not Only the Idea, But the Vision
In the next stage of the startup journey, the incubation period, critical areas need to be consolidated. These include the project's life cycle, influx of
investments, workforce management, technical support, logistics and financial feasibility. Make use of this stage to identify the kinks, bottlenecks and
challenges in the system and work them out. Seek expert advice during this critical phase. Gain valuable feedback prior to the public announcement of
You Don't Have the Answer to an Issue, Find Someone Who Does
Find the right expert and get their advice to resolve issues. When this expert gives you a solution, whether business advice, manufacturing/logistical support,
design or accounting, ask them to do it for you. Your business needs way more help, knowledge and professional skills which will only come from people other
than you. So, get the right people to work with and for you.
A Well-Defined Project Requires A Sustainable Investment to Lift Off the Ground and Begin Operations to Penetrate the Market
What differentiates a business that has burned out in the first few years from a startup that is steadily scaling market shares and profits? A well-defined
growth plan and a steady and positive flow of finances. Your ability to balance growth with the flow of investments is a task that tests the mettle of
your startup venture.
Marketing is not a waste of time. It's one of the best early investments to make in your business
Growth is essential for financial sustainability, irrespective of the quantum of investments coming in. Steady growth is the trickiest juncture for all
startups. And marketing is one of the greatest early investments to make on your business. By effectively presenting your product/ service to your
target audiences, you can gain the right kind of attention. By further engaging the potential customers, you can turn the eyeballs into leads and
sales when you launch your product.
The most important tip however, just start!