Success Sutra for Startups
By- Sourabh Munjal
For an entrepreneur, the startup is a dream which is nourished by, hard work, blood and sweat earnings, restless day and nights, and countless ideas for each progressive step. With all this, who wishes to see the failure of his or her venture? Unfortunately, many startups had faced, and many are in the same row.
Are they working half heartily or putting fewer efforts? Perhaps the answer is “NO”, then what makes them fail?
It’s true that for success in business one should take the risk. Its perfect to try a difficult target but throwing an arrow in the complete dark is never a wise decision. The reason for the failure of many startups is that most of them had ignored the proper market research and viability of the idea. At later stage entrepreneurs recognize the reason, but till that it already causes a never remediable loss and results in shutting down the venture and with that, all the dreams associated with venture ends with a nightmare. Pre research includes every detail of product viability, market requirements, project feasibility and making strategy with the available resources. One should take care of following things before takeoff the startup journey:
- Know the market Needs:
It’s the first thing one should focus on. The topmost reason for the failure of startups is “no or less market need”. Whatever your product or service idea, at whatever development stage, check it with the market requirements. It’s the ultimate consumers, who will decide the fate of your product. So always do a regular survey to know the market needs and demands.
- Choose your niche:
Being on a startup, you should realize that you cannot fulfill the demands of all. Don’t consider this advice as a restriction or limiting yourself, but to strategy for expansion. So, it’s better to find your target customers first and try to solve their problems/demands at the utmost level. Once you start providing the solutions to your target consumers’ demands, only then your startup will get the recognition.
- Make multiple action plans
The market is everchanging. You cannot move with a single strategy every time. Be prepared with multiple action plans. Remain updated with the developments and plan the strategy accordingly. Change plan of action according to situation and requirements.
- Know your Strengths
Find and develop your USP. You may need to work for all functions, but doing all the work by you, will hinder your competencies. Find your competencies and enrich them to a level where the difference appears in your product/services. Don’t hesitate to take help to do other functions or outsourcing.
- Be Innovative
Whatever you are offering goods or services. Get some innovation in your product. Everyone wants some change; Innovations provide a unique strength to startup to become a market leader. You can take many examples of an innovation role, from Uber to Facebook to Apple. All become market leaders because of their innovations. However, innovation works when supported by other functions.
- Work Hard
Don’t forget to ultimately backbone of every success, “Hard work.” Do not spare any effort to get work done timely in the best possible manner. Success is a long journey, do not stop with short term successes but continue to pour your best efforts to realize long-term success.
Every business demand efforts and time which are to be put in the right manner and the right direction. Before starting and during the journey one should be careful of all the important issues. Surround yourself with a positive and influential person and take their advice from time to time. Don’t assume that your ideas, your thoughts are best, it may be good and may require some refining. Keep the above points in your mind while planning for your business.