I’m sure all of us get to hear the word “startup” now and then but have you ever wondered what makes a Startup successful? Well if you haven’t then today is your lucky day! It is a universal fact that a majority of the startups fail in the first two years of their operations. Most common reasons of failure of startups are: they build products that don’t sell, they run out of finances, their idea is good but their execution is not and lastly team issues.
If you have been thinking to build a successful startup, here are some major keys to help you start.
If you have an idea that stands out but availability of funds is stopping you to bring that idea into the market. Take that Idea to business incubators and VC’s such as The National Incubator Centre, Plan9, Invest2Innovate or participate in competitions like Startup Cup, Don’t let your idea go to waste, Go up there and bring that idea to life. Do not wait for the perfect moment but make that moment perfect instead.
- Be Unique
Entrepreneurs before stepping in to the market should ask themselves these questions; is your idea unique, are people going to like it? What new are you offering to your customers? People want innovation these days they don’t want something that has been introduced in the market many years back. They want something new, something fresh and exciting that solves their problem.
- Team Building
It’s important that your team reflects the type of startup you aim to be! Your Goals, Your Mission, Your emphasis must be aligned with your hiring strategy. Do not be hasty when you are hiring for new positions maybe that role can be performed efficiently by your existing team member. This is where HR function comes into the picture as it can help you to identify the real skills and experiences and put each and every team member in to use. To keep your team motivated, appreciate the efforts of your team and make them feel important and then your startup will climb the bandwagon onto becoming a successful business.
- Product Market Fit
Product-market fit is the golden rule for any startup – entrepreneurs need it or their concept will fail. However, defining product-market fit can be challenging for some startups, as it takes time and requires a deep understanding of your target market. For those looking to achieve product-market fit quickly, here are three tips:
- Understand your customers’ current needs and foresee future ones.
- Focus on one significant value proposition.
- Build credibility
- Get your Idea Trademarked
Once you have crafted out a successful business idea without any further due get your idea registered and trademarked before someone else comes along and tries to copy it.
- Have a Good Network
A good network consists of your private go to people, like a good Lawyer, Marketer, and Accountant etc. These people can either make your company or break your company. You can build a good network while staying in the job you are currently working in, through your friend’s family etc. or through holding volunteer positions in organizations. But keep in mind to be genuine and honest in your dealings.
- Have a Great Online Presence
Nowadays almost everyone has access to the internet, be it your boss or your laundry man. Some people basically live on the internet looking for the next big thing. Thus it is necessary to have a great online presence. Successful Entrepreneur’s suggest hiring a social media expert as this is one of the most crucial step in marketing your business. Let the experts do what they do best.
- Be Dedicated
Last but not the least, be dedicated to your business, Treat it like your baby, invest your time in it, and Give it your full attention. Have Endless energy and stay calm and focused, “Dedicate yourself and you’ll go find yourself standing in the hall of fame”.