The decision to go on your own can be a daunting one. Months or sometimes years of introspection may precede before taking the plunge and of course there’s no looking back thereafter.
After all that to stare at a failure rate of 50 percent can be disillusioning. Inexperience, inept handling, lack of market assessment, inadequacy of funds, technological obsolescence are some of the factors which contribute to this abysmal failure rate. Let’s assess what goes into making a successful startup.
Germination of idea has to be coupled with passion to convert it to a one which is commercially viable. Self confidence and self belief are pre-requisites to drive it forward.
Understanding and assessing the funding requirements is one of the foremost moves to be made. No start up can be launched without a bit of seed capital coming from the entrepreneur before approaching Angel investors. Prudent use of funds is most desirable. Let’s not forget that investors maneuver their valuable funds reposing confidence in the venture.
Lot of rationale goes behind quantum of investment which is made after assiduous valuation of business. Entrepreneur should refrain from inducing too much investment as it would make the business model immensely answerable and unduly increase stress levels to match investors’ expectations. Building people strength is imperative to any startup.
Hiring the finest is stellar to success. Over staffing can be colloquial blunder committed by most Startups. Let’s now look at the backbone – the customers. Unfettered attention to customer needs is cardinal.
All business decisions from staff retention to location must hover around “customer first ” approach. Technology comes next It’s hard to imagine a contemporary startup bereft of technology hence choice of most appropriate tech platform and cost attached to it is pivotal to its fruition.
Any entrepreneur must have natural traits of a trained marketing professional. Formulating the most appropriate , economical and efficacious marketing strategy go a long way in getting around revenue targets. No business can be immuned to competition which should ideally become a contrivance to get the best out of the entrepreneur. There are dozens of success stories around the globe which can serve as a role model and a source of inspiration as they say ‘nothing succeeds like success’. To conclude Patience, Endurance and Perseverance remain paramount and mantras to success.