According to a report released by IBM, almost 90% of Indian Startups fail in less than five years of commencement. Attributing to economic shifts, changing market dynamics, and other major pitfalls, even the most innovative and unique ideas do go for a toss.
Nonetheless, there must be something that the other 10% of startups do differently. Not only do they possess qualities like patience and courage to stay strong-willed and save the amateur roots of their business from losing their strength, but they also stay ready with hindsight they have drawn from their professional experience to battle whatever life throws onto them. When it comes to staying in the game for long, the leanings from the failures and achievements gained from the work experience are what prove to be the most helpful.
To reinstate the statement made above, we have listed a few reasons below.
- Identify the Problem- Before you begin your startup, half of the chances of your venture to succeed can be determined by the idea you want to turn into a business. The best way to go about it is to identify the problem that not many or no one is solving in the market. The only sure-shot formula to success is nothing but introducing something new or best to the market. However, this is not it, having a good team to realise your business growth, identifying the real gems of your company through performance and attendance management software and then admiring them is also equally important. Also, don’t let your resistance to technology become a reason for cost and time overruns.
- Do some research- It is really important to be well informed of the market you are planning to foray into. Avoid hopping in the market with your business idea because of the conjectures. Start delving into gaining knowledge about the market, scope, competitors or companies with a similar business model. Try to tap into their strategies, check if yours is better or not. Begin understanding the loopholes, eliminate them and then embark on your startup journey with a more solid approach.
- Use your experience- Before you actually plan to have a startup, it is pivotal for you to work as an employee with at least one organisation. Gaining hands-on experience from ground level will actually help you in running your venture successfully. The ups and downs in business are inevitable but this experience will make you learn multiple skills and teach so many lessons that by the time you will begin your venture, you will be wise enough to carve a more steady path for your business.
- Ascertain the challenges- Needless to say, but, the points mentioned above will help you in predicting the challenges. Not every startup owner knows this art and this is where you will get the competitive edge. Sensing the roadblocks that can occur in the coming time helps a startup owner in shielding his business from the same and hence withstand the shake.
- Work for the long term goal- Always set milestones to achieve a bigger goal that isn’t limited to profit-making. It is very important to do something good for society. But you alone cannot achieve it, the support from your team in this regard is imperative. You can deploy performance management software to keep employee motivation and productivity in check. If there is no bigger goal like so then you might derail just like other business five years down the line.
Hope this helps. Make sure you gain work experience and take calculative risks like a shining startup owner ready to swoon the market and not getting swept off just like the other 90%.