Did you know that 90% of start-up ideas fail due to inefficient use of available resources? Have you ever wondered about what makes the remaining 10% stand out?
Startups are the "it-thing"! Trending and growing at a very fast pace- we all know someone who either owns a startup, or is planning to start one! While some fail to leave a mark, some outshine the others. Along with a strong team and a clear vision, these top 5 things definitely constitute a part of successful startups:
A business worth a million bucks is impossible without a systematic market research and addressing the immediate demand in the right market that the startup will cater to, before heading towards operations. Making sure that the startup addresses a customer needs is a must-do!
Facebook founder, Mark Zuckerberg, targeted the students of Harvard University to test- launch his product, and the rest is history!
"Expect the unexpected"- the mantra successful startups live by! The harsh reality is that even the best of business ideas fail. A startup is a business and a business without risk is an alien concept. There's no Bible that teaches how to run a successful business, you learn and grow with hit and trial. To ease the blow you might receive, take feedback from your customers and alter the business idea accordingly.
Because you need a team to be a leader! Great leadership qualities are one thing that have been common amongst the entrepreneurs of startups. Only through that, they have been able to inculcate the feeling of oneness within the team to reach the desired goal. Learn to delegate the work, you cannot possibly do everything. Great leaders make more leaders!
To establish yourself in the market- network, network and network! You need to have friends all around. From the rickshaw wala bhaiyya to your relative's relative whom you met at a wedding 3 years back, you never know who might come handy on a mayday.
Mistakes are unavoidable and accepting them is no big deal. Aim high and avoid the blame game. Adapt yourself to changes and learn from your mistakes- only then can you get close to establishing a startup that is one in a million!
Above all, be passionate about your idea. It's dedication towards your passion that makes
May 29, 2017
May 29, 2017
Stories by Simran Bhullar