The fickle world of global enterprise and business is seldom kind to a startup. Not only do established entrepreneurs deem those as threats to their market share, there are plenty of odds stacked up against a new business aiming to find its feet.
Those in the know would agree, finding the gem of a good idea is often just the first step. Despite all the success stories about running a multi-million dollar shop from a garage (or your dad’s basement), there are plenty of them handling big transactions and exciting products. The key lies not in aiming for the magic formula or something with extra-ordinary value, but merely doing the little things right.
These Five Tried and Tested Success Mantras of Startups Have Made it Big:
Thanks to the rapid evolution of data and information dissemination options, product markets today are either highly saturated, or sorely lacking in potential and resources. The idea of a good startup must target the service gaps in markets, either existing or new. The best startup ventures don’t often have the deep pockets of corporate behemoths, but that’s a good thing! of having to answer shareholders or monetary accountants. Whether you are trying to open up a fresh sector where you can add value, or close a gap in the market it is critical to know about the products and services which already exist. Before entering the market, it pays to gather information about the development focus, flexibility and customer requirements. Success comes only when your product is addressing (or creating) a consumption need which breaks current process trees.
Every once in a while, the market opinion of a startup gets swayed by a brilliant idea from a college drop-out who seems to find the magic pill to make things work. The reality is, no angel investors or venture capitalists ever believed in an idea if they didn’t foresee financial potential in it. Any good startup needs plenty of investment, and the returns can only be justified if the idea can be economically profitable. Monetizing a smart idea is the key to making startups work.
AT THE RIGHT PLACE, AT THE RIGHT TIME
Oh, the riches of an age old adage! While you can’t exactly time your product, plus the fact that you certainly don’t want to find your smart idea did not beat the timeline of other people thinking on similar lines – timing of a product is critical to its success. Most successful start-up owners agree, part of their appeal is in the fact that they entered the right market at the right time. It allowed their product to mature and grow with the demands of the market. Customer affection to trends took care of the rest. Equally, it is essential to adapt your marketing and sales process throughout the project lifetime to enhance the customer perspective.
Members of a startup often have several hats to wear. One moment they are the negotiators of a good investor contract, the next moment they are troubleshooting a bug and smoke-testing it, and off they go to their next social media marketing metrics seminar. It is the sort of dynamic impact lifestyle which you had to handle during the stressful final exam weeks of college or as a play maker in your college soccer team. While the vibe of most startups are lighthearted and the workplaces seem like a dream – there’s plenty of late nights and tight deadlines (stacked over in a double quick timeline) at the early stages. Add to it, the possibilities of competing start-ups, financial accountability to investors and rent of your space. Running a startup venture involves plenty of dedication. A word must be said about the ability to stick to your guns with conviction as well, in case the test drives don’t go as planned. The pace of work and multitasking is often highly demanding even for personnel with corporate experience.
Once the startup is somewhat on its feet, you may like to believe that there’s some time to kick back and relax. Not really! In fact, the modern age of social networking, mass media and user metrics makes networking a vital ingredient for any business, much more so in case of a startup when good word of mouth could be critical. Having the right people and contacting the appropriate resources helps startups jump start the process and leap ahead of competition. Fledgling entrepreneurs are investing heavily in networking as they increasingly identify how startup business relies on accessing the right resources. Communication is another important sub-set of this aspect. To make a great product is one thing, to be able to convince the world of its value is quite another. The competition of startup ideas is firmly a competition of networking skills today.