Who said that for a startup to become a success it must fight for years? If it is planned and executed intelligently, any startup can navigate the ship of success without any obstacle.
There are many myths associated with new companies such as ‘It has to be small because it is a new company’ or ‘You just need an idea and the rest will follow’, or even ‘Investing in marketing or advertising for a new company is a waste’. The fact that a startup is something new for you does not mean it is new for people as well.
There are thousands of others with your same idea that already exist in the market. Therefore, in order for your startup to climb the ladder of success as soon as you roll the dice, you get the best figures, that is, it is better to do what you have to do in the right way and proportion. Confused? Let us be clearer to you.
One of the most cited statistics is that 50% of all new companies do not survive even five years. And the reasons for their fall are so foolish that they later regret it only if they had taken care of it at the beginning, the beginning could have survived. CBInsights carried out an autopsy of 287 Startups, among which the most common reasons for the failure of the startup were highlighted:
- Lack of focus, motivation, commitment and passion.
- The urge to climb too fast
- Floating with pride and spending a lot.
- Ignore good advice and fall into the wrong company.
- Lack of general and specific knowledge of the business domain: finance, operations, marketing and experience
- Reverse mistakes and run out of cash.
- Inadequate budget
- There is no exposure to the market
- Poor product / service
- No business plan / strategy
- No / poor marketing
- Focusing only on profit and not on customers
For a startup to be successful, money and ideas are not enough, it also needs a large amount of input from its side to grow and survive, such as its passion, commitment, willingness, patience and persistence, observation, relationship with all and basic knowledge and skill. But above all, professionalism is the most important factor. Start small and new is nothing to be taken lightly. The way you interact with your investors, clients or clients, it matters, after all, they are the ones that will make or break your start.
These are the 4 simple forms that will reflect your professionalism and turn your beginning into a success:
1. Two heads are better than one
Go find a co-founder. Studies show that a startup with two founders significantly increases the chances of success. How? Because two balanced and fully invested partners can keep the startup on their shoulders equally well. A co-founder means that he will have someone to trust, share the burden, participate during critical moments, handle responsibilities, motivate each other, etc. In the end, for which you will have to share the fruit of success, at least your start will have a balanced support that will prevent you from drowning in the future.
Take, for example, the founder of Mistay, Pranav Prabhakar, who believes that “multiple founders with complementary skills bring a broader perspective to the team. When making key decisions and in situations of high pressure, it is always preferable to have someone who can provide support and an alternative perspective, “and therefore has Sandeep Jaiswal as a co-founder of Mistay.
According to Sandeep, “A co-founder makes it easier to navigate through difficult times.” He stressed that a peer with complementary skills and a different thinking style is important to help avoid mistakes he might otherwise make. Founder is like an additional support for your startup.
“THE VALUE OF AN IDEA LIES IN THE USING OF IT.” – THOMAS EDISON, GENERAL ELECTRIC CO-FOUNDER
2. Get a website / application or both
If you are thinking that an investment in web / application is a great waste of money, hello, it is 2018 and today, from children to adults, everyone is constantly browsing on a desktop / laptop computer or on a mobile. Your potential clients, clients and investors are available on all platforms and to learn about your startup, you must have a website or an application of yours ready.
If you’re still worried about the budget, to start, host your site in WordPress, which is the most popular CMS on the planet. Its versatility and possibilities are endless, so you can benefit from the templates of prefabricated professional websites that are easily available at affordable prices.
3. Let people know
Branding and marketing are two lines of life for a business and just because you are a startup does not mean you can survive without them. Branding means establishing a professional presence both online and offline. Make the logo, color and other identities of your company visible everywhere as much as possible. Give your clients pens, diaries or other stationery items with your company’s logo, this will remind them of their excellent service.
In addition, spend correctly on marketing, even if you are running a single campaign, convert it into an effective campaign that generates an impact on people. Do not forget to check if the market is suitable for your product / service. Marketing at the right time will only be beneficial. For example, marketing your brand of summer clothes during the winter is useless.
4. Deliver what you promised
Fulfilling his word creates his professional image and even a slight cracking will bring down his empire of beginning. Nothing is more irritating than a business that does not deliver. Do not brag about anything, you will only lose your potential customers, it will tarnish your reputation and, in the worst case, it will lead to legal problems. First, give what you told them you can add gradually and let them know if you want to serve more. Until and unless, as a startup, do not try to exaggerate and create a mess of everything.
“ALWAYS DELIVER MORE THAN EXPECTED.” – LARRY PAGE, GOOGLE CO-FOUNDER
Converting an idea from the concept to production is not an easy task. The enthusiasm to settle in a giant is understandable, but why take unnecessary risks and collapse in the end? First, study the market better, define what is happening, plan to the fullest, execute intelligently and enjoy the rewards.
