Statistics says 75% of startups fail. Yes, this is the bitter truth as far as the success rate of a startup is concerned. Exceptions are Facebook, Amazon, Google, Instagram, and WhatsApp. Certainly, everyone can’t be an exception. That is, there is a good chance that you might fail.
I’m really excited to share with you some factors that actually matter the most for startup success. So, let’s go through these five must have ingredients for a successful startup:
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For a startup, crafting a business plan is like crafting a game plan in sports. You need to draw out all of the information to design a winning strategy. An established company may create a plan focused on theevaluation of a new product, review of specific operations, or assessmentof a new technology. But, the plan for a startup company should be the blueprint of its formation, operations and strategy. It should focus on your strengths, weakness, opportunity and threat (i.e. SWOT). The perfect business plan covers all the three aspects – operations, finance and marketing.
As said by Brian Tracy, “Goals are the fuel in the furnace of achievement”. So true! Goalsnot only give your startup a direction, but also keep its day-to-day operations on track.
Technology plays a vital role in helping businesses execute their day-to-day operations more efficiently. Be it communication, operations management, handling of documents, record maintenance, sharing information, etc. – technology simplifies it all!
Startups may find it intimidating as it demands time to learn. However, an unwillingness to adopt a technology can hamper the efficiency of your business in the shortand long term.
The perfect startup team is more important than the employees and founders. Let’s admit it. At the beginning, startups have nothing but just an idea. And, successful implementation of the same is impossible without an adept team. If the founding team isn’t a good team, it is impossible to expect any output. Someone has rightly said, “With an enthusiastic team you can achieve almost anything”.
Initially, the three roles are the most important to fill:
Chief Technologist for developing the product.
Chief Marketer who can understand the customer requirement and promote the product.
Visionary for convincing the skeptics among the customers, market, and investors.
Yes, you read it correctly- ‘commitment’! If you begin a business without setting particular courses of events for operations and accomplishments, you will be stuck perpetually with petty excuses.
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Whether you need to finish an undertaking at work or accomplish an individual objective, it’s vital to set practical due dates for yourself.