Startup, I guess most of us know that startup is establishing a new business. Business can be of anything that caters the need of market by offering different or unique solution. And the person who sets up a business and willing to take risk in the hope of making profit is Entrepreneur.
Why I asked this question because we all know about these buzzing words like startup, entrepreneur, online market place, new venture and we hear it regularly. But not every one knows about the stories behind the success or faliure of those startups.
Once any startup gets success every body gets aware about it. Its business model or functionality or success stories but most of us don’t know about the story behind those success. Same is the case in failure also.
Had we ever thought that how many times the person has failed to reach to that success level? Most of us will say No.
Here comes my another question. Why do startup fail?
In fact the recent studies shows a bitter truth that 90% of startup failed in their Initial years only because of several different reasons.
Here I am sharing you some points to not only to start the business but how to establish the business.
Before starting up a new business the first and foremost thing is your Idea. You don’t need a brilliant idea to start a startup but how your Idea differentiate you from others is very Important.
You should be very much clear about the goals you want to achieve from that Idea.
Tip: – Most of the success stories says to write down your idea on a paper then only you can focus on it.
2. Planning – Shaping of Idea
Once you are clear with your idea then next step is planning. It means what will you plan to achieve that idea. It is a very Important step as it will decide your success or failure.
So, Make a proper strategy. Involve as many people as you can to get the views/ opinios from all of them.
Tip: Same as Idea you should pen down all your strategies on a paper so that you won’t get distracted in achieving the goals.
3. Target Audience – What customer wants.
Before entering into the market you should be very much clear about your target audience. It means that if you come up with a product after few months then who can be your prospects. Whom do you want to showcase those products?
These questions should be answered by yourself well in advance. Then only you will be able to place your product to the appropriate client.
When I was doing research on this topic I came to know about a post of Mr. Pradeep goyal of cashoverflow.in. He has very well written in his blog that how he has lost 15 lacs for his start up without generating single digit profit. I really liked that article and the way he has described that.
4. Hire resources
None of the battle can be fought alone.
You definitely require resources to reach your goal. Choose the right person who is having right skills. It’s better to let the skill full person do its task. They better knows about the things.
Once your resources are hired then your next step is Execution. How do you execute this plan?
Once you hire a good resource your half of the work gets be done. Let the resource do their Jobs.
Many peoples say that business people are bad at deciding what to do with technology, because they don’t know what the options are, or which kinds of problems are hard and which are easy.
For e.g If you are planning to develop a software its better to hire a software engineer with some exp along with designer. You guide them about your vision. When they gets ready with the prototype then you decide this is what you are looking for. If your answer is yes then go ahead.
In each and every line marketing is a very important aspect that decides the success or failure.
I heard several times that if your product is not good but you have marketed it well then definitely people will see it at least once. And if your product is good but you have not done marketing then definitely you are loosing your ground.
Marketing makes the remembrance of the product whether it’s a good or bad that’s a different story but at least people will discuss it.
I tell you an old example. When Tata announced Nano car – one lakh rupee car, It itself created a market for middle income group people who can’t afford to buy expensive cars at that time. But when it launched and it came on road every body ‘s head turned towards that car atleast once to see it whether its a high income group people, Middle income or low Income.
So the point over here is whatever your product is you should do the proper marketing.
7. Customer Feedback
Last but not the least is customer feedback. It is a very Important point as it helps in retaining the customer.
There is no point in building a large customer base without satisfying them. Satisfied customer will provide you references also to Increase your customer list.
So its better to regularly keep in touch with all the customers and take regular feed backs from them.
It definitely keeps you motivating.
These are the some of the tips that will help you to establish your business.
Please share your suggestions, feedback, comments. I love to hear that.
All the best for your startup.