Launching a successful business project is a Herculean endeavor, a complex process involving a lot of planning and other factors. One might wonder if there is a formula for sure success to a startup or is there a rule book? The answer lies in the mix of impactful factors and influences that matter to the growth of a startup#ThinkWithNiche
One must believe that a successful startup means to devote time, give chance to talent and have a solid business acumen. According to latest reports from entrepreneurial sectors state that approximately, one quarter of businesses are now ventures backed by a startup. The startup industry is growing by the day and some datas state that most of them shall be able to celebrate their 50th anniversary. These figures do not mean that only 25% of startup ideas are successful, but an innovation is the first step to decide if the setup will be a success or a failure. Startups require effort, motivation, funding, a talented team and most importantly an idea, an idea that backs the entire programme.
Let’s Take A Look At Some Of The Factors That Determine The Success Of A Startup Founder
1. A Strong Team
Establishing a successful business is not a task to be accomplished single handedly. A hardworking team is the core for the success of a startup. In all respects, a strong team is the right kind of requirement to achieve a company’s goals. It is the team that paves the way for setting the path to working on quick short term goals for an even stronger foundation and kick start, meaning an explosive start. The founder must make sure that they manage to come across real talent and bring them on board to their journey.
2. An Idea
Most of the time, a person is afraid to share an idea fearing that someone might steal it. TedX speaker Bill Gross says that when ideas are implemented in the practical world, they are purchased quickly. A founder’s journey starts with an idea. Generating good ideas and discarding the ones that will not become popular is a skill. Once you have come across an idea that looks feasible, one must quickly test it and arnage the cheapest resources so as not to waste money. If there is anything that guides your way through the startup industry is ‘idea validation’. Testing and theorizing your idea without wasting tens of thousands of rupees is a super human task but at the end of the day, it is an idea that sells, not the promises.
3. Business Model
A well planned business model is of utmost importance to achieve the attention of the investor and the public. Going through some of successful startups’ business models, one coms across the fact that the models help to visualize the company’s vision while ensuring a profit margin. With a strong business model at hand, an entrepreneur (founder) paves the path for a smooth road ahead and tends to achieve all goals seamlessly.
Funding is a critical factor in determining a startup’s success in the long run, initially if a startup is injected with a lot of money, it will overweight its debt over the success value. Hence to organically grow a business, it needs an action plan, correct timing, business model and a proper fund to ensure that it survives the difficult phases.
A key point to be always kept in mind is to realize that developing a startup is a step by step process, and even if a single step goes wrong, it shall hinder the growth of other steps as well. Therefore, while tending to implement ideas from a sheet of paper to practicality, some factors are always to be mindful of, founders should devote themselves completely to their business ideas and keep a track and patience most importantly.