We all have heard about startup success stories where one guy coming up with a unique idea and then boom…Millions & billions of dollars and listed under Forbes successful startups.
Is that actually a real world?
Yes, It is. But that’s not as easy as we think. This is just one side of the coin. We have missed several startup struggles and the hell they went through.
Do you think Facebook has become the world’s largest social Network only because of Zuckerberg or Google surpassing Yahoo & all other search engines overnight?
No..It was not alone Mark Zuckerberg or Larry Page behind the success of these biggest technology startups in the world. I agree that it was their idea, passion, and commitment that led to their huge success but it was also the overall Team effort, networking, marketing & management which gave them supremacy over others.
There are many factors that lead to Startup Success depending upon the time & place you operate your business but yet there are 7 most important aspects of a startup business that can lead to success or failure of a business.
Having said that. Let me enlist those 7 most important aspects of a startup success.
- Skill & involvement
- Market Research
The idea is one of the most important aspects of any business execution. It’s your idea that validates your business plans & execution. The most important part is validating & believing in your idea. Now, that doesn’t mean that you need to have an entirely new concept or anything like that but you should always look for something better & problem-solving.
Google would not have existed if Larry page didn’t believe in his idea that a better search engine than Yahoo could be built at that time which would literally sound like a joke to anyone. Facebook was not the first social networking website to build on the web. So, It’s not the one who starts; it’s the one who executes it well. So, always believe in your idea.
Skill & Involvement
Someone has said it right,” Never invest your precious time or money into something you don’t know”.If you’re trying to do something you don’t know, you have to be always dependent on others even to understand your business.
And if you’re involved in any startup, Never do it part-time.This can sound little weird to someone but that’s true. You can’t complete your journey by being a servant of two masters at a while. It is like chasing two rabbits & catching none. This is the time of the startup when you need your full passion, commitment & of course time. So, It’s wise to do something with full commitment or just don’t do it at all.
The execution of any business matters a lot when it comes to startup success or failure. Execution further includes:
At what time you execute a business. A gift shop can be influential if executed on important dates like New year, Valentine day, etc.The first e-commerce venture was not a great success because it was not the right time whereas Ebay, another Ecommerce company which started at the right time went one to become Ecommerce giant.
Place plays a vital role in startup success. You must consider the place where you are starting a business. Ex:- You can’t expect a Chew gum business to succeed in Singapore where it is banned or your business can’t succeed in Internet deprived countries if it based online. It is therefore, you should highly consider the place before starting your business. Moreover, you should also look for other necessary resources in that place & if it is locally available or not. Since, Transport, electricity & logistics play a vital role in some business. So, the place can be an important factor of a startup success considering all these things.
You should never launch your product before your website or application is ready enough to handle the customer. This is the similar mistake done by many startups. So, don’t put your image in danger and only launch your business on accurate time, when fully ready.
Co-founder acts a very important role in any business startup success. If you want to be successful in your business, always choose your co-founder right. This is the initial phase of any startup where the founder gets trapped and compromise with low committed and skilled co-founder for the sake of small things like space or little investment. Don’t make this silly mistake in your business and choose your co-founder who truly believes in your idea and is committed to pursuing it with passion and dedication.
While founding any startup, finding a loyal, skilled & dedicated team is the most difficult task anyone can face in his/her journey.It’s not just about hiring an employee; it’s about hiring an employee who believes in your business and is committed to working a long time.Salary and share is another thing which you should distribute very wisely when it comes to a long-term relationship.
If your business venture is based on some products which are irrelevant to your respective audience, your business is of no worth. It is therefore very important to do your market research before opening any startup.
Audience research is the first thing to do of all. You need to be sure that there are potential customers in your preferred area who would be interested in your product.
Businesses today is highly dependent on the network. Even if you are a true introvert, you should start building a network for your Business. The network would involve the group of similar ventures, influencer, colleagues, potential customers and even normal people. Your social interaction would be good to start with.
If your business is based on Internet, you can get help from Social Media sites like Linkedin, Instagram, Facebook, etc.
You can’t expect your customers to run for your products without marketing. It is marketing which establishes your business in the market.
It is said that Marketing & Advertising is one of the biggest expenses in any business venture. However, In terms of Digital business venture, It is a huge saving.
There are different types of marketing:
- Direct Marketing
- Traditional Marketing
- Affiliate Marketing
- Digital Marketing
- Social Media Marketing
- Print Media, etc
Digital Marketing is the most important aspect of any Startup success.
Last but not the least, Budget is one of the most influential factors of any startup success. You would need to have sufficient and flowing budget for business survival.
You need to have a strong business plan related to budget and even enough back support to handle any exceptions. If you fail to handle any of them, your business can soon be in danger.
Whether it is a small business or a large corporate, you need sufficient budget to survive & grow.
So, These were the top 7 most important aspects of a startup success. Let us know your thoughts in the comment below. We would welcome any extra points that you can add to the list.