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The journey of a startup can turn out to be fruitful only if you are aware with the proceedings as in what needs to be done and what should be avoided while you grow your startup in the market. Looking at the journey of other start-ups, many of those looks all glamorous easy to go types. But the actual phase is not so. Start up journey is filled with sleepless nights, stress of handling lot of responsibility of your employees, customers and investors at the same time. The Startup journey is such that it can crush down the spirit and can bring down all the optimism. All this can be avoided if you carefully analyse the failures of start-ups of your industry, the reason behind it and following by certain do’s and dont’s of your industry, as this will take you to the path of Success.
1. Validate your idea as per market terms
There are many startup founder who come with a business idea and starts working on it without affirming its demand in the market. It is essentially important to ensure that whatever product or service your business is planning to serve the people with, the market and the people should be in need of it and should willingly pay for it too. Dont proceed with your business project until you validate it as per the market terms.
2. Ask for help
No one is found to be full of knowledge, you me and everyone needs someone to assist us with our work. Ask for help from the ones who is well experienced in your field. This will give you the right guidance on how to move in the market at the right pace. Talk to the ones who have succeeded and also to the ones who have failed in their field. Learn a lesson from their failures and avoid all those mishappenings in your journey.
3. Have your own business plan and the right budget for it
Entering into the business field without having a plan of how the business will run will take you nowhere in your journey. Plan your business; work on its format of working. Budget your business. Consider your business generating zero revenues initially and accordingly plan a budget for your business.
4. Know your business purpose
Business without Purpose will give you no direction in your business journey. Have a purpose of starting your business. Why do you want to do this? What will happen when you do this? How will you do this? Have answers for all these questions and define your purpose of doing the business.
5. Build the Right Team
The most difficult step in setting up you startup is gathering a team. Team plays a significant role in the development of any business. Have good people in your team who have similar mindsets to what you have, who have a purpose in their life and who you feel are dedicated towards work in their life.
1. Expect Success Overnight
Startup Journey is a long one with lot of ups and downs and not just a sprint. Even if the luck is favouring your and everything is taking place just the way you wanted, still you will never to be able to get success overnight. Constant smartwork and dedication will take you to the path of success.
2. Give up on your ideas
Nothing is Impossible, make this your mantra of your life. Never accept a no for any answer. Never give up on your ideas and have patience to hold it for long. People will demotivate you claim your ideas to be not effective, but all you need to do is have faith and belief in yourself.
3. Assume money to be problem solver
People believe that money can buy everything, but the actual case is not so. No doubt capital is important for a business, but only if it is used in the right way business will succeed. Make the best use of your investment and plan a model that tends to succeed.
4. Deny accepting the changes
Changes are law of nature. With rapid advancement of technology, the market is bound to change and grow. Accept those changes and modify your business accordingly. Analyse the market needs and keep on bringing in new inventions in the market.
5. Let your investor’s decide on your company’s strategy
Relying on investors for implementing new ideas in not the right thing. Investor’s perspective is earning the maximum return on their investment they will not be able to think like a businessmen. If you wish to build your company well considering a long term approach, make sure not to involves investors who are looking for short term gains.