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At present, we come across a new start-up being launched almost every day, but it is lamentable that not each of them survives. On estimation, an average of 8 out of 10 new startups will fold, while the rest will survive.
A startup is precisely a quest towards exploration and progress into the unknown, and entrepreneurs need to be comfortable with taking on ambiguity, uncertainty and multiple challenges.
Table of Contents
There are a few characteristics or qualities which make a successful one emerge from the unsuccessful ones.
The eccentricities ingrained in the character and outlook of the entrepreneur make successful start-ups stand out amongst others.
A few successful portals, which began as start-ups, are Oyo rooms, Snapdeal, Flipkart, Chaayos, Paytm, and a lot more.
They are able to reach their goals and set up milestones because of their outlook and a number of distinctive traits, which are outlined in the next segment.
Combination of the following elements determines the success of startups:
In order to cross the finish line, a well-defined vision is the first step on the ladder. It is a major force behind an entrepreneur’s success and serves as a compass in tough times.
So, one has to envision how to monetize from the prenatal stage. The first dollar counts, especially for potential investors.
One of the dominant pushes towards attaining success is that the startup gets launched and gets things done on time. It is one of the most important lessons to be learned from successful startups. Moving faster than their competitors gives the startup a distinct advantage.
In regards to speed, latching on to knowledgeable people in-house makes a huge difference. The earlier one learns from his/her mistakes and makes efforts to improve them, the better product the startup has to offer.
A company should know through the initial beginning stages what is required and what’s not to accomplish milestones. A successful startup is potent enough in managing its finances that it is able to operate very lean.
To manage things efficiently, every department should have its own budget assigned, and unnecessary expenses should be avoided. At a time when assets are restricted and time is of the essence, organizations need to accomplish more with less.
For a startup to be successful, networking plays a pivotal role. The good rapport of the founding members with powerful and influential people in the business is priceless, which makes it easy to find investors and can open doors to partnerships in a short span of time.
Apart from this, startup leaders should be able to set some norms and inspire people, giving them reasons to follow the leader through an uncertain journey wherein they are required to make a lot of sacrifices in their work and life balance and so forth.
One needs to be disciplined to attain any kind of success in life. Discipline starts with self-control and is an outcome of a strong self-imposed personal standard. Absence of discipline would lead to failure of the business even if situated in the best economy.
A positive work ethic can be attained effectively and efficiently only when things are done by the following self-discipline. It is mandatory to have all the team members aligned and working together to reach the finish line.
Determination and persistence is the key to be successful. From all the success stories we have ever come across or ever will, we have learned that strong determination is the root of every success, so is the case for a startup to be successful.
At every stage, there will be instances where one faces obstacles and things take a wrong turn, but strong determination can overcome all the challenges.
The successful startups should always lay emphasis on determination while building its business.
“If the right people are seated in the right seats of the bus, the startup will eventually find its direction towards success.”
Ability to Adapt to Changes
The best start-ups are persistently ready to adjust to new advances. Adjusting to change can prompt significant achievements. During the early years, the startup should repeat their successes until they can locate the mystery ingredients for success.
No business can operate in the long run without adequate funds. Cash flow is the essence of any business. Start-ups can be a success only if it has sufficient capital to run.
Startup fundraising is an elementary duty of a startups CEO, which can be done online in just 60 days through a platform like 1000 Angels, which permits startups to raise funds from accredited investors.
Thus, eliminating the 8-month roadshow which ultimately turns out to be unproductive for the business itself.
Studies show that one needs good leadership to create a stepping stone in a competitive market, making the presence of strong technical expertise in product development with general and domain-specific business knowledge obvious.
However, it is advised that one must ensure that they take Business Plan Consultancy from industry experts to avail the maximum benefit from the scheme.
Read our article:Issue of Convertible Notes by Start-Ups
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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