Startup Saga: Hail On Ride to Success Understanding These 5 Building Blocks
Each year, hundreds and thousands of aspiring entrepreneurs enter different industries, going into the world of what we call ‘Startup.’ From Angel List to Craigslist, every single place is stuffed with new business ideas that are always in the queue.
But not all succeed or even manage to survive long. According to research, of all the startups that started back in 2014, 44% could not see the light of 2018, and only 56% entered the fifth year. Now considering that the count is not of hundreds or thousands but millions, even a one percent failure shakes down the figures. And for you as a startup enthusiast, the 56% would not matter, if you were in the least side.
Compounding all that we said above, it’s essential to be a bit cautious prior to diving in the sea. Meaning that has a thoughtful run through at the different aspects of startup be sure that you are on the right path and have plan B ready in case the former doom to failure.
Without wasting much time, let’s not head straight forward to the building blocks of a startup!
Building Blocks to Aid Perpetual Growth of Startups
Have Your Homework Done
This is exactly what I meant in the introduction part above. Considering that working on a startup was not the last night dream, you definitely would have had plenty of ideas penned down. And with each passing day, you would have those ideas cross your mind. Right?
Do you have any idea that nearly 42% of startups fail due to the absence of a significant market? Another 23% because of the incompetent team and around 29% because of the absence of monetary resources. Yes, a survey confirms this.
Given the above, it is imperative that you do extensive research on your startup idea and before implementing, have everything, resources, both human and monetary in hand. You need to have things in the right place to catalyze your startup growth and likewise, success.
Meet Mr. Derek Castle!
Mr. Castle has an excellent entrepreneurial mind, and he has tried his hands in two different startups. But every time his business would go public, stakes would fail to meet expectations, and the overall worth would dramatically fall. Though Mr. Castle has seen more of failures, yet he was my going to stop.
Once again he was on the radar up and tight. And this time before vesting in, he came to us for guidance. We went through his ideas and trust me; they are highly monetizing. And the same goes for the above two ideas; he had and implemented. What went wrong was his approach. Lack of data and resources bolstered to failure. But this time, we took the initiative to do the homework for him and align things as needed.
Wondering how we did it?
How about getting in touch to understand in-detail.
Implement From Day One But Strategically
Yes, you heard that right. You need a draw and paint your imagination to reality as early as possible. I know this might sound too risky, but that’s the way startups work. Endless endeavors to get your idea right and business working, you need to put your plan on board and start working. The sooner you do, the faster you realize what your preparation lacks and then, once again start working on the loopholes. It’s like a never stopping orbit, you design, you learn, you residing and implement. This is what we call the ‘learn-as-you-go model.’
Picture it this way, you visit an investor and ideologize your business on mouth-of-word. The odds are that he would turn you on your back and you never get to see him again. To attract you need to feed the bee with honey. And so, to get investors to show interest, you need to have a working model in hand. Pitch solution for an existing problem, and instill a human touch to get the desired.
Take One Step At a Time
Entrepreneurs definitely are super-charged, but at times, they get super excited and take hasty decisions. One of these is doing multiple things together, and often; this canny attitude turns out to be the cause of failure.
You might have plenty of ideas and strategies for your business, but it’s always beneficial to take one step at a time. Consider Uber, who doesn’t know about the company. And what not services do they provide, almost all. But they grew strategically. Started as a ride-hailing company and once they gained user trust and market value, only then they decided to expand. This is something that every entrepreneur must acknowledge and accept. You might want to test and try different verticals, but all in one is not the right way to go.
Omnichannel marketing is the need of the industry. With customers being the prime drivers of every business, it is essential to focus on customer experience and if not more, at least, at par with your product. To outreach them and draft a one to one communication, it is needed that your business is present channel-wide.
Today, there prevails multiple user-centric portals, social media sites, article-specific platforms, and the best way to communicate with your customer and even expand your audience base, is to embed an omnichannel marketing strategy. Putting efforts everywhere would not only increase your audience count but also increase your brand visibility.
Be Flexible Enough To Revise Your Plan
No doubt you started with an excellent idea, used every possible step to see your business grow and it could be that today, your business is rising, but every now and then, you need to stop and have a run through at what you have done and how things are piling up. Do you need to innovate or re-engineer the process? Or do you need to re-structure your workforce? Is your business adept in the latest trends and technological skills? All of these need to be thought of and worked upon to ensure that your startup hails a smooth ride.
Of course, nothing guarantees success, but following a planned and strategic approach reduces your vulnerability to failures and helps you fight your way out. Remember, it’s better to fall than to quit!
We want you to connect with us to get help and elevate your startup idea as we are globally renowned for Startup IT Solutions and Services. Technosip has successfully empowered startups and empower them to achieve new heights of success. We firmly believe in a collaborative approach to groom your entrepreneur spirit throughout the startup journey and beyond to increase your business model and improve your monetization Mode. We have proven expertise and know-how to be a part of your success story.
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