Did you know- Amazon was once a startup struggling to establish a firm place in the market? Hard to believe right? But this is true. There was a time when Amazon was just a petty startup, trying hard to launch itself as a successful startup.
So if a company like Amazon had to pass the struggling period, we can imagine how tough it can be for others. Well, this might not be completely true. Of course, there is no shortcut for success, but there is some called ‘smart work is better than hard work’ and this can be a way to build a successful startup.
Not that Amazon did not do any smart work. It worked out its business strategies in a practical and systematic way and you can see the results. So, if you are also planning to establish a successful startup, you landed on the right page. Link to Indian government startup website
In this blog, We are going to share a few proven ways to build a successful startup.
Which Is More Important: Your Idea, Or Execution Of The Idea?
I am sure, this is the first question that comes to your mind when you plan to start a new business. Well, there are several websites and other modes, that might be claiming to give you the best tips and tricks.
The checklist can go on and on and most of it is useful. But you need to understand it is just a to-do list. This will help you remember things not tell you how to execute the plan in the right way. Success is a process with solid foundations and precise planning. It is certainly not always an easy task. Each trip taken to navigate this process will be different, but much does not change.
Startups need talented founders and a great idea. Of course, it’s always easier when this great idea is combined with cash flow and exceptional execution. It can be difficult for a new business to find a product that fits its market or vice versa. This is often the reason why startups cannot make their idea come true.
When starting a business, many believe that they will achieve their dreams as long as they are passionate enough. As with any other job, a business will not be successful just out of passion and hard work, it also requires skills.
So you need, a good idea, passion, dedication, and a well-planned strategy to execute your plan and establish a startup with new heights. Next in the line is some proven startup strategies.
5 Tips And Tricks to establish a Successful Startup
When you think of setting a startup from scratch, you are already under high pressure. But pressure is not going to help you. The question is what factors determine, whether your startup will be successful?
The answer can be different for different ideas. But one thing that is common in all is strategic planning. And the major tips to build a successful startup are as follows.
- Choose The Right Business:
I am sure you think your idea is the best and it will definitely work. Being positive is good, but you need to be practical as well. So, before setting up the business, do some research work and see what is the demand of the market. Another perspective is to fill in the need. This is the old formula where you search what is in demand, what is the need, and fill in the missing elements.
- Make Sure You Have A Market For Your Product/Services:
One of the biggest mistakes startups make is assuming that many people will want to buy their product or service because you like the ideas or know one or two people who want the product or service.
Do not make this mistake. If you want minimum loss, do not be overconfident about the market. Examine the idea, see how practical it is and what are the possibilities of its success in the market. Do some ground research about the demand for your product/services.
Chat with real potential customers (other than your family or friends). Analyze customer demand. Are the potential customers really interested in buying your product/service and at what price?
- Do Not Ignore Your Competitors:
Doing a thorough competitor analysis is a proven startup strategy, that you should also follow. The size or type of your business does not really matter, you will have to face competition in every field. Even if no other company offers exactly what you are selling, it is highly likely that its target customers will use other products or services to meet their needs.
If you wish to build a successful startup do not take your competitors lightly. Do a thorough analysis of what and how they are running their business.
- Know What Your Operational Needs Will Be:
Most people who are considering making their startup successful, focus on what they will sell and who they will sell it to. What they often ignore is how the business will actually operate. You need to also think about,
- How your product/service will be delivered?
- What customer support will be required?
- What payment modes you will accept?
- Do you need to hire people to manage and maintain your online presence?
Even if the size of your startup is not too big, these are the basic things that should be included in your planning process.
- Understand The Difference Between Business Development And Sales:
Most startups commonly get confused about business development with sales. There is definitely one aspect of business development that focuses on revenue, but it’s more than sales.
Business development means adding value to your business, strengthening partnerships, tapping into the market and ultimately building relationships with your customers. It is a long-term plan and a strategic approach to building a business and achieving the desired success.
One more important point that can help up start your own business is getting an MBA degree. MBA not only enhances your knowledge but also gives you practical experience that gives you insights to run a successful startup.