10 Most Critical Factors to Save Your Startup from Failure
Most people think that being an entrepreneur is an easy thing. Yes it is. Starting a company is one of the most simple things anyone can do — it can be done in just a matter of hours — however running a successful company is a completely different story.
Now coming to India, If you look at the startup buzz in India these days, you will see huge head counts of founders, more startup events than actual startups.
For many It’s bubble or wave but for me it’s a good thing to push entrepreneurial era in country.
Here are the things to worry — If you listen to these young entrepreneurs, most are after either money or FAME. They lack the passion in their own ideas and more inclined towards funding oriented and fancy ideas.
They want to become multi billion-dollar startups over night forgetting the fact that doing things very fast and try to do so many things at the same time can take them towards failure.
90% Of Startups Fail but same time 10% succeed
One of the way a startup can increase its chances of survival is by learning from other’s mistakes. I know one thing for sure that if you want to learn something then meet a person who failed rather who succeed.
There are plenty of characteristics of successful startups and here I am going to describe 10 of these.
This is not a complete list to taste success but surely will have to reduce chances of failure by large extend.
- Solve a problem — Make your product which can serve a Market Need not for FAME
- Focus on Sales from Day 1 — Running out of cash was often tied to reasons for startup failure. If you think that it will stay alive without sales then you are living in fool’s paradise.
- Team — If you do not choose your co-founder and team wisely, you are going to fail soon. The more versatile that team, the better chance they have of succeeding.
- Listen to customers
- Passion — Keep your passion same throughout Journey. Stay Motivated and Keep your team motivated.
- Your Product- Rome was not built in a day, Keep Improving your product with customers insights. ( Billion dollar startup that were told their idea was stupid )
- Discipline is Must
- Planning — You must have to have a business plan, Many entrepreneurs avoid it but to have a successful startup, you must have this.
- Spend on Marketing & Make your Brand a story.
- Focus — Stay focused
Stay motivated and always keep in mind that you have everything in place which should be there for a startup to be successful. You will be able to do something that 90% of failed businesses were not.
The Way to Get Started is to Quit Talking & Start Doing — Walt Disney
If you’ve got these ten characteristics, then you’re setting yourself up for major success.
I would also like to hear feedback from people who are connected to startup ecosystem in India or have experience in running Businesses in India.
#StartupIndia #entrepreneurs #bizztor #startup #success #entrepreneurship #motivation
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