How fast can a startup succeed?
The measure of speed of growth or success of a certain process is a subjective thing. Considering startups a similar thought can be seen. How fast or at what pace a startup can grow is not immeasurable and the evaluation can be done considering different aspects. The different aspects need not be technical in nature.
Because startups are a journey into the unknown, entrepreneurs must be okay with ambiguity, uncertainty, and numerous obstacles. Unfortunately, nine out of ten startups fail, and only those who meet the conditions outlined below survive and thrive. Great entrepreneurs have these attributes ingrained in their characters, and we see them at CoFoundersLab, one of the largest entrepreneurial networks. A well-defined vision is a skill or gift that every business leader requires in order to succeed. It will be a driving factor behind an entrepreneur’s success and a compass in difficult times. From the beginning, a startup must consider how to monetize. For potential investors, the initial dollar is crucial. The following are some of the most important variables to consider.
Pace- One of the numerous reasons why companies are able to meet their goals and milestones is because they get things done quickly. When a firm is able to launch on schedule or move considerably faster than its competitors, it makes a big difference. Successful startups never put off getting things done, and they must work as long as it takes to finish something. People who make the most of their time are the most productive. When it comes to speed, having knowledgeable people on staff makes a huge difference. The earlier you make mistakes, learn from them, and enhance your offering, I feel, the better.
Planning of budget- A successful startup is able to manage its money efficiently and function on a shoestring budget. Each angle should be given its own budget, and needless costs should be minimized. It’s critical to understand what the organization requires in order to meet milestones and spend appropriately. Companies must develop the skill of accomplishing more with less when resources are limited and time is of the importance.
Networking- Another factor that contributes to the success of a firm is networking. A founding team that knows prominent and influential people in the business is precious, and can open doors to partnerships and angel investors in the blink of an eye in New York. Great startups have a charismatic CEO who can work his or her way into any company. Startup leaders, on the other hand, must motivate employees and give them a reason to stick with them through the uncertain path, which typically requires team members to make several sacrifices such as work/life balance, wage reduction, limited or no health insurance, and so on.
Discipline- Self-control is the foundation of discipline, which is the result of a high self-imposed personal standard. Even in the best economy, entrepreneurs that lack discipline fail to prosper in business. Self-discipline contributes to a positive work ethic, which leads to tasks being completed effectively and efficiently. To get to the finish line, all of the team members must be aligned and working together.
Commitment- Success necessitates a strong sense of determination at all times. When it comes to starting a business, a successful startup emphasizes the importance of perseverance and never gives up, especially when the road gets bumpy and terrifying. There will be numerous obstacles to face, and the startup team must be determined to conquer them. Like Jim Collins’ book “Good to Great,” the startup will eventually find its way to success if the right individuals are seated in the proper seats on the bus. To make this a reality, you’ll need determination and perseverance.
Response to Changes- The most successful startups are always adapting to new technologies. Adapting to change can result in significant advances. The startup will need to iterate the product several times in the early years before they find the secret sauce and get it right.
Fundraising Skills- Any business’s lifeblood is cash flow. This means that a lack of finance can lead to the failure of a business. Startups that have sufficient funds to run their business activities are successful. A startup CEO’s principal responsibility is to raise funds for the company. Platforms like 1000 Angels are a good approach to raise money online because they allow a startup to acquire capital from authorized investors in as little as 60 days. This reduces the need for an 8-month road show, which is exhausting and ultimately ineffective for the company.
Belief- Taking risks is important to the success of any firm. Successful businesses are willing to take chances. The most profitable investments, as they say, usually include a high level of risk. However, such judgments require thorough due diligence in order to minimize the risk of failure in the event that things do not go as planned, which is frequently the case.
Time Management- With a mountain of tasks to complete and limited employees and resources, the success of a startup is dependent on the team’s productivity and ability to accomplish more with less. A wise and successful businessman once told me that having things to do will never be an issue, but deciding what to focus on and prioritize will be your business struggle.
Implementation- Finally, having a great idea is only the beginning; execution determines 98 percent of a company’s success. The team’s experience is crucial for this portion, since their backgrounds will aid them in making more smart decisions than bad ones. In conclusion, successful businesses are continuously seeking ways to improve things by thinking outside the box and questioning the existing quo. As they continue on their long, difficult, and soon-to-be successful trip, they learn from their mistakes and immediately correct them.
Startups are doing more than desired to achieve the impossible feat. Impossible is a word that isn’t found in the dictionary of people having a well defined mission and vision. The above mentioned factors play a crucial part in shaping up a startup culture and work environment but these are often neglected which leads to failure or we can say almost achieved success. To convert it into an achieved feat one must be peculiar about small things as well. Bolstart, a Pune based company works rigorously on these often neglected parameters and tries to maintain a necessary balance between all the aspects (both technical and non technical). Eventually the feat to be achieved is getting your startup a good launching platform, good exposure to the learned and great achievers in the field of entrepreneurship and last but not the least investors.
Bolstart is a startup that bridges the gap between startups and investors. The work culture is transparent and the learning process for individual as well as organisational growth is worth addressing and maintaining the former and latter is the key to success in today’s times.
