How to survive a super competitive Startup Environment?

When we think of today’s dynamic work environment, we think of the rat race, cutthroat competition, decreasing brand loyalty amongst others. But the question most of us wonder about yet fail to answer is ‘ How to survive this competition’ which is especially intense for a startup. Let us start by dwelling on a few challenges faced by a Startup:

Money: This is a challenge faced by almost all the Startups moreover by all the businesses.
Lack of planning: We can’t overemphasis the importance of planning being key to the success of a Startup.
Right Recruitment: Many Startups try filling the spots instead of paying heed to the competence of the personnel.
Optimum utilization of Time: We all have the same 24 hours in a day, what makes the difference is how you utilize them.
Unwillingness to take Risks: Startups try to stay in their comfort zones and are often skeptical to take risks.

So How Can Your Startup Stand Out?
The first and most important thing is that you should believe in the product or the service offered. Until and unless you have a clear vision of how you perceive your startup and how you want others to perceive it, you wouldn’t be able to work in a dedicated and focused manner towards the ultimate goal. Another thing that is extremely crucial for the success of a startup is planning. Be forward-looking and prepared for contingencies, study and be updated with the environment you are functioning in and formulate a plan with meticulous details. However, at the same time, you should be adaptable to the changes taking place and be prudent to take advantage of the resources and opportunities available to you. Don’t be afraid of taking risks just because it means moving from a familiar known environment to newer ones as this could potentially enhance your earning capacity. Yet at the same time be rational enough to weigh the associated risks with the prospective cash flow position and judge for yourself if the trade-off leaves you better off than in the current scenario. Lastly, hire staff scientifically, that is, check and verify the credentials of the individual, see if he/she is the right fit not only for the job but also for your organization, see if that individual has the potential to grow and have a meaningful contribution to the organization.

Transforming an idea into a Startup can be a grueling process but the satisfaction derived by creating something so unique and something bigger than yourself will always remain unmatched. So BELIEVE in your ideas and go TAKE THE RISKS because, in the end, it will pay off.