Why Some Startups Have What It Takes To Succeed And Why Most Never Make It!
There are several reasons why some startups are able to carve their own niche while others fall by the wayside. Here, we take a closer look at what it takes for any new entrant to the marketplace to be successful.
Launching any startup takes effort and time and having a strong short term and long-term strategy in place is essential to ensure success. Whether you’re entering an emerging market or a highly competitive one, there are several reasons why some startups are able to carve their own niche while others fall by the wayside. Here, we take a closer look at what it takes for any new entrant to the marketplace to be successful.
The People Behind the Start Up
It's the people who come first before even a business opportunity. Having a brilliant idea on its own behind a startup is basically worthless. There are a lot of ideas out there, and really the only difference between startups that succeed and those that don’t, even though there are hundreds of variations and competitors, are the people behind it that work and manage it. It’s the people that make it all happen.
Therefore, the very first thing anyone launching a startup needs to do is form a core team with the right skills and experience to help your venture thrive. Achieving success on your own is very difficult. However, if you have what it takes and you have a strong team at the heart of your business, your company’s vision can be executed to its maximum potential. Having a team behind you with the right aptitude, attitude, skills, competence and knowledge is key to ensuring your startup can achieve its milestones for growth.
Devising an Effective Business Model
If your business is going to win over investors and get noticed by customers, you need a business model which clearly reflects your vision. With the right business model in place that reflects existing market trends, your organization can work towards its growth milestones while consistently delivering on its value promises.
Sufficient Capital
Not only do you need sufficient startup capital for your new business, you need enough working capital too. Without enough money to back your venture, it will run into severe problems sooner or later. You therefore need to analyze your expected cash flow, solvency, expansion plans and required seed money to make sure your business operations run smoothly.
Responding Appropriately to A Crisis
No matter how much care you take, the chances of running into problems exists. For a large organization, such issues are only minor, but for a new startup, they could have a severe impact on your business’ future.
A trait that is shared by successful entrepreneurs is being an optimist and not letting challenges and tough times bring you down. Knowing how to respond appropriately to any crisis is crucial. Drawing up a response plan in the event of any unforeseen circumstances is absolutely essential.
Marketing & Establishing Your Brand
Marketing isn’t all about advertising, and if you take this approach with your startup, you’ll struggle to succeed. Marketing for any startup business begins at root level, testing the basic business concept and gathering initial information which determines the potential success of your product idea.
Good marketing lies at the heart of all successful business ventures since it enables customers to engage in a meaningful way with your product and branding is key to the marketing process.
● Your brand - Your brand should be a true representation of what you do and who you are as a business, as it can change how people see your brand and drive new opportunities and brand awareness.
● USP -You must have a unique selling proposition (USP). This is your key differentiator in the sense that it’s what makes you special. It’s the reason why someone will pick your brand over another.
● PR/social media- Startups gain more credibility with PR over advertising and the power of social communities is tremendous. Having a social media presence is crucial for your success. In fact, considering how the world moves today, social engagement should be a top priority when raising awareness about your brand.
● Understanding what drives brand awareness-You need to understand who is in the market and if there is an opening, as well as if your offering makes sense. When your brand properly reflects your business and its vision, it can drive future opportunities and increase awareness for your startup.
With good marketing and branding in place, a startup has the best chance of success.
Proper Execution Of The Business Plan
Even the best business plan can fail if it’s implemented incorrectly. You need to ensure yours is properly executed with the support of a strong core team so that your startup can have a steady growth platform. Although it requires ongoing input, plenty of financial support and constant monitoring of market trends to execute your business plan effectively, it’s the only way to ensure success in the long run.
Helping Your Startup To Thrive
Startups cannot succeed solely on the basis of a strong business idea. The right team, finance and marketing must all be in place too. Ensuring you’re well prepared with all essential basis covered is the best way to guarantee your venture thrives. There are unique businesses out there who allow you to automate your entrepreneurial success when you’re just starting out.
Having somewhere you can turn to in order to allow your startup to go global through scaling via their connections and industry know hows, and the use of modern technology-such as advanced application of big data and AI to quickly analyze investment opportunities, are going to enable you to reach the heights you need to with as little effort as possible on your own part. Let someone else do the heavy lifting they’re so adept at.