Every year many entrepreneurs start their venture with innovative ideas and approaches. Few succeed, and no surprise to learn that majority of the start-ups fail. The number is astonishingly 75%. Research shows, 80% of the start-ups fail within the first 3 years only. Ever wonder, what could be the reason? There are many. But the majority of the start-ups fail because they fail to adapt & perform or lack of technological support or industry knowledge. History shows there were start-ups who failed even after getting 3 rounds of funding. How can your business survive?
You might have heard many success stories of start-ups. Social Media is largely occupied by those stories. But, there are many failure stories which helped many successful start-ups. Others can learn from their mistakes & can avoid repeating those.
As a Start-Up Apogaeis also faced various challenges, but what made us stand tall against all odds was adaptability, clear vision & passion for innovation. No challenge was tougher than the dedication of the founding members and core teams.
Are you planning to start your business, but bothered about stuff that might go wrong? Have you already founded your company, but concerned to know how things are going?
Here are 20 Expert Ideas to make sure you set a successful start-up example for entrepreneurs.
Set your Goal
Interact with successful business founders, read inspiring books, focus on your idea & most importantly ask questions to yourself “How your idea can change things or add values?” After this set your goal. Remember goal setting is very important for any business.
Don’t just start something to earn, Do something you really Love
If you start something just to make money, you will fail big time. If you don’t love your product, or don’t have much interest, no one else will love it. If your idea is not giving you goosebumps, you need to think for some alternatives.
Dream is not that which you see while sleeping it is something that does not let you sleep
A.P.J. Abdul Kalam, Wings of Fire: An Autobiography
Believe your Idea
Yes. Your idea can change the world and how people work. Never, doubt that. Self-belief & trust on your business plan can give you success. Self-belief will increase self-confidence. Remember service and successful execution matters the most than having an idea to build a spaceship.
Choose a Name
Choose a name for your business. But it must have some relevant meaning. This will be the first question which you have to answer after getting recognition. Your name should reflect your business & can carry the message you want to convey. It is not a good idea to name restaurant “Software Ops”. Apple could be an exception and you too if you are exceptional.
Learn to fail, But don’t forget to stand again
If you have not failed, then there is something wrong you are doing. It is the best time to learn from the worst time of your start-up journey. Brace yourself to taste failure, but never forget to stand again.
Learn Something New Everyday
Try to learn something new every day. No harm in this. It will help you to innovate new ideas. And only innovative ideas can help you achieve success. Challenge yourself and push your limits every day.
Surround yourself with Positivity
You will find many who will criticise you & will doubt your idea. If you’re not been criticized, then you are not growing. But surround yourself with positivity. People who believes you & your vision. Communicate with them & consider their advice.
Listen to your clients
Day-1 in your office. Lesson-1 to your team. “Always Listen to your Customers”. If you want to grow & build a trusted brand, this is the most important thing to do.
Listen carefully to what your customers are saying. Customer feedback is the best way to analyse how you are doing.
Communicate & Engage your Audience
Always try to communicate with your prospects either using online platforms, social media or offline sources. Make each of them feel that they are important. Make your service personalized, so that your customers will feel important. Never fail to respond their queries.
Raise Fund: Calculate the number
You will need capital to give your start-up every kind of opportunity. Calculate how much you need. Too much fund can make you over dependent. Raise fund at right time. Prepare yourself before approaching investors.
Never make a long-term Plan
It might sound weird. But never make a long term plan. Business environment is changing in lightning speed, as well as the taste & preference of customers. Always focus on the current requirement & work to resolve them. & Yes. Never plan forever. Utilize more time on execution rather than making plans.
Carry on setting objectives
Achieved your first goal. Celebrate your success & plan again for achieving new milestones. Set next targets, communicate with your team, formulate plans & start working towards it. Never stop setting your next goal. There is always opportunity to grow.
Forecast the Future
No one knows what is there for tomorrow. But a true business leader can predict the future need. Analyse the trend, do research, communicate with your customers & build future products.
The rule for start-ups is “Adapt or Perish”. Either you have to adapt the business environment, competition, customer service, expectation, employee retention or you will perish. Most of the recent start-ups failed to deliver because they couldn’t adapt.
Promote Online & Start building Connections
Make sure you have a very good online presence. Either social media presence or a website or a blog. Promote your business there. Bring relevant people to your network. Engage them & share information. Encourage your audience to give feedbacks, comments.
Don’t forget Offline
Never miss an opportunity to promote yourself offline or using any traditional marketing method. Attending Events, Conducting a small BTL campaign or even attending conferences to meet people face to face will put excellent impact.
Yes, as a stat-up you need to work hard. But take time to relax yourself. Give your team break. Go for a holiday. Refresh yourself & join the mission again.
Never Stop Marketing
Never stop your marketing activities. It won’t take much time for your customers to forget you. Set your budget. A tweet in every 2 days is also fine. But never be idle. Write blogs, Social Media campaigns or Google campaigns.
Never think if you are a founder or someone for some specific domain, you won’t do things other than your KRAs. It’s a start-up & you have to do everything. Prepare yourself & give your best. Even if you fail, you will learn. Flexibility is one of the key attribute for start-ups.
Company never quits. It’s the people behind that. Don’t think of quitting. If you are facing difficulties, there are many ways. Many fail, but many companies survived too. Be among those who survived the pressure & inspire millions.
Give more than what you committed
Always surprise your clients, of course in a good way. Try to deliver little extra than what you committed. Create a relationship beyond the contract. There is no harm in giving little extra, even if it is just some advice or extra information about the product or a little free feature added in the solution, even one extra tips just like we did. We committed for 20 Tips, but it’s 21 at the end.
Hope this blog will help you to understand what you should do before starting your own business, or if you have already started your enterprise, these small tips might help you to analyse how you are performing or to avoid few of these mistakes.
Still want to know more? Need help deciding how to form and structure your start-up? How to digitalize idea or renovate business to bring more values to the customers? Feel free to Contact us to talk to one of our expert. We will share our start-up success story.