Hello folks, hope you all doing good. I am back with a new article, this time it’s for a startup. Well say yes or no but once in a lifetime everyone things of having a startup of his own and believe me most of them succeed too. But after a good start also many of them lack the flow of continuing it. While the number of new business startups in the India is difficult to pin down (it has been estimated an average of 6000 annually), it is safe to say that the country’s economic crisis situation has led to a surge in entrepreneurship. Statistics show: 50% of businesses fail within their first 3 years and only 5% see their 10th Anniversary. What are the 5 definite clues that a startup business will succeed? Below I have shared few points which I came to know that effects the growth of an startup:
Tips to build a Successful IT Startup
1. Startups who have followed this trend have proven clients. They not only know who their market / client is and what products as well as services their customer wants but they have a proven method or system in place to ensure satisfaction at every interaction. Truly remarkable services is absolutely essential to a long term success and will make it a stellar stand out in their industry.
2. Startups who plan deliberately. A successful startup has a solid 1-5 year plan with benchmarks in place to meet serious target points and objectives. With set goals and checkpoints for accountability, a startup can prepare for and repair any weak points that might have otherwise put at risk their daily operations.
3. Startups who are fiscally cautious. While this is a great time for Startup opportunities, it has never been a more challenging time to obtain startup credit or funding. Trim management of operations is crucial for a new business. Money management – the ability to stretch funds and store resources early business credit and funding is an important sign that points towards a Startups success.
4. Startups who retain an effective Marketing Firm. While many new businesses initially are willing to spend a large part of their budget on marketing (i.e. pamphlets, flyers, business cards, door hangers etc.)…it is often a complete waste of money if the marketing has an ineffective outcome. Hiring a proven and cutting edge Marketing Firm gives Startups a marketing roadmap to make each marketing product or campaign a decisive direction to build their business upon.
5. Startups who have a successful business mentor and/or successful business model to pattern themselves after. While Startups may have many innovative ideas to create a successful business -a wise Startup knows that to learn from the mistakes and successes of another company may save them from making severe and detrimental mistakes of their own.
6. Startups who run their business with direct openness. The easiest way for a business to avoid bad publicity is to act and function each day as if someone were watching— The real character of a business is no different than that of ourselves and is a direct reflection of the Startup.
7. Startups who know how to effectively communicate -not just with their customers and the public but with their most valuable marketing assets (their employees). Effective leadership is only as strong as the leader. And a strong leader must not only have a clear vision for the company but must be able to communicate the implementation of that vision as well. Read here, How we Build a 100 people Startup company?