Six Tips To Run a Successful Start-up With start-up culture providing opportunity to youngsters, let's discuss a few tips for a successful venture
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There's been quite a buzz in India's start-up scenario over the last decade. Initiatives like "Make in India' and "Start-up India' have given birth to many incubators, start-up hubs, and accelerators, which support an individual's entrepreneurial journey. All of this has led to a boom in the start-up culture and an entire eco-system in India.
So, what's fuelling this dynamic start-up scene? It is the sudden cultural shift that motivates an individual to think outside the box and take risks to capitalise on something that he or she believes in. The availability of resources and capital and backing by corporate giants like Google and Walmart makes it feasible. For the bootstrapped company who believes in raising funds from their customers, the challenges are a lot more.
Despite all this, it is evident that only a handful of start-ups make it big while some struggle for survival or sell it off to a more prominent organization.
Here are six tips that can be considered to run a successful start-up:
1. Do a Thorough Groundwork
Having enough money to cover the rent and initial opening costs is not enough. Do your market research thoroughly. You should be clear about your prospective customer base and their requirements. This is extremely crucial for the survival of the business. Spend time on grassroots marketing and try taking feedback regularly from the customers as this is vital in getting repeat business and maintaining a long-term customer relationship.
2. Do Not Put in a Plethora of Ideas at Once
Every successful venture builds itself slowly. Even the jungle didn't happen in a day; it took years to form that ecosystem. Likewise, building a business takes focus and grit. Take baby steps and dive deep into implementing ideas one at a time. Trying to execute all thoughts at once is practically not possible.
3. Have a Clear Purpose, Vision and Mission
Everyone has an innate sense of purpose or belief which is a source of inspiration. A well-articulated purpose statement and the story connects all stakeholders to this common purpose. It helps to continuously communicate this purpose with both the internal and external stakeholders using practical methods.
Vision and mission of the company are essential for your business's strategic direction. They define what and who the business is for. So, clarity in vision and mission statements will always motivate and keep the focus intact.
4. Create Visibility for Your Business
In today's world where everything is digitised, it is imperative for a start-up to be visible to its Target audiences in the right way. There is no better platform to promote your business than through social media and especially through influencers. Hire a PR (Public Relations) firm that can help you become a household name through both digital and traditional PR tactics.
While online platforms have their benefits, we still need offline tools like on-site events and print media for one to many reaches.
5. Do not Always Play it Safe
Many start-ups lag behind because they are scared to take risks. As Mark Zuckerberg rightly said, "The biggest risk is not taking any risk in a world that is changing quickly." Throughout the journey, there will always be choices to make. Learn to move on when a decision that you've made doesn't work out. Look towards the future and do not become stagnant because of one failure.
6. Develop an Understanding Among Co-Workers
There should be a clear understanding of each person's goals. Talk to each one of the team members to know their expectations, planning, execution of ideas, etc. As a start-up, it's essential that everyone gets a chance to speak their minds which will, in turn, help you build a healthy organization.
Many a path will lead you to success, but you have to buckle up and face few bumps on the way too. The ultimate goal should be to stay positive and grow.