By,
Divya
Divya
Keys of Startup Success:
1. Validated Idea
The key element for anything is the best and practical idea. Executable Idea is the important factor for the success of any business. Just good idea is not the worth but idea with some calculation and practical base is always the strength for building the skeleton of Startup in any field.
2. The leader(s)
Leadership is like medicine for startups. Leaders make the decisions, set the visions and lead the group of people to reach at the decided mission/Goal.
Put an ineffectual leader in place, which heads the downfall of the important decision and for whole team. On the other hand, a capable and proficient leader can turn even a fragile idea into a successful one.
3. The team
A single person can do develop a building but for a huge skyscraper, team of skilled people is important. The team can maintain the business, drive to great innovations and execute high-level goals. Hire the right person for the right job, and one will never have a problem. But hiring the wrong people at wrong job your best-laid plans might be ruined.
4. The capital
Operational assets are important and also your early phases of capital. No need to get panic if you can’t find an investor -- personal and domestic investments are possibilities. And don’t decree out the possibility of opening a route of credit. Once credit and investment is secured, remember to hang onto your cash flow: One wrong move could put your cash into negative grounds.
1. Validated Idea
The key element for anything is the best and practical idea. Executable Idea is the important factor for the success of any business. Just good idea is not the worth but idea with some calculation and practical base is always the strength for building the skeleton of Startup in any field.
2. The leader(s)
Leadership is like medicine for startups. Leaders make the decisions, set the visions and lead the group of people to reach at the decided mission/Goal.
Put an ineffectual leader in place, which heads the downfall of the important decision and for whole team. On the other hand, a capable and proficient leader can turn even a fragile idea into a successful one.
3. The team
A single person can do develop a building but for a huge skyscraper, team of skilled people is important. The team can maintain the business, drive to great innovations and execute high-level goals. Hire the right person for the right job, and one will never have a problem. But hiring the wrong people at wrong job your best-laid plans might be ruined.
4. The capital
Operational assets are important and also your early phases of capital. No need to get panic if you can’t find an investor -- personal and domestic investments are possibilities. And don’t decree out the possibility of opening a route of credit. Once credit and investment is secured, remember to hang onto your cash flow: One wrong move could put your cash into negative grounds.
5. The plan
The plan has to comprise more than just your core idea. It includes your vision, your mission and goals, your processes and operations. Each factor written down in your business strategy counts as part of your “plan” and the unit to which you explored and tweaked your plan will greatly affect your chances of ultimate success. The calculated risk always leads.
6. The execution
The business strategy and plan is only as valued as its capacity to be implemented. If you have a great plan, but failure in its execution, your entire enterprise could be conceded. On the contrary if you have an acceptable plan and implement it perfectly, you’ll have a concrete root to stand on and a key sympathetic of what did and didn’t work from your original concept.
7. The timing
The proper Judgment is important from a competitive perception, and it’s directed many businesses to standing in spite of a frenzied and hard market at their time of initial stage. The main element on which the success of any business depends is the study of market trends at that respective time. Company launch or product launch should match with the industry timing.
8. The crisis response
Despite of well strategy planning and team efforts, we should also consider and calculate the risk factor and failure element. Because instead of crisis management after the issue arises, it’s always good to avoid those factors.
But it is also important to always have the Plan B. In case if certain crisis happens and one handles it one out of sort, it will to put a company under, so one should also plan carefully about response plan for any crisis.
9. The marketing
Setting and advertising your business in the market makes the difference. A substandard product branded in a more likeable, amazing and exclusive way will always outsell its superior product that happens to have plain, non-memorable branding. This point may seem redundant, but it majorly affects customers’ procurement choices.
Marketing is all about portraying your work in best way with best platform/ right way to the target audience.
10. The growth
The direction or the path you choose plays key role to establish the company at firm place with the desire goal. Slow and steady growth sustains for long.
Balancing the growth with other area of concerns and treating the growth with respect goes hand in hand. For such sustainable growth you have to think about the long term perspectives. Eventually every key element mentioned earlier if find proper balance definitely the efforts will result into the last key element i.e. Growth and Increasing Success graph.
If you look at each of these factors factually and your business come across or beats their demands, chances of long lasting success. If you get notified as any of these aspects are being fragile than the other, it results into investment of more time, efforts and resources to that flaw, to fight with.
The plan has to comprise more than just your core idea. It includes your vision, your mission and goals, your processes and operations. Each factor written down in your business strategy counts as part of your “plan” and the unit to which you explored and tweaked your plan will greatly affect your chances of ultimate success. The calculated risk always leads.
6. The execution
The business strategy and plan is only as valued as its capacity to be implemented. If you have a great plan, but failure in its execution, your entire enterprise could be conceded. On the contrary if you have an acceptable plan and implement it perfectly, you’ll have a concrete root to stand on and a key sympathetic of what did and didn’t work from your original concept.
7. The timing
The proper Judgment is important from a competitive perception, and it’s directed many businesses to standing in spite of a frenzied and hard market at their time of initial stage. The main element on which the success of any business depends is the study of market trends at that respective time. Company launch or product launch should match with the industry timing.
8. The crisis response
Despite of well strategy planning and team efforts, we should also consider and calculate the risk factor and failure element. Because instead of crisis management after the issue arises, it’s always good to avoid those factors.
But it is also important to always have the Plan B. In case if certain crisis happens and one handles it one out of sort, it will to put a company under, so one should also plan carefully about response plan for any crisis.
9. The marketing
Setting and advertising your business in the market makes the difference. A substandard product branded in a more likeable, amazing and exclusive way will always outsell its superior product that happens to have plain, non-memorable branding. This point may seem redundant, but it majorly affects customers’ procurement choices.
Marketing is all about portraying your work in best way with best platform/ right way to the target audience.
10. The growth
The direction or the path you choose plays key role to establish the company at firm place with the desire goal. Slow and steady growth sustains for long.
Balancing the growth with other area of concerns and treating the growth with respect goes hand in hand. For such sustainable growth you have to think about the long term perspectives. Eventually every key element mentioned earlier if find proper balance definitely the efforts will result into the last key element i.e. Growth and Increasing Success graph.
If you look at each of these factors factually and your business come across or beats their demands, chances of long lasting success. If you get notified as any of these aspects are being fragile than the other, it results into investment of more time, efforts and resources to that flaw, to fight with.
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