Startup, the dream of every millennial!
Various studies and data have shown that only 1 in 10 startups succeed. Indicating that Having a startup is not as cool as it seems to be 🙂
So the question arises what makes that 1 startup unique!? What do founders of these startups do that other founders don’t?
If you ask the same questions on quora, Reddit, or any other platform, everyone has a different perspective and answer. Also while every startup is different, we, AVAIIL have come up with the most common things that I have found out about successful startups.
Here are few things that have been seen in successful startups-
Vision is Most Important in Startups
David Karp- CEO and founder of Tumblr rightly said-
“Entrepreneur is someone who has a vision for something and a want to create.”
Vision is the ultimate goal of the company. Vision provides a sense of direction to any business. It helps in setting up long-term and short-term goals.
Being Positive, Ambitious, and Specific about your vision is the key to success. Most importantly having a vision on a long-term basis helps in developing strategies for short-term goals.
Vision is the first thing that any startup decides even before starting the work, it is the reason to start and execute the idea.
A vision of some of the successful startups include-
Our vision is to be the global platform when someone is looking for food locally, – Zomato
“To be the pulse of the planet” – Twitter
Ability to Adapt To Changes
One of the most famous quotes by Charles Darwin –
“It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.”
It’s not just about species but every startup as well needs to have the ability to adapt and evolve. In the initial years of any startup, it will have to change the product in many ways in order to survive and grow. In order to adapt a company must understand and analyze the business environment thoroughly.
The more adaptable a startup is, the more chances it has to succeed since it can work quickly in a dynamic environment and customize its product accordingly.
During this Covid Lockdown situation, Swiggy, which is a food delivery app decided to provide services to deliver other items like groceries and medicines as well apart from food.
“Every problem is a gift—without problems, we would not grow.” – Anthony Robbins
A startup is basically implementing an idea which either solves a problem or that idea has the potential to be business. An out-of-the-box idea that solves problems in a way that no one has come up with can really make a startup stand out.
A great idea is the one that has the ability to fill a void in the market.
In the creative industry, a lot of content creators were not able to get a stable income, to solve this problem Divyanshu Damani and Mohammad Hasan came up with the idea of launching a platform for content creators which helps them get a stable income through a subscription model.
The more you drive positive change, the more enhanced your business model. – Anand Mahindra
Having some sort of business model when a startup is established is very important. Even though with time the business model will change as the product changes, having a model that will help generate revenue is very important.
A strong Business Model is necessary to make the business scalable and reach greater heights.
The most popular business models and startups are-
Reverse Action- Freelancer.com
Believe it or not!
42% of the success of startups is due to good timing. – Bill Gross
Timing is the most important thing that makes a startup succeed. Many startups that have some amazing business models and ideas have failed just because their timing was not good. By good timing I mean either there was a market for it or people were ready to accept their products and adapt themselves.
Having good Timing can be tricky, but if analyzed the business environment. Needs and behaviors of people thoroughly, a startup can reach great heights.
When Microsoft launched Zune in 2006, they and a lot of other companies invested millions of dollars to make people aware of Mp3 players and educate them to switch from CDs to Mp3. But Apple was smart, they launched the iPod at the right time when people were already aware of it and so they didn’t have to put in more effort. They were able to capitalize on the efforts of others.
Execution and Teamwork
Strategy is a commodity, execution is an art. – Peter Drucker
An idea is just an idea until it’s executed!
We all have great ideas but its execution is what makes it different. There is no set guide to execution, it’s all a matter of trial and error until it succeeds. Execution backed by a strong and trustworthy team will surely lead to success. Every startup needs a team that grows together and works effectively. The founders have to motivate them, give them a reason to work every single day. It is not easy but if done well then any startup can reach heights.
Indi Blogger which started out as a free blogging website has now become one of the top blogging websites in the country which help brands and bloggers collaborate This could only be possible due to its strong execution and team that supports and moderates and helps bloggers and brands grow.
Thus, we can see that it’s not just about an idea that makes a startup succeed; it’s a lot more than that!
While a lot of factors determine the success of any startup it is important to keep in mind that startups are not easy. It will require a lot of hard work, determination, and sleepless nights. Even if it fails, try and analyze what went wrong and learn from your mistakes.
After All, it’s not what you think that matters, it’s what you do that matters the most!