How to Create a Successful Startup
How to Create a Successful Startup
What are the attributes of startups that go on to become million dollar businesses and make a huge impact in the world? While the answer can depend on the types of business and the sector that it is involved in, the following are the most common characteristics of startups that are successful.
Disrupt the market
The market is disrupted at the wake of the next ‘big idea’, one that will truly shake up the industry, create a new market for the product or even take customers from existing companies due to better services or prices.
Disruptive companies don’t mind being outliers. In fact, they have to be one to survive. Clayton Christensen coined the term “disruptive innovation,” For example, Uber disrupted the established taxi industry because it was inherently different from the taxi industry. It was one of a kind. It is disruptive. Right now, it is worth $40bn.
Focus on key strengths
Another characteristic of a successful startups is the focus on a product/ service that is their biggest strength. While starting a company from scratch with a small team and limited funds, it is easy to take on too many projects/ diversify into new areas and spread yourself thin. Unfortunately, this can kill the startup.
Zero in on a market segment and target customer base and develop your product as per the necessities / expectations of the customers. This would give the entrepreneur a laser focus as to where the startup is headed and better enables to create a strong experience for the customers.
Entrepreneurs should know how to sell their products and services. They need to understand their customer’s satisfaction levels with the current price paid for the product, the venue for purchase, competitive offering, product features, support and warranties.
The logo needs to be designed and branded so that it is unified across all platforms. The other way to increase visibility and to become an authority is to invest in a comprehensive content marketing campaigns. In addition to all this, sales from customers need to be found, engaged and closed many times over.
Provide amazing user Experience
Great companies value their customers and go out of their way to create the best experiences for them. This involves working hard to win the customer’s loyalty, retain and increase their buying activities as they can’t rely on brand loyalty built over the years like their established competitor. This is one reason why providing a useful product that’s easy yet delightful to use from the word go is so important to the startup’s long-term success.
Hire the right people
A startup requires a team that not only has the knowledge and expertise to get the services in order but also people who actively get involved in making sure that the startup is a success. People who work hard, take initiative and who make the founder’s vision their own are the ones who will help carry the responsibility that comes with starting a new product or launching a new segment in the market.
Initial collaboration at the inception of the company would require partnerships with able candidates with complementing skill sets. The entrepreneur may also decide to go for sole proprietorship and hire a team to work with him. No matter what the model, it is essential that the right team is chosen at every stage. The team that may have been right for the company at its inception may not be right once it is on the path of tremendous growth. For example, larger scale operations would require specific expertise and experience.
Establish winning culture
Instilling a strong company culture can influence the success of the startup. While culture is half set at the time the team is hired, there is a second half to address. How the company communicate is a huge part of the culture. A positive, motivating environment needs to be engineered. A positive culture can do wonders for an organisation in terms of higher productivity and lower attrition rates. It can also improve relationships leading to more effective collaboration among the employees and with vendors and also happier clients.
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