10 Factors That Leads The Success Of Startup Business In COVID-19
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Startups are full of promises but on the other hand, they are full of risks and uncertainty. In less than ten years, start-ups have become powerful catalysts for innovation and revolutionization. Almost every sector has been influenced by a wave of disruption driven by start-ups. Furthermore, since the recent recession, due to COVID-19, we are seeing a higher upturn of entrepreneurial spirit and startup activities than ever before. The days of the ‘desk job’ mentality are, not completely but slowly, waning. More and more people are trying to make it on their own. Starting your own business gives a sense of next-level satisfaction as you strive to make the world a better place than dealing with brain-numbing work.
The World of Startup Business
Startups pave a way to creative thinking and give wings to your dreams. That’s why they have become the most loved option. But having the startup ideas is just a thought, the picture is much wider. Building a successful startup takes talent, sleepless nights, money and strong business acumen. According to the statistic, ‘around one-quarter of venture-backed startups find long-term footing in their respective industries and 50% of those will make it past their fifth anniversary.’ These statistics depict that only 25% of entrepreneurs have valuable startup ideas. The success or failure of a startup is based on a complex and diverse set of factors, choices and circumstances. There are a lot of great startup business ideas out there that somehow never get off the ground. So how to give wings to your startup business and run a tight ship? Read on to know the most critical factors a budding entrepreneur needs to look out for to dictate startup success.
Here are the 10 Factors That Leads The Success Of Startup Business During COVID-19
1) An Exceptional Startup Idea
Nothing can beat the strength of startup business ideas. Though it is the crucial factor responsible for the success of your business, it’s merely a part of how things might turn out in the end. Of course, there will be ideas similar to yours, already being implemented by dozens of competitors, but with a well-thought-out plan, execution and timing you can increase your chances of success.
2) The Leader(s)
Leadership is an important wheel of management which can disrupt the vehicle if not tuned right. Leaders make the decisions, set the vision and inspire people to work harder to achieve the mission. Put a competent leader in place who is both able to take high-level decisions effectively as well as keep the morale of the team-high. A skilled and experienced leader can achieve results even out of a weak idea.
3) The Team
Alone we can do so little, together we can do so much. – Helen Keller Entrepreneurs are highly skilled, but they rarely accomplish great things alone. Every head counts for a business to become successful. In the end, your team will be the one who will nurture the business, bring value and carry out your high-level goals. Hire the right people for the job, and you’ll never run into a problem.
4) The Plan
You need to paint a bigger picture when it comes to planning. Your plan for your startup services should be the sum of your goals, targets, operations, blueprint and much more. Everything associated with your business counts as part of your plan. Do thorough research and devise your strategies accordingly as it will greatly affect your chances of success eventually. The more clearly you are able to visualize, the better.
5) The Capital
Working capital is necessary and so are your early stages of funding for your startup ideas to move ahead. Don’t panic if you can’t find an investor – you can start with personal investments or ask someone from the family. And if you opt for the option of a credit, remember to keep an eye on your cash flow. One wrong turn can lead you to nowhere.
6) The Execution
Done with a well-laid plan for your startup business idea? Turn it valuable with the right execution. If you are able to execute your plan perfectly, you will be able to lay a cornerstone and gain a deep understanding of what worked and what didn’t.
7) The Timing
To get a leg up on your competitors, timing is more than important. You need to have an accurate idea of the market to hit the bull’s eye. Various startup company didn’t take timing into consideration, launched their startup services and this led many businesses to obscurity despite the busy market.
8) Backup Plan
If the plan doesn’t work out, change the plan but never change the goal. No matter how good you plan is or how much hard work you put in your startup business idea, things might not turn into your favour. This is where you don’t have to burn the boat. One failed plan doesn’t decide the future of your company. Having a backup plan is a vital element when starting out on an entrepreneurship journey. Your proposal can be rejected and in such a scenario, having a backup plan works as an antidote, offering you a sense of security. Create backup plans sticking to your core goal. You can take guidance from a startup company, like Ads and Url, to mentor your journey and reach out for a one-to-one discussion.
9) The Marketing
How you advertise or market decides the fate of your business. The startup services that you have put so much sweat and blood in a unique, appealing and exciting way should not go in vain. Keep your marketing game on point. This point critically affects your audience’s buying decisions.
10) Blooming and Development
Congratulations! Finally, your hard work has started to show results. But be careful of the road that lies ahead. It plays a significant role in how you end up. If you move too fast, you will stretch yourself thin. If you move too slowly, you will not be able to reach your destination. Keep the balance of your startup services intact to nurture the growth of your business. All these are prime factors for success. These are the important steps you need to watch out, get a hang on to, to reach your goal.
Key Principles Every Startup Should Follow
Take a look at some of the principles all startups need to adhere to for the growth of business and pen down success stories:
Don’t compromise when it comes to customer service. Sell the startup services you wish to use as a consumer.
Pursue novel technologies and innovations and take full advantage of them.
Do not be afraid of taking risks.
Pick your resources carefully whom you will need tomorrow. All hands should be on deck.
Don’t break the chain. Keep on doing what is working. Don’t alter your approach to just experiment.
If you’ve identified what’s not working for your startup business, trim the fat immediately.
To Wrap Up
Startups and entrepreneurs are good for the economy and more of it should be encouraged. To all the young blood or people tired of their 9 to 5 job, it is time to give your idea a shape and turn your dreams into reality. Put your best foot forward and use the aforementioned information to make your startup business ideas stand out from the crowd. Gear up to change the world!
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