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Start-ups in recent time have seen a magnanimous increase as more and more people have been launching one. The idea of being the owner or boss than working under the supervision of someone seems to fascinate the millennials more today.
But launching a start-up ain’t the real block you need to confront, converting your start-up into a successful and fruition corporate is the road that many lose their way on.
Uber, Snapchat, Airbnb and many more similar victorious start-ups are the one that hit our mind and inspire us. But we fail to concede the thousands of more start-ups in the backdrop that began the same way but could not reach any milestone, well we’re not able to even sustain!
The world we are a part of is longer running monotonously and rather have become dynamic and ever-changing. No longer has the success of a business in nascent stage become a concept of sheer luck but rather have become a full fledged theory of ability to adapt to and adopt the dynamism of market.
After surviving the infancy, the process any firm undergo in the loop is Grow, Sustain and repeat! So what does it take for a start-up to flourish? What are the blunders and miscalculation that have led innumerable beginners to pull the shutters down and walk back home?
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Well, there ain’t no formula but all it takes at times is to be sharp-witted, disciplined and follow some tips! Here are some of them to help you guide and get you through your tedious, seemingly endless and morale breaking but the remarkable journey of actualizing your dream.
Symmetry in your skills and your idea
Often it is seen that those who wish to become a part of alluring corporates look for pots and puddle in the market to fill or for a novel innovation rather than eyeing their skills and knowledge first.
It is important that you know your strength and passion. Don’t look for what does the market require at the moment, look for the intersection point of your knowledge, skill and passion.
You will perform better in an environment that you have an expertise in rather in a field that you still need to discover or something absolutely new to you. It is not important which industry pays the most or what is yet to be discovered, what matters is your extent of knowledge in that field.
Either you can be the best travel guide of a place that you have spent your life’s considerable years in since you know the place in and out or be lost among many other travel guides still learning about a place and compete with them for long just because it is a tourist highlight.
Aim for a robust base
Work on building a strong foundation for your start-up. Create a business plan before actually starting any work. Define goals, the audience you want to target and then figure out the best and optimal way to achieve it.
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Haste and undefined plans shall never lead you to your destination. Patiently learn to acknowledge every event, study it well and find the best solution to it to ensure that the layers of brick your company shall be built on is not loose and inappropriately placed in an irregular way.
Always remember, the road from young business to unicorns is a process wherein each step has to be calculated and sharp-wittingly taken so that each level transforms into a stronger block to hold any length or height you aim to reach for.
Begin diversifying from core business activities
When you have successfully build a good and sustainable customer base for your core or service, start expanding with your core intact and the base for expansion.
Rather than landing into new projects or launching a new and different line, begin the process of scaling up from what your firm is known for. There is always a chance of failure of new project if taken for growth that has no relation from your core or what your customers know your for.
Since your a new and just a beginner, holding audience is important. Make sure you first gain the trust and faith of your consumer and then provide them will the many options that they can engage in with you.
Ensure measurability of growth plan
Never set goals of growth that can be measured on scale and are reasonable. This will take away the advantage to track your plan of expansion and you will be unable to circle out the loopholes.
Defining growth goals quantitively and setting deviation limits is important to keep a record of your process. In case you go off the rail, you can easily identify the error point through comparison. For this setting KPIs is also important.
KPI (Key Performance Indicator) is a measurable value that helps to keep the knowledge of effectiveness with which goals are achieved. Hence ensure that you define clear and unambiguous, most importantly measurable and achievable, KPIs.
Identify the sweet spot of your product
It is highly important to identify the right pricing, right audience and right marketing strategy for your product.
For growth, knowing your product in and out and identifying its sweet spot is significant. Getting your product wrong, there are chances you might end up in the wrong direction of growth.
Hence first study your product well and know hat is best way to expand with it.
As mentioned in beginning, there ain’t no formula you can stick to or a start-up guide that you can adhere. The market and economies we operate in can be perilous for those book worms or conformists.
So rather be street smart, acknowledge your mistakes and rectify it, be open to suggestions and play in team, start again if that all it requires but be a maverick.