Since the Govt. has encouraged the startups business in the country, reports confirm that it is on the path of creating an army of small entrepreneurs meeting the needs of society moving on the wheels of technology. Startup is nothing but power of an idea with excellent execution skills and entrepreneur mindset. The factors of success and failure can be easily identified in startups business. It is the time when every business is moving towards tech business and every customer is looking for solutions of all his problems through technology only, startup business entrepreneurs should understand this changing culture and see it as an opportunity. Startups are not limited only to young, dynamic, rich, resourceful and highly qualified persons. It can be started by anybody at any age. Despite the rising popularity of entrepreneurship, startup culture brings its own unique set of challenges and problems that should be addressed properly and timely. The question comes why most of the startups are failed in their early age and disappear?
The reasons can be multilayered and multidimensional. But, when it is not ahead of time; it does not think of the future needs of society in right perspective; it attempts to run fast in proportion of economic fuel capacity; it does not align its people efforts with customers’ satisfaction and finally does not earn credibility and trust, it is bound to fail sooner or later.
To build business, startup entrepreneur must understand that at initial stage, he is both doer and decision maker. He has to be conservative in financial transactions to maintain sustainability. At initial stage it is the time for establishing USP, making momentum and staying focused on sales with sharp eye on costs vs. revenues. He has to have effective control over inside as well as outside forces to pave the way for growth. Initial stage is very crucial in respect of people engagement. Startup entrepreneur has to look for people having high sense of ownership, accountability and mutual trust. Thriving on limited resources is a challenging task. Because of limited resources, startup entrepreneur has to make sure that with so many things to be done at one time single handedly by wearing multiple hats, you need not to be reactive and bounce between competing priorities lowering the business momentum. A good product or service can be failed without collaborative work culture, clear business goals and a clear method for teaching employees how to put your soul in business.
Sept. 2017 month's cover story is all about hands on stories from startups entrepreneurs, who have made their own way, met the challenges and ultimately succeeded along with studies, which may be very inspiring and useful to all, providing a good read.
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