According to a report by NASSCOM, the trade association of Indian Information Technology and Business Process Outsourcing industry, the year 2018 saw a 108 per cent growth in funding for startups. On the contrary though, according to a research by Shikhar Ghosh, a senior lecturer at Harvard Business School, 75 per cent of all the startups fail.
With three quarters of all startups failing, a clear statistic, there are certainly problems waiting to be addressed. Answering the what, why and how, along with working on a clear motive are the steps to begin with. To further understand what drives the startup industry and how to successfully survive in it, here are a few more tips by Newshour Press, a new generation business news site that will help you make it in the 25 per cent that actually make it big.
Turn your passion into an organization
Working on something that defines you is the first rule of venturing into the startup sector. The ‘turn your passion into a paycheque’ technique works if you have the will to bear through the initial hard phase. Also, you will be ready to invest more than 40 hours a week into it only if it drives you.
Choose your partners carefully
Your company plays a major role in defining your demeanor when working. Make sure you choose the best of the lot to work with. Curate a culture of saying yes to difficult situations, and work towards a single aim with utmost passion.
Study the market
When venturing into a market, know how it has been performing in the past, gauge where it stands in the present, and anticipate depending on it how the future will pan out. Once you have the data, you will know the right thing to do.
Plan, but act too
Planning will give you an edge over your competitors, but only planning will take you two steps back. Put your plans to action simultaneously and only then will you be able to keep pace with the market. Know the right time to act and do not put any actions until tomorrow.
Bespoke is the right fit
Devising a strategy and putting it to use works when you are aligned with the market. It is important to keep your strategy flexible enough to accommodate anything new that the market is subjected to. The only way to growth is by expanding the scope of work.
Work the internet
There is a whole different world waiting for you to connect with it on the internet. Build connections online on portals like LinkedIn, and connect with potential employees, customers, venture capitalists, investors and mass audience in general.
Elevate your elevator pitch
If you are able to make an impact in the first 30 seconds of your pitch, more than half the work is certainly done. Include the right information, and the things that your audience would like to hear when you speak. Give them something that keeps them interested and intrigued.
Client is king
The first rule to success is that you have to serve your customers. Always think of ways that will help you serve your existing and potential clients. In-house projects will help you create an identity but will only serve you till the tine there are revenue generating sources available.
Learn to negotiate
The entire world is looking for profit, and every business is just about that. Make negotiation a habit and learn to maximize your profit margins or savings in every deal. Often, people have the fear of being judge, but it is important to be thick-skinned and turn every situation in your favor.
Take some time off
The most essential element of hard work is going on a holiday. All work and no play will only lead to stress, and eventually the downfall of your dream company. Go on, book those tickets already.
Every entrepreneur was once an ordinary chap with an out-of-the-box idea. The NASSCOM reports also speaks of the global expansion of startups including Zomato, Byju’s and more which were just some like-minded people working on a project initially. It is only the individual habits and overall practices that make a startup grow, and make it big.
About Newshour Press:
Newshour Press is a platform that brings to limelight business and finance news articles. It present the news, its analysis and the impact on the market and cover daily business news coveted by industry experts and the audience in general.
Author, Freelance writer