Startups are the new rave among entrepreneurs. Almost everyone seems to want to found or be associated with one. Besides the glitz and glamor, working with and for startups is truly an enriching experience. As you walk further down the startup road you begin to realize a number of things. These great things about startups are what I want to share with the readers today.
1. The key lies in execution - The key differentiator between successful and floundering startup ventures is an issue that experts have pondered about for a long, long time. Then you slowly come to realize that it is not so much about how good the idea is but rather about how well is it executed. The key to success in the startup world lies in a combination of having an outstanding concept with executing the idea well enough to see the venture become a success.
2. It is all about passion - All founders of successful startups across the world share an unbelievable amount of passion about the idea the startup business is based on. In fact, founding a startup without adequate passion about what you are doing is akin to a recipe for disaster. You will most likely not make it across if you do not truly live and breathe the idea. The most successful startup founders solved a problem they had a genuine concern about. Steve Jobs had famously declared this: “"You have to be burning with an idea, or a problem, or a wrong that you want to right. If you're not passionate enough from the start, you'll never stick it out." Believing founders tend to hire other believers who together outperform the heretics. The key to the innovation and creativity displayed by startups lies in the passion of the person or organization in question.
3. One step at a time - Do not plan a conquest of the planet in a single outing. Instead focus sharply. Be clear why you want your startup to be valued. Revel in that differentiator, that USP. Video sharing startups do not try to be a cloud file storage and sharing service. Even the greatest of the startup lot offer simple solutions at first and with time as consumer demand increases better their solutions.
4. The customer is the king - If you are a startup this just has to be your motto. The customer is the focal point of your business and you just have to know who they are and what do they expect from your service. This realization has increased the emphasis placed on user experience and user interface. Try to be a notch above your competitors both in your solution as well as the customer service you provide. The design of your solution must be aligned with what the customer needs and wants. The needs of the customer evolve over time. So it is advisable to have a mechanism to respond to these changing needs and react accordingly. Make the customer feel that he had taken the perfect decision when he or she opted for the services provided by your startup. This will make your business last for a long time. Make them feel prized and valued. The key here lies in growing with the customers.
5. Hail the startup culture - Successful entrepreneurs never lose sight of how important company culture is. They realize that it is an important factor in motivating employees and retaining the better ones. The team does really matter a lot and make sure you have got it right from the word go. Often, it is seen that the first few hires of startups are the ones that matter the most. So, make them count by providing them with the just right culture for them to develop and grow. Get out of the competency mode and have employees who can make teams excel. A startup culture does not grow in the course of a single day but rather has to be nourished over the business history of the venture. It is easy to lose sight of culture somewhere down the line but it is imperative that you do not do so. The most successful startups pay a great deal of attention to the culture that the concern promotes.