Startup Basics

We all know that startups are on a rise. It’s because as the times are changing, more people want to be their own boss rather than follow someone else’s orders. But becoming an entrepreneur and starting your own venture from scratch is not such an easy task. So, if you’re planning a start up, then these basics might be of help to you!

1. Understand the potential customer’s needs – This is the foremost thing to do. Remember customers make buying decisions based on human nature which follows trends, wants value for money and satisfies some want. So, decide your business plan keeping in mind the customers first and then take other factors into consideration.

2.Proper planning accompanied with execution- Most startups fail either because they over plan and overpromise but under- deliver or simply because they fail to plan properly. A good plan not properly or timely executed is a waste of idea. Customers want results! And if you fail to stand up to the expectations you yourself created in their minds, then you’ll lose out on public interest and may ultimately collapse. 3.Keep check on small details- Yes, little minute details which we often take for granted may not individually lead to a disaster, but all of them combined can surely lead to failure. So, in the initial stage give attention even to the minutest of details to make a perfect impression. 4.Stay focused – Just because you got enough funding, a great idea, good initial response, do not become prey to a false sense of security. Keep your focus on your long term goals. Startups after getting positive response should continue to innovate, should have the same drive and passion to deliver the best and most importantly should keep an eye on their competitors. Also over confidence or pride can kill performance, so never under estimate the power of your competitor. For this you need constant focus. 5. Balance between all factors- Since, you would initially be new to all areas of work like finance, marketing, sales etc, therefore, make sure you balance all of them well. Learn from your competitors, customer response and from failures as well to balance and blend all factors well. Like overspending too much on marketing while too little on quality of the product may not bring the desired results. So, plan well in advance and learn the art of balancing all of them together.   Click here for government certification in Management Click here for government certification in Project Management