Startups -Small But Aim High 

Date of Publish - Saturday, 23rd December 2017

"Startups are small but they dream big and their motivation is money, popularity and Success."

Unlike small business, the startup is more about gaining ground and becoming a big hit and can get success and can also fail easily. It’s about ambition and dedication.

The point which needs to be addressed is, a startup should either solve a problem or provide a better alternative to a solution of any problem. Factors that account the most for the company's success or failure are Idea, Team, Business Model, Funding, and Timing.

According to me, the first important factor is timing for the success of the startup, team and execution comes in second and the Differentiability and uniqueness in Idea is to be the third one. The Idea is not only the most important thing, sometimes it matters more when it is actually timed. The Business model makes sense to be the fourth because one can start a business without a business model and add one later if the customers are demanding the product. Next and the last is Funding if you are underfunded at first, but you are gaining value in the market, it is very easy to get intense funding.

Funding is being considered the most important factor to measure success. Founders are re-ordering and messing up the stages of evolution of their company by putting funding ahead of everything. Soon enough, these founders end up being employees of the company which they founded.
For example, A company named xyz.com, it was an online entertainment company and it was funded well and also had a great business model. But during its arrival in the market in 1999-2000, the broadband penetration was too low and it was difficult to watch videos online. Due to this in the year 2003 xyz.com had to shut off its door. Just 2 years later, when the problem of broadband penetration was solved, YouTube was perfectly timed. It had a great idea and unbelievable timing.

Execution definitely matters a lot and idea too, but "timing" might matter more and the best way to assess timing is to really look at what customers are looking for and ready to take what you offer them.

The whole focus should be to better the product that is being offered. Quality speaks for itself. Having said that, it is very crucial to make clear that smart marketing is deciding factor in the growth of a company.

In fact, Marketing defines the outlook for your product. But again a marketing plan is built upon the product and the subject (target customers) and is hugely dependent upon the product itself. If you have a less appealing product, the marketing plan has to be more and more subject-centric and complicated, which may eventually lead to tremulous execution.

The Startup should no more be a buzz for the undergraduates, but should be a creative and innovative solution for any problem and should be executed with a proper strategic planning and perfect timing.

 

Author:
Astha Batra IMIA029

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