Changing the socio-economic landscape of 21st century is breaking all traditional stereotypes. Things that seemed beyond the bounds of possibilities a decade ago, today due to the advent of trailblazing technologies, these things are an integral part of our lives. Today in the era of globalization, economic liberalization, and advanced technologies; the economic and the employment landscape are changing. Today, startup culture is flourishing in India. Favorable startup policies, excellent infrastructure, dynamic market, technology, and the immense scope of growth are stimulating ambitious and diligent people to start their ventures.
In India commencing a startup and making it successful is a daunting and challenging task. According to estimated statistics, 90% of Indian startups fail within five years of inception. There are several reasons behind the failure of startups in the country like lack of innovation, lack of funds, lack of focus, leadership gaps, lack of agility, lack of talent and competency, ignoring customers, business model failure, etc. To make a startup successful, with unique ideas, strong work ethics, and doggedness various other aspects need to be aligned with the business strategies. This web article aims to highlight eight golden rules that will help you to transform your startup into a successful business empire.
Eight Golden Rules for Success of Startups
Focus on High-Quality:
This is the first and foremost prerequisite of commencing a startup and making it successful. Maximum new Indian entrepreneurs don’t focus on building high-quality products or providing high-quality services that can sustain for a long time, rather they focus on short-term projects whereof the maximum duration is five years and making a profit from day one. This is where new Indian entrepreneurs have to change their mindset; they have to bring uniqueness, competitiveness, agility, and efficiency to their business ecosystem to stay in the market for the long run.
Choose The Right Niche:
Choose the niche of the business meticulously. Here your niche should not be for the festive season or in a certain period of time like winter, summer, and rainy weather. Choose a niche of the business that remains relevant and important throughout the year like fashion, beauty, fitness, and home decor.
Solve Burning Problem:
Maximum startups in India fail because the business idea of startups doesn’t solve the burning problem of society. Here new Indian entrepreneurs need to do a lot of research to find societal problems and then develop business models to solve them. By knowing what burning problem you’re solving, you can use that in your marketing to help people understand how you can help them best. For example, a medical courier service can be one of an excellent startup idea. As a medical courier service company, your company will be responsible for transporting medical items like lab specimens, prescription drugs and equipment, test results, etc. By providing all these medical facilities at people’s doorstep, you are saving time and money of people in numerous ways.
Don’t Ignore the Importance of Legal Services:
If you want to make your startup business successful, then legal services are equally significant business. Legal services are not only significant in the context of company registration and trademark services; rather it proves helpful for startup companies in numerous ways. Legal advice of top law firm secures companies financially and legally. In addition, in the case of business strategies like merger and acquisition, raising funds, partnership, and accomplishing any project in joint venture, legal services play a crucial role.
Start With Narrow and Then Expand:
The journey of thousand miles begins with single steps. This also applies to startups. If you are ambitious and want to transform your startup into a business empire, then start with a narrow focus and expand into relevant verticals as you scale. For example, if you want to establish your eCommerce business then first start selling books and establish a loyal base of audience, this will also give you a well-defined audience to make your marketing easier. And then slowly expand into pens, electronic tabs, and other products with time. Ecommerce giant Amazon also started its journey in the same way. It started as a simple bookstore and then expanded to other products with time.
Focus on Employee Morale:
This is an important area that maximum Indian entrepreneurs either ignore or don’t give value to. Employees are the asset of any organization and they play a significant role in its growth. Therefore, it is a moral responsibility of business owners to focus on employee morale. Incentivizing employees on a good performance, good compensation, employee-centric company policies, good annual salary hike, and an apolitical company environment are a few things that employees expect in every organization. By providing all these things, you can establish the foundation of the illustrious future of your startups.
Keep Eye on Your Competitors:
Today, there is immense competition in the market, especially in the startup space. Your competitors will always try to gain a competitive edge over you and want to remain on the top. In this scenario, always be aware of your competitors’ moves to stay ahead in the market. Which products and services do they offer? How do they market their brand? How do they price their products and services? How do they treat their customers? Which technology do they use? Find out every detail in the early stage so that your company can compete and sustain in the market.
Obsess Over Customer Needs:
Maximum Indian startups fail because they don’t focus on customers’ needs. Just only selling products and providing services should not be the core objective of the business, rather ensuring customer satisfaction is also the company’s moral responsibility. If a customer doesn’t get the service or product they were expecting, their needs won’t be met, then they’ll feel frustrated, and eventually, they will spread a negative image of the company. This hampers the company’s reputation. Therefore, to ensure the growth of the company and its credibility, obsess over customer needs. After selling products or providing services take feedback from customers, if anything goes wrong, listen to the customer’s problem carefully and resolve it. In this way, you open the doors to building a long-term relationship with customers even if they were upset with their first experience with your brand.
India is a competitive market for startups wherein the chance of success is very low. But if you have a strong work ethic, a cutting-edge business idea, and doggedness to achieve success, then challenges cannot become a barrier in your path. For diligent and ambitious entrepreneurs who want to make their startups successful, the above eight golden rules will prove helpful.
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Original Content Sources Here – https://www.globaljurix.com/blog/eight-golden-rules-to-make-your-startup-successful-in-2022.php