Globally Trusted Recipe for a Successful Startup

 

Now-a-days every person wishes to startup but only a few of them have the appetite and ability to pursue their dreams. And when those few try to pursue their dreams, they just do not know how to make things happen, what are the right ingredients for the recipe of a successful startup. Here in this article, we document the steps which one should follow to make a successful startup. The type of startup does not matter; they can be Tech or Non-Tech. To help take these ideas to reality, there are many incubation centers who nurture these ideas like they would their own child. And so these centers help you with the one of the most critical aspects of going ahead with your business, namely:

1. VALIDATION:- The intention is to have an idea which will have the validation of the targeted audience. By experimenting, you can learn how your product can be optimised based on the solution that we want to provide and your customers’ needs. This learning process decreases risk as you hit the market with customers that identify with your product. In the process, you make sure that as an entrepreneur, you are investing your money and time in something that is more likely to give a positive return. Getting this validation clears the doubt clouds an entrepreneur could have on the potential of the product.

How to get validation of customer?

The most efficient and cost savvy method to get validation of customers is by doing Surveys. Pose questions to them which somehow relate to your product. Try to gather the insights of your customers that if they would be able to connect to the product logically as well as emotionally. If the majority answers ‘NO’ then there is room for improvement but if it’s ‘YES” then you should start working on building this product. Some of the World’s most successful businesses are emotionally connected to their customers, be it Apple, Facebook, Amazon, Puma, Nike and few more.

2. PRODUCT DEVELOPMENT: When your company has achieved market validation of your product. The second step is to develop that product. Some key points that should be kept in mind for the product development are:-

i. Focus should be on customer’s requirement

ii. Development process should be clear and well documented

iii. Quality is the key

iv. Involve buyers and suppliers across the spectrum

v. Hiring the right staff

vi. Build a culture of excellence and relentlessly pursue continuous improvement

vii. Do not compromise your standards but always keep seeking room for improvement

viii. Accept that you won’t create a masterpiece at your first attempt. It’s okay to have imperfections

ix. Take regular feedback from your customers, this will help to scale the product

3. Commercialisation: When the product is ready, then the question arises that how the business will make money. Plan the strategy to make sales and a list of customers who believe in your solution. For that you should know:

Who is your target audience and how do you reach them?

You have got an idea of your target audience with the surveys that you took during validation. The challenge now lies in approaching your audience. Sometimes even a good product fails to attract its audience just because the company did not follow the right strategy to reach out to them. For this, marketing expertise is required. The right marketing can represent a stone as a diamond. Specialised marketing agencies as well as incubation centres like Omniscient Ventures provide this marketing expertise.

4. Grow Big, Grow Qualitatively: When your market increases, pressure to maintain quality also increases. So, try to maintain the quality. Do not get lost into crowd of millions of product after the first hit. The blockbuster is yet to come. Only thing we can say about a business is that “Change is the only constant”. You have to modify according to the demands of market. Understand what the consumer demands and react accordingly.

All these points mentioned above are easier said than done. Getting together these resources is one hell of a task. So, to make these targets achievable there are incubation centers who give all the resources to a startup they want from seed funding to the end product and its marketing. Their purpose is to raise the startup as their own. If, you are around Delhi-NCR, you should consider one of the best incubation centres around i.e. — “The Arena”

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