So, you want to launch a startup. Well, who doesn’t? The past 15, or so, years – barring that one pesky .com crash – have been very good to startups. In fact these business success stories have become legendary for their rags to riches scale.
The poster child of startup success, Facebook, is a golden example of the attraction factor. To take a fledgling idea and turn it into one of the most successful businesses in modern history without using any of your own money – well, that’s the dream, isn’t it?
But Facebook, Groupon, Pandora and a slew of other winners didn’t happen by chance. There are a few key components to a successful startup, no matter the industry. Thankfully, there are as many success stories as there are failure tales, so lessons are plentiful, if you look for them.
To help ensure your brilliant idea has a fruitful market run, we’ve compiled some of the best startup advice available:
A big idea is great, but without an action plan it doesn’t amount to much. A brilliant idea is only as good as the startups ability to make it happen. Of course, the idea is important, but it doesn’t stand alone – at least not at a venture capital firm’s office where you’ll be making your pitch for funding.
Get a lawyer: Especially if there are co-founders, ever business move of the startup should be legally binding for the protection of everyone involved. Once you get to the funding mechanism, and begin dealing with investors, and contractual agreements, solid legal representation will be imperative.
Once the idea has been developed into a working model, you’ll want to score some support from an “angel.” In other words, you’ll need to connect with a venture capitalist who shares your passion for your idea and who is willing to part with their money. It’s best to first mine existing contacts – lawyers, successful business people and bankers – that may be able to introduce you to a potential investor. If that doesn’t pan out, some VC firms will accept initial email proposals.
After the VC has setup the all-important funding mechanism, you’ll need to hire a quality team that can make the dream a reality. Mark Zuckerberg recommends hiring only young people with technical expertise. While we may not go that far in our advice, he’s right that your startup will need dedicated, near-obsessive employees who will live and breathe the business.
With the idea developed, lawyer retained, investor(s) secured and the launch team hired and in place, you’ll now have to concentrate on maintaining motivation to get the product or service to market. Don’t neglect the small stuff because it’ll come back to bite you at the worst time. Empowering your employees to make decisions will keep the innovation flowing.
A Key tips to Increase Success rate of Startups : By Saurabh
1. Focus on your business niche: its a really important to invest your capital in core part of your business.It will help you to bring perfect product in the market.Your business niche must be clear and perfect,try to develop prototype of your concept,find out the mission critical areas and focus on them according to business process development.
2. Start Startup with new Real-time needs,which is not already available in market: Your startup niche play a kingmaker role in your business.So choose the unique things that public may want and give the assurity to build better product.Don’t try to rebuild the product that is already available in market e.g Building the social Networking site like Facebook may leads to lose in your business.
3. Skillful Team building and Employee Satisfaction: Your startup must be an accurate product that can be handle/use by any common person,to archive its readability Skillful team building is very necessary ,that may intimate good result in market.Co-ordination in team is on high level,so try to separate your business work in sub-parts w.r.t teams,So that its will be more perfect and identical
4. Global Marketing of Product: If you develop a good product with your startup,its working like charm and really helping the society,but what if its unknown from rest the world? its a wastage of your capital as well as efforts.So i think after core part , startups can focus on Global Marketing of Product
5.Customer Relationship: Customers are god for every business entrepreneurs,so serve them as they want !!! They are the road-map of your business through which your driving globally 🙂 Always try to interact with customers for improvement and changes in existing products.It will put you business in more high levels
[note]About Guest Author: Dona Collins, A perfect guest blogger featured her guest post on Business Insider, Mashable, TechCrunch,Time, NyTimes, USNews,WSJ and many other places. she have been writing blog posts since early 2005 and She love every moment of it 🙂 [/note]