A startup is the budding stage of a company. As parents care and nurture their child to help them march forward and have a bright future so, do entrepreneur for a start up. Infosys, facebook etc are some of example as to how start up can change the economy and life of people around us. The value of a startup not only depends up on the idea or the product of the company but also the organizational structure, the business strategy and momentum of growth. It is difficult to accurately predict about the success or failure of a startup. However, the fact that whether it is promising or not can be decided depending up on some yard sticks of judging the caliber of that startup. This should not be taken as the only means but surely cannot be avoided well.
1. People:
The budding business growth potential or success is known by the people who shape it. The individual trait of the entrepreneur plays an important role like energy to not only to work but fuel the team while responding to a situation of crisis, humility towards the team member as well as others, curiosity and resolving any conflict in a quick and constructive manner. These traits not only help the company to grow but also help the investors to gain assurance of a promising return. The previous track record and various achievements by the entrepreneur have to be taken in to consideration. However, this is not always helpful because some may not have any previous record.
The management or team should be an efficient one. They should not only do the work with ease but have diversity among them to address to any kind of potential hurdle that the company may face in future. The working of the team towards a common goal will lead them to solve many internal and external conflicts. It shall in turn let the company to gain value and have a promising future.
2. Company:
An idea is where the inception of developing a company takes place. It is the idea which state whether the value of startup will be promising or not. Hence, understanding about the vision of an entrepreneur is necessary. The care should be taken to consider that the technicality developed and the commercial competency shown should be better than others in the industry. It should address the need for which there is a vacancy as well as emergency for now in the field of its operation. It should have the necessary license and permit required for the execution of the business.
However, the pace of profit might vary depending up on as to whether it is a business to business dealing or business to customer dealing. In the case of business to business the profit might be quick but in case of business to customer it shall take some time.
3. Marketing:
Any business gain profit or make money simply by selling it product to targeted group of customer. So, it should bridge the gap from the manufacturing to the customer. It has to have that strategy developed through a sound marketing team to understand the best possible means to reach its customer. There is a constant change with various competing factors present before the industry. It has to constantly up grade and its appreciation by the customer lead the company from a mere startup to the company of repute.
However, it quiet challenging because there has to be a bond between marketing, technical and production. Marketing-for understanding that whether they are able to serve well or there are issues and way to increase their customer base, technical-for constant up gradation and user friendly product and production – to meet the demand.
Hence, the pressure of the momentum of being the best should be bore equally by the three branches in such a manner that it acquires a name among its competitors. The result of whether that has been achieved can be known by the view of their customer.
Startup business can be a really daunting task. It is however necessary for the sustenance and developing commercial world. It is that which make a difference as to the way we look at a situation. However, the government, educational institution as well as risk taking ability of the entrepreneur are the incubator and ecology that help it foster and develop. So, it is the manner in which it makes a change.
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