This is the generation of startups. Larger companies are trying to become more agile. There are so many startups coming up, but the challenge is to sustain in this competition. Can we count the number of startups that have started three years back and are still operational and making buzz around? At one point of time, I was in a startup. I still consider myself in a startup, despite being in business for 16 years, with 60 people and more than 800+ clients. I am about to tell you 13 rules for every startup that wants to survive the competition and be successful.
- Pick Good Co-founders
For a startup to survive and grow, it needs to have good co-founders that complement each other well instead of contrasting. So, if you are good with sales, your co-founder should be good at Technology or Finance or Production or Marketing.
- Launch Fast
Don’t wait for perfect launch strategy. Launch fast and see how the market react to it. Don’t get into 100% perfection and delay your launch. One should only be concerned about 100% perfection if it is any kind of a product. In today’s economy understand one thing and that is “Perfection is a Killer of Performance” this is for Startup’s please note.
- Let your Idea Evolve
I have seen a lot of people saying that “I have a unique idea”, but probably it is not. If that idea is copied by someone, then what is so unique about it? So let your idea evolve based on the user behavior.
- Understand your Users
If you don’t understand your users and their said and unsaid expectations, then there are chances that the product or sometimes an organization might fall. Understand the changing needs of users from now and keep evolving.
- Better to Make Few Users Love you than a Lot Ambivalent
Do not launch a product or a company for a lot of ambivalent clients. First, try thinking of a beta version, release it for a small group of people, make necessary changes and updates based on the user experience and build a trust among the small group of users. Save money at an early stage and follow the practice of DIY (Do-it-Yourself). Once you start getting paid users, then think of expanding your business.
- Offer Surprisingly Good Customer Service
It is very essential to offer good customer service, because you cannot afford to lose your patron due to bad services. There is a lot of competition and your competitors are trying hard to overpower you.
- You Make what you Measure
You should be sure about what to measure. Do you want to measure your growth based on the number of customers, or profit? So make sure what parameter to consider for measuring your success.
- Spend Little
Do not spend too much. Your expenditure should always be less than the profit you earn from your business. If your expenditure exceed the profit, then something is going wrong somewhere.
- Get Ramen Profitable
This is a new phrase that has entered the startup vocabulary. It means that for a startup it is very essential to get to the point where they are not dependent on external funding sources to survive. So plan your strategy in such a way that your organization is making enough profit for your founders.
- Avoid Distractions
While in a startup, you might get approached by a lot of other things, but you should avoid such distractions and focus on your primary goal. Be crystal-clear about your objectives and your expectations from business.
- Don’t Get Demoralized
On several occasions, you might feel like quitting – but do not get demoralized by anything. If a thought of quitting comes to your mind, ask yourself a question – why did you start? Let this drive your passion of growing stronger.
- Don’t Give-up
As you know a lion does not change his decision on the opinion of a sheep. So, do not give up till the time you really feel like doing so. If you feel idea or product is not living up to expectation don’t hesitate to give it a call. There is better opportunity probably on your way forward.
- Deals Fall Through
If you follow all the rules explained above, then naturally deals will fall through.
Remember that the only thing that keeps you going is only you. There are a lot of people who would want to pull you down and remove you from the race but the motto should be to stick on and be ardent on your dreams. Survival is difficult but not impossible.
Look forward to see your venture flourish and prosper.
Need any assistance don’t hesitate to reach out to me.
Entrepreneur, Chairman & Chief Business Strategist at I Knowledge Factory Pvt. Ltd