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Top 7 Things A Start-Up Must Have To Succeed

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Top 7 Things A Start-Up Must Have To Succeed,startup stories,startup stories india,2017 Most Read Startup stories,#startupstories,Tips to Successful Startup,Successful Startup Steps,Startup News

Starting a new business in this economy is indeed a tough job, but it is not impossible either. Here, we jotted down a few useful tips for a Start Up team to follow to be successful.

1) Being Self-Disciplined

Before money, an important factor for a startup to succeed is the self-discipline. Exercising self-control and sticking to the budget is a must! Running your own business exclusively in the start-up phase requires discipline in all areas. Deciding ahead of time your goals will be quite helpful. One should also decide what needs to be given a priority, when that is to be accomplished and also certain benchmarks to be set in order to succeed a Start Up venture.

2) Acquiring Talented People

Young Entrepreneurs cannot do it all alone. This means they have to hire people to make a great team. Acquiring talented people is half the battle. The ‘Talent’ should be treated with due respect and checked whether they match up with the qualities what the organization expects from them.

3) Do A Test Run Before Starting Up

There are many online survey tools such as Zoomerang.com, Surveymonkey.com, and Constantcontact.com which offer cheap yet reliable service which can be used to test, verify and tweak your model. The ultimate goal is to get to know your customers better. Trying out many other services like polls, surveys and focus groups can also be helpful to know what customers are searching.

4) Planning Marketing Strategies

After having a clear insight of who are one’s customers and for what are they searching, the next big step to do is to plan a marketing strategy. By doing this groundwork, you will certainly have an insight about who really are interested in your business and that will cut down the time. Ultimately you need not waste your time on those who aren’t really curious about your business. Building up your presence on social media is a prerequisite for obtaining a basic level. Social media like Facebook and Twitter handles can be used for this purpose. Getting familiar with Search Engine Optimization (SEO) will make it easier for people to search your website.

5) Foster Teamwork

After hiring talented people, now it’s the turn of the entrepreneur to get the team to collaborate on finding solutions. Working together as a team will surely play a pivotal role in obtaining success rather than fighting with the problem with a single brain. Multiple brains can do a better job. For instance giant search engine Google encouraged teamwork which in turn came up with an innovative idea like Google Glass.

6) Sharp Social Skills

Being active socially is a must for a start up to go a long way. The more social you are, the more you are going to benefit from it. As your product will be more variedly publicized, quite easily. Forming new relationships as well as nurturing the old ones will certainly help the vitality of your business.

7) Winning Through Multiple Means

Startups should not rely on one single product which the rivals can copy. The profit made by the first product should be invested to launch another product. This is known as winning through multiple means. This method of multiple means will become hard for the rivals to copy one’s products.

Are you ready to try these principles? Well, Good Luck!

 

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2 Comments

2 Comments

  1. hack

    March 20, 2017 at 6:07 pm

    Hello! This is my 1st comment here so I just wanted to give a quick shout out
    and say I truly enjoy reading through your
    articles. Can you suggest any other blogs/websites/forums that deal with the same subjects?
    Thanks for your time!

    • Nishitha

      March 20, 2017 at 6:28 pm

      Thank you!

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Startup Hacks

How Will Workplace Transparency Benefit Your Company?

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Transparency at the workplace refers to businesses where there is an openness between supervisors and employees. A transparent workplace can lead to happier employees and even increased production. Transparent companies create a feeling of being a part of something bigger where the executives are part of the greater team and not locked off in a room no one can access.

Transparency opens doors to good company communication and sets a tone for new joinees, thereby creating a flatter management structure. Some of the world’s best workplaces are defined by high levels of trust and camaraderie. Transparency also promotes trust at the leadership levels. During good times and bad times, a leader that communicates transparently will actually earn the trust of their employees enabling the organization to solve problems readily.

When a team works together in complete transparency, the results include faster problem solving, better teamwork, healthy working relationships, trust and ultimately, improved performance. Similarly, secrets and troubled relationships between team members and the leaders can hamper the performance levels of individuals and the entire team as a whole and leads to a high turnover rate. Open environments attract the best and brightest talent as they bring about an overall collaborative environment. Companies can move forward when the leaders challenge the employees empowering them with mission critical information, allowing them to flex their creative and problem solving muscles.

Greater transparency at a workplace opens up channels for better employee alignment. When the employees are able to take a look at the bigger picture for the company, they can begin to understand everyone’s role in it as well. Lack of transparency can lead to disgruntled workers who question the company’s actions effectively destroying trust in the workplace. Ultimately, promoting transparency is a continual practice which includes showing the employees that you value their input and trust them with both good and not so great news. Transparency also provides organizations the chance to utilize everyone’s ideas on how to move the business forward and build working relationships in the process.

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Startup Hacks

Choose The Best CEO For Your Company

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The Chief Executive Officer of any company is responsible for making sure the company is on track to reach its target and grow. The wrong CEO may be devastating and very public. If the board and the CEO don’t have a good rapport or are not on the same frequency can lead to potential catastrophe. The rough couple of months at Infosys, Apple when Steve Jobs was fired, HP without Meg Whitman are a few examples. Therefore it is really important for companies, startups in particular, to choose a CEO who fits the companies ideal, aims and ambitions perfectly.

Here are a few tips on how startups can hire a CEO who fits to a ‘t.’

Plan the criteria
Discuss, along with all the members of your board, what direction you want the company to take and what the new CEo will have to accomplish. If the board and the founders of the company themselves are confused, it becomes very difficult to find a level headed and experienced chief executive. Take into consideration the size of the company, if the potential candidates have worked with bigger companies or startups of the same size. Similarly, take the most important aspects of the company’s agenda into consideration to make the right choice.

Choose an insider
If possible, pick a CEO who has been with the company for a while. Multiple studies have shown that CEO chosen from inside the company have performed better than those chosen from outside the company. An insider tends to be more in tune with the workings of the company, already understands the route the company is taking and can work well with the employees.

Industry Experience
It’s not just enough to hand over the reigns of the company to an experienced executive. The chosen candidates also need to have the right kind of industry experience. One of the most important roles of a CEO is to own the vision of the company. If the candidate does not have a relative understanding of the industry, it will become difficult for them to understand the company’s vision and which can thereby delay or hamper any or all progress.

Conviction
While the previous points were about the characteristics to look at while looking for a CEO, this point speaks about the qualities a CEO should possess. Running a startup company is very hard work. If the executives don’t have the right conviction and courage, they will not be able to lead the company into the future. A CEO needs to have courage to take risks and the conviction to stick by these decisions during tough times.

History
Probably one of the most important aspects to keep in mind while hiring a CEO is their track record with other companies. Questions like what was that company’s turn over, how many products were launched successfully, where there any scandals during the tenure should have satisfactory answers to make a final decision.

Being the Chief Executive of a company is one of the hardest jobs in a company. So make sure that your next CEO meets all the prerequisites before hiring an executive.

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Things To Look Out For Before Working In A StartUp

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Working in a startup is exciting. There are new things to look forward to and new things to learn. Smaller businesses are more likely to cater to your needs rather than offer you a one size fits all option. That said, thorough research needs to be done before starting to work in a startup.

1. Company Stability 

Startups come and go like the tides. It takes a practiced eye and some good risk assessment skills to spot the ones which ones will stick around. Always check out the company stability before making the decision to join and check if the company is feasible, whether the management team is worth it and whether the company is going to be able to stick out for the long run or not.

2. Self Examination 

Self examination needs to be a big part of the decision. Why do you want to work for a startup? What are you getting out of it and what is your motivation for working in it? If these questions aren’t answered on time, then the whole purpose of joining a startup seems pretty pointless. So dig deep and search within yourself before you take the career changing plunge.

3. Who Are The Company’s Investors? 

If a startup doesn’t have enough funds, then how is it expected to survive the long haul? Your first question should be to find out where the company gets its funding from. Once you figure that out and you are convinced that the startup has enough resources to run for a long time, then you can take the decision to join.

4. Get Ready For The Unexpected 

As each startup is different, there are different processes involved. Expect the unexpected from the very word go. Longer working hours, more time involved in the creative process and unexpected interviews. This is all part and parcel of a startup and work gets all the more interesting if you’re ready for the challenges.

5. The Final Choice 

Even with all these things considered, remember that any amount of due diligence on your part doesn’t guarantee a startup’s success. Startups can and will fail, but like any failure in life, there are lessons to be learned and people who will make the journey special. The final choice depends on how badly you want the job and that, is dependent solely on you!

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