Startups involve dreams and goals to be achieved through execution of a project systemically and excellently. Though at first it looks like hard work but with a stable and insightful plan and a strong foundation, a startup has a high potential to be successful and rank among the top echelon of its niche.
Development of such important foundations if overlooked can lead to pitfalls in a business. Through thorough studies, here are some basic criteria necessary for a startup to grow exponentially and be successful.
The idea involves the problems faced by the target customer base and the solution that this new startup will be providing for their customer. The idea is basically the backbone of the startup but it is important to understand that a great idea still requires other extremely necessary features to be successful.
The team involving the leaders and executioners of the idea are also extremely necessary for a successful startup. With a strong team focused on the basic goal, the odds of achieving the set target are potentially high. Leaders make the decisions, set the vision and inspire people to work harder for a group’s goals. The workers execute the plan leading to achieving the target.
Every successful business sights timing as a key factor for success. Knowing when the market is saturated and when to influx the market is a gracious strategy for the growth of any business. A successful example involves when YouTube launched, there were already dozens of video-streaming platforms.
But due to its launching at a critical moment after high-speed Internet became the norm before any other streaming service had risen to prominence, it became massively successful. Such is the worth of great timing, making it highly necessary for a successful startup.
The working capital is also very vital to the success of a startup. Knowing how much investment and the risk worthy of such investment it gives a general understanding of steps to take as regards investment and how big to float a startup. As every business requires money to get started, it is important to lay down a complete financial requirement of any startup so as not to run into financial pitfalls sooner or later in the business.
Also Read: Reasons Why Most Tech Startups Fail
A startup requires a new concept or idea so as to have a totally new customer base. This eliminates the risk of launching a product in an already existing niche which leads to a natural burnout of startups.
Though establishing a startup in an already existing niche can be successful too if extensive research has been made about such niche and if such niche indicates market inefficiency – that a market has not met the threshold need for a solution or that a market is stagnant and with differentiated positional strategy has a high potential for success.
With these important criteria, running a successful startup is in sight. And with business principles in place, startups are guaranteed to flow excellently. These criteria help augment a business model giving an in-depth structure to a business and helping create a strong foundation for promotion of a business and increasing the success rate of such any startup.
Latest posts by Ihezie Christopher (see all)
- Twitter: Our Policy Does Not Give Free Rein to Political Figures. - October 17, 2019
- Google Set To Launch Pixel 4 and Pixel 4 XL on 15th Oct. 2019 - October 16, 2019
- A Nigerian Developer Won $10k Prize on a Startup Innovation Competition - October 13, 2019