Startups – Part art, Part Science!
What are the things that you should keep in mind while going for a Startup in India
“It’s not about the ideas. It’s about making ideas happen.” – Scott Belsky, Founder, Behance
Why is it so that only some come up with an idea worth putting into motion, and few of them make it happen and a few survive, but only one make it to the billion dollar club?
These are some tips on how one can raise one’s startup and stand out in the heftiest share of the startup crowd, all of which are trying to make it to the Silicon Valley
Choose the right team.
“If you can’t feed a team with two pizzas. It’s too large.” – Jeff Bezos, Founder, Amazon
At a startup everything revolves around the people and it’s your job to pick the right ones. Some say it’s a marriage. Yes, a marriage between you and your teammates who are going to back you up in the long and bumpy ride. You don’t need a team of 100s to make the idea happen. It can also be done with a small team, but the right people in it.
Start with a product worth selling.
“Always deliver more than expected.” – Larry Page, Co-Founder, Google
Business is all about selling, be it a service or a product. A doctor who owns his own clinic is a businessman and a roadside Gol Gappe Wala is one too. Ask yourself this, “Is my product worth selling.” Also, “What customer base am I focusing on?”
The foundation of your startup is your service or your product, make sure it’s good enough and see how it rockets your startup to success.
Name it right!
oooooc.com, does it sound like a name for an e-commerce website. This and many other failed startups out there are all epitomes of the startup pretension, the belief that people are going to “Get it” when they really have no idea what it’s about.
Your name is your identity, you don’t want yourself to be introduced as the founder of dogpile.com (another failed name). Think of a name which attracts the targeted audience and which is easily remembered.
Sell it at the right price…
“The lean startup method is not about cost, it is about speed.” Eric Ries
Truth about us Indian buyers, or if I’m right probably all the customers around the globe, we check the price tag on the product before we examine the quality of the same. Pricing your product is probably the toughest thing you might have to do. Get clear about the fact that you own a business to make money, enough to cover the costs and generate profits, and perhaps expand the business.
Keep in mind the audience you are targeting. No one plans to raise a startup with the idea to compete with the other existing ones, so don’t price it according to others in the same business. Be original, price it right, and justify the costs through your services.
…And to the right people.
“A startup is a company that is confused about, 1. What its product is, 2. Who its customers are, 3. How to make money.” – Dave McClure, Entrepreneur
Get clear about what people or companies you are focusing to sell your products to. Targeting a specific customer base does not mean excluding the others who do not fit the criteria. Rather, focusing on those who are more likely to buy from you than other markets. Reach out to the potential clients and generate business.
Generate some buzz.
“Oh my god! Did you hear about that new website paytm.com? It is giving crazy cashback offers on all its products, you should definitely check it out” – Random guy to another random guy.
It’s the age of mouth publicity and refer and earn. Do you think Paytm.com would have been this successful if it wasn’t for the buzz about the cashbacks it offered?
This doesn’t mean you too start offering cashbacks, but plan a good strategy to promote your product and excite the buyers.
Make the other big brands drool for yours.
“I want to do one thing and do it well” – Jan Koum, Co-Founder, WhatsApp
They’re only 1,826 people in the whole wide world who can call themselves billionaires. Jan Koum and Brian Acton (Founders of WhatsApp Inc.) are two of those people. Facebook closed the deal to acquire WhatsApp at US$19 Billion.
This doesn’t mean you look forward to sell your company, but that also doesn’t mean that you will give up the idea of doing so in the future. Sometimes the key is to establish a company, service or a product that other businesses can use. Create something that other brands could build into their model and then sell it to the highest bidder.
Surveys say 50% of the startups fail in the first year, while 95% cannot make it through the next 5 years. And most of them fail to even register as a company due to lack of funding. Yet every year 613M entrepreneurs attempt to start about 396M Companies out of which only one third survive which gives us 132M startups annually. Guess how hard it could be stand out in this crowded world of startups, but some do and the next can be you.