What are Expert’s views on Startups?
Expert’s views: Ingredients to Success, averting Failures & initiating thoughtful Investments
Startups, seen a growing trend from past few years after the accomplishment of companies such as Paytm, Mobikwik, Flipkart, etc. Individuals are coming up with ideas on many competitive technological innovations that challenge the current market scenario. There exist huge possibilities for new entrepreneurs to enter and be part of this potential development. But market has its own share of risks and failure apart from success being limited. In the Indian context, initially startups have to struggle to actually put across their ideas and find resources to execute. Thier product or services are tested on various criterion and they have to understand it. And the investors have to apprehend how they can support the right company amongst many.
Individuals, mentors, financers, and companies have different views of on this subject. To avoid generic slip-ups, startups should follow expert’s views and move towards achievement. Such as an investor, a company has to consider varied aspects of its business.
“To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires disciplines.” – Steve Jobs
Firstly the idea, when if not perceived strongly can have instant repercussions. The idea should be able to serve the market and let compete with others. Another perspective is planning. Entrepreneur should have a concrete professional model that clarifies their plan of action and, there should be a reserve strategy in case the first one does not work. The next step is leadership, a quality that derives both notion and approach. Never to forget to take an insight from a mentor, he might have experiences to share, hence, averts you from making possible errors. It is advisable to do selective listen to what may be applicable on you instead of just following it.
“A leader is one who knows the way, goes the way, and shows the way.” – John Maxwell
Apart from this expert’s views that a leader should recruit competent people who can visualize his vision and passion. He has to inspire and train to mold them into a strong team, without this the company may stumble. Find a partner that shares your viewpoint and understands the business. Co-founders, Investors and staff members together form a nexus, so choose them with responsibility. The same applies to the venture capitalist who seeks to invest an emergent startups.
“Our incomes are like our shoes; if too small, they gall and pinch us; but if too large, they cause us to stumble and to trip.” – John Locke
Financing is another crucial part for Startups. They have to manage in a manner which provides them support and not lead them to scale. The latter is the principal cause of failure for the majority of companies. So, raise funds that suffice you to promote your business in the market and do not overemphasis. It is advisable to keep check on the resources and the funding pattern. And avoid spending money on unnecessary services that do not need attention at the moment.
The expert’s views always demand the novice companies to avoid the common pitfalls. It is challenging to go opposite the nomenclature but is desirable that one should learn from the mistakes of other.