3 Key Factors for Startup Success

Every startup is conceived with an idea. And every entrepreneur is under the impression that his or her idea is the best - nobody has ever come up with an idea so appealing, so clever, and extremely needed. But coming up with a great idea is incomplete without a brilliant execution plan.

India has become the third-largest startup ecosystem in the world. However, the failure rate of new startups in India is downright demoralizing. According to a report by IBM Institute for Business Value and Oxford Economics found that 90% of the Indian startups fail within the first five years due to lack of innovation being the main reason.

The report also suggested that around 800 IT startups in India were shut down in the first nine months of 2017.

A study named ‘Entrepreneurial India’, states that while the market evaluation of startups in India has grown in the past 4 years, 77% of the venture capitalists believe that Indian startups lack innovative business models.

One of the major reasons for stumbling and falling is that entrepreneurs rush to scale their business too quickly. Sometimes the market analysis of an entrepreneur often does not line up with where the market could grow and where the market currently is. This could also lead to business decisions that are premature and may not produce the desired result.

So what entrepreneurs or solopreneurs can do to ensure the success of their startup venture?

Here are 3 smart tips that will help your business to succeed:

1. Understand your Customer`s Immediate Pain Points & Niche Market

You create an amazing product with plenty of features, but it does not solve your customers' immediate problems. Every entrepreneur must understand its customer`s needs and requirements. Most of the entrepeneurs fail to recognize their customers` problems. It is essential for business owners to understand that the innovation should be done around the customer`s needs and requirements.

Entrepreneurs enamored with their business idea know every about their product or service. But knowing everything about your product and service makes you an expert on what you do and not the market. It is equally vital to become an expert on what the market is doing as well as how your competitors are performing.

Founders with deep domain knowledge in a particular industry are more aware of customer requirements, competitive landscape, and market opportunity, which makes them more credible in the eyes of investors.

2. Have a Defined & Worthy Goal

Entrepreneurship is not for the faint-hearted. Those who made a mark for themselves are the ones who are passionate about what they do, focused on their defined goal, a vision of what exactly they want, and a map for how they will achieve it.

Having a powerful vision is a vital force that drives the entrepreneur and his entire team towards a defined goal. A clear vision is what makes the entire team to challenge their limitations, dare to explore, dare to keep pushing their limits and dare to have the determination to succeed.

And it takes complete dedication to a mission to make all the ups and downs worthwhile.

3. Data that Supports your Business Growth

To acquire investment, VC funding, partnerships, or any other investment, you must have sufficient data that shows the market is as eager to see you succeed as you are. How much customer is looking to pay for your product, and how much your service or product is in demand- if you have enough data to answer all these questions, it will sky-rocket an investor`s interest.

Surveys, focus groups, feedback, and studies are all good ways to gather this data. For more detailed feedback, you can have personalized conversations with people who have already used your product or services. Your customer` comments are valuable and increase the scope for improvement.

Having a great idea is only the first step towards establishing a startup, but truth to be told, it can`t be the entire foundation. Invest your time in researching and learning about the market, and proving that there is a demand for your idea. Without these things, you cannot succeed. But with them, you just might!

Want to know how you can ensure the success of your dream startup? Get 10 powerful business insights that will take your startup to new heights in this video: https://www.youtube.com/watch?v=3soVHA-f1zQ. Watch it now!