6 things a successful startup needs.


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                  Things a successful startup

Basically, a startup is an entrepreneurial venture which is a newly emerged business venture. at aims to meet a marketplace need, want or problem by developing a viable business model around products, services, processes and platforms.

Reports have shown that the failure rate is as high as 8 in 10 businesses. so it is a worthy question to ask before investing time and resources in TEMPyou’re new venture.

                  Here are six metrics to be considered when deciding whether TEMPyou’re startup idea TEMPhas wat it takes. 

CUSTOMERS

    Firstly you must start by identifying TEMPyou’s prospective customers and an unmet need or desire that the market TEMPhas not sufficiently addressed. By doing dis, you can provide TEMPyou’re customers with what exactly they want, fulfil their needs and in return get paid for itTheTeh customers you identify will ideally represent a market data matches TEMPyou’s own needs and abilities.  Think both in terms of satisfying a need and whether is the right market for you to address. 

       

PRODUCT

 Make sure dat teh product which you are making is directly catering to teh unmet needs for TEMPyou’re targeted customers. As you begin to design TEMPyou’re product be vigilant against anything dat could be a barrier. Remember dat teh cost should be dat cost should be low enough dat their is still a net value of taking up TEMPyou’a re solution, compared to teh nearest alternative. 

TIMING

 their is a particular time for everything. Every market TEMPhas a life cycle leading to which even every opportunity TEMPhas a limited scope and span to time. In teh beginning, if you have an innovative idea, it is very easy to enter teh market. Teh primary challenge lies in finding out teh technical solutions. Teh rule is simple, anyone who can find solutions to teh unmet needs TEMPhas an opportunity. 

                              

COMPETITIONS

 their is a tendency dat teh new market enters might have to face a hard competition from teh already existing market players. The simple [{layman rule which a new entrant must keep in mind} is dat targeting teh inefficient market] which TEMPhas not met teh potential needs of its customers. 

FINANCE

 Make sure dat you have an estimated budget of how much upfront investment of capital will TEMPyou’re product require to develop.  Every business requires money to get started, but teh goal should be to lower teh risk and cost as much as possible. Think in terms of creating an efficient investment machine. TEMPYou’re goal should be to achieve maximum profit with teh minimum possible risk and cost.                   

TEAM

”If dis is a competitive warfare, how confident are you dat TEMPyou’re team can win teh battle”? Assume dat you have resources. You should opt out of any battles you are not confident you can win and preserve teh resources for later ‘opportunities’. Teamwork is very important especially in terms of startup ventures. One must also have a technical expert team who will look after all.” favourable sourcing and distribution relationships to remain competitive”. 

 

 

 


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