Key Factors to Grow Your Startup

by Mayank Sharma A market analyst with deep inclination towards tec

India is the world’s third-largest startup ecosystem. Reports share that in 2019, 1300 new tech startups were born, while the year 2020, proved to be a welcoming stage for 1600 new tech startups. Needless to mention, that the hike was noticed amidst the dreadful year of pandemic.

Currently, India is home to over 34 unicorns and 52 soonicorns, expected to become unicorns by 2022. However, amidst these golden figures, we can’t also sideline the fact that numerous startups fail to attain the vision with which they started.

According to a report, 90% of startups fail in the first five years of their inception. Ever wondered why? Is it the poor idea or unskilled entrepreneurial skills? Perhaps not. Somewhere it’s the bridge between traditional Operandi, need of time, and the future, which they fail to create.

Things to keep in mind to grow your startup

1- Idea isn’t everything: Most brilliant ideas fail when not implemented properly. Remember, it’s not just about finance or marketing strategy alone. Especially today when competition at both ends has increased; market and consumer.

Considering the same, you must work on all-around implementation including strategy, marketing, and management.

Gary Vaynerchuk once said, “Market like the year you are in.” This is one point where most startups fail to cope and eventually couldn’t convey the true intention and message behind their idea.

2- Being omnipresent: Being available online is indeed the need of the era. However, experts believe it’s the balance between online and offline presence that transforms a startup into a successful brand.

In a recent interaction with Mrs. Harsha Popat, founder of Indian Business Pages, an online and offline directory shared,

“We have numerous brands listed in our online and offline directory and they are getting leads through it. However, we noticed startups being reluctant about the same. It’s time they understand the value of being omnipresent in this growing and ultra-competitive online and offline space.”

3- The team: Tim Westergren, co-founder of Pandora rightly said, “Make your team feel respected, empowered, and genuinely excited about the company’s mission.”

If read with utmost attention, he carefully mentioned the importance of on-boarding the right team and treating them in the same manner.

It is often said, the brands run on auto-pilot mode.

However, I firmly believe it is the startups that need to do it. If your team is well-aligned with your company’s mission and vision, they’ll surely be putting the best of their skills to grow and expand.

Just remember, give them the space they need to explore the scope. Calculated risks are healthy for any business.

4- Realtime track: Now that we talked of calculated risks in the last point, you must also keep a real-time track of activities. Be it your strategies, implementation, or market response, staying updated can work like a magic wand for your business.

Just ensure you don’t become poky in the process. The need here is to have a well-structured SOP and a team that isn’t just well-acquainted with it also understands the importance it carries.

Jerry Moran rightly said, “Perfection has to do with the end product, but excellence has to do with the process.”

Most startups fail to either calculate the risk or keep track and learn once the mark is touched. To ensure a seamless journey and surpass the market hurdles, keeping real-time track plays an invincible role.

5- Patience, persistence, and perspiration: Experts call them the 3Ps to success. While most startups perspire, persistence and patience seemed to be missing in most scenarios.

Napoleon Hill said, “Patience, persistence, and perspiration make an unbeatable combination for success.”

The market is highly unpredictable and doesn’t matter how good your idea or implementation is, give it some time to penetrate and make space amidst your target audience.

In the meanwhile, be persistent, never lose hope and continue with your plans with agile methodology.

Concluding note

The startup ecosystem is consistently noticing a spurge irrespective of the industry and target audience. However, simultaneously the rate of failure is also increasing. Acknowledging this, it is important to have the aforementioned points in mind.

Remember, established brands don’t do different things, they just do it differently. Remember, who quoted this? If yes, don’t forget to share with me in the comment section below. The comment section may serve as a platform for various struggling/growing startup founders.