In today’s fast pacing world, one must learn to work towards fulfilling their own dreams instead of working for someone else’s. The corporate world plays a huge role in shaping the world’s future and those playing in it will determine the world’s tomorrow. Entrepreneurial activities shape the country’s economic performance as it affects market directly and are of utmost importance.
Introduction to Startups
A startup is a young company that one starts while holding himself accountable to bring in a new product or service to the market. A startup takes an innovative idea and searches for a scalable and repeatable business model that will turn it into a high growth, profitable company.
Working for a startup is a steep learning curve. There is a lot to do with a limited team so each person plays an important part in shaping the company’s future. A small team, irregular work timings, multi-tasking, and vibrant work culture are some of the things that define Startups. Unlike large corporations, you are not just another cog in the wheel but at the forefront while determining its future.
Skills Needed for a Successful Startup
Startups offer a difficult yet exciting challenge so for those willing to make an economic impact you must learn the following skills to excel at entrepreneurship to make your destiny.
Don’t Fear the Failure
Failure is just a bruise and not a tattoo; it is going to fade away with time. Failures have always been a part of a successful journey and will remain to be so. Failure provides an opportunity to begin again and this time with more experience than before. Only those capable of taking risks can take their business to new heights. According to a research paper by Gompers in 2010, first time entrepreneurs have an 18% chance of succeeding with their ventures whereas those who failed once have a 20% chance of making it the second time. Thus, startup founders are more likely to build a successful company if they failed than if they’ve never tried. Don’t be afraid to fail; it’s all part of the startup success formula because if you don’t give up, you still have a chance.
Study the Market Needs
One of the biggest reasons for startup failure is the lack of market needs. Marketing requires an understanding of the big picture and a commitment to smaller details. You need to develop an eye for what is likely to work and what isn’t so that you’re investing in the right channels instead of chasing dead ends. You need to hold a strong grasp over the ongoing market trends and how it will change in the near future. A product or service which is not in huge demand or has many similar alternatives in the market is less likely to succeed than the product which will immediately cater to the public needs that haven’t been met before.
Take Control of What You Can Control
Choosing how much effort to put in, how much money to spend, how fast you want to grow, and which customer area to focus on are among the things, founders can fully control most of the time. Rise of the competition, the amounts they raise, environmental circumstances, technology shifts, and personal crises that impact family and employees are among the things entrepreneurs usually have no control over. Many startups have failed because of the needless worry about the things you have no control over. Adaptation is the rule of life. You must learn to adapt to the changes the market brings in and focus all your attention on what you can do to adapt to those.
Communicate Effectively
A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. It is imperative for an entrepreneur to be able to communicate with employees, investors, customers, creditors, peers, and mentors. If an entrepreneur is able to communicate effectively, they are better equipped to sell their ideas and physical products. You must learn to create an increasing demand for your product in the market by communicating and advertising. Good advertising does not only promote the product but also penetrates the public mind with desire and belief.
Conclusion
Startups provide you with an opportunity to bring a change that you wish to see. All big businesses start small and it’s the perseverance and patience that takes it to new heights. It is not about the ideas you have but about making those ideas happen. Work hard towards your dream and you will win, not immediately but definitely.
Written by -Riya Chhikara
Edited by - Vaibhav Sharma
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