The marketing landscape is becoming more and more diluted with creative ideas and solutions. While previous generations have depended on a stable career, millennials are convinced startups is the road to success. However, with all the products and services out there, how does one stand out and ultimately, succeed?
According to Forbes, every startup should entail five key factors. Impeccable timing, financial credibility, self-discipline, social skills and flexibility. But another article points out that entrepreneurs are problem solvers. Every startup should be based on an idea which is both functional and practical.
However, it cannot be too niche nor should it be unrealistic. To tackle the first problem, the team will have to put out feelers – talk to people from various walks of life and determine whether it is something people would actually want to pay for. As for the latter, always leave an allowance in regards to timing. Being unable to launch or ship by a certain date will lose the trust of prospective customers and clients and in their eyes, they will have written it off as a failure. To overcome that, one would have to undergo strenuous rebranding and even then, the previous parties interested might have moved on.
There are many reasons why a startup may fail. One of them being a lack any real motive. Although money minded businessmen might argue and say fortune is the motive. But it is not a strong enough incentive.
Think about that student in your high school, the one always at the top of the class. Do you think that he or she only wants to be number one for the sake of the title or that they have bigger plans in mind? Furthermore, to understand how motive works, understand that he or she might not be extraordinarily intelligent, but you can be sure that person has their eye on a goal. There are sacrifices involved in having a one track mind and thinking objectively. If they are weak in science, they make up for it with extra hours and put in more effort. Similarly, if there is an idea to be realised but there is no crew and no deposit in the financial department? Find a solution.
Products and startups usually end up on a fundraising website such as gofundme or kickstarter. These platforms allow people to pitch their ideas to the public and if they like it, they could pledge a donation. Most of the times, depending on how much is spent, these investors do get something in return. They might get something small like a pin or have a limited edition of the actual product when it reaches completion. Another funding solution for hardware startups is companies like Tetra Financial, which help companies finance their equipment and hardware requirements.
Remember that it is not enough to get a startup off the ground, one must truly persevere. According to a study in Canada, half of the small businesses which began within five years end up failing. This could be due to an ineffective crew, whereby the business owner hires their friends instead of people who are truly capable of completing the task at hand. There are certain instances whereby the founder is simply not the right person for the job. If that is the case, hire someone efficient instead. At the end of the day, startups are not about the founder, it is about the consumers.
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