The most common answer to the questions like why you don’t want to do something on your own would be lack of money. However, if the same folks are asked about what they want to do in terms of ideas or visions, they would spell it out at a drop of a hat. They could go on and on and on about the ideas they love coz they think that big ideas win big. Let’s ponder a little bit about what startups are-
Any projects or ventures started with the goal of offering the solution to any existing problems can be termed to be a Startup. The surge of technology has given a tremendous scope of doing so many things since the digital and virtual world is now the most significant phenomenon.
The encroachment in the generally accepted ideas to make the difference, to solve any existing issues, or to even chase the very passion can also be termed to be a startup. Startups are basically comprised of two elements-
• Innovative ideas
• The hunger to make a difference by initiating change
What makes any startup succeed?
Let me elaborate on them in the right order so that it shall be very clear.
1. Right Timing– Timing is the most important thing in every startup. The cohesiveness between what the general public really wants and what one is trying to offer needs to be matched. Many would stick in the thin layer of what they really want to do and what others actually want since they find no common ground to proceed. For instance, wanting to help the general public with a digital payment system and the gap that is seen in the readiness of the prospective customers would definitely halt the execution of the startup. Understanding the psyche of the general public is very important and surveys etc. are conducted for the same to examine the viability of the business in terms of measuring the timing. Some selected visionaries would do what they are passionate about and they would make the public feel the need for their newly designed products or services which is quite an exceptional way of carrying out any new ideas to the mass. YouTube became a success with the dawn of the internet. Many such videos playing apps were existent even before YouTube. So, timing in that sense is everything.
2. Great Team and execution– As the saying goes, team-work makes the dream work. Any ventures are the sum total of the efforts made by individuals in a cohesive and coordinated fashion. The sum is always greater than the total of parts if there are cooperation and coordination. A single individual is only a part of the whole team when it comes to contributing to the operations of any business organization. Planning, preparation and then execution is the only effective way of getting things done effectively.
3. Great Idea– The third comes to the idea, vision, and innovative thoughts. Actually, all of us consider this to be the single most important element in the success of any business venture which is not quite true. An individual could have hundreds and thousands of very innovative ideas. However, they are nothing if the timing is wrong and/or if there is no great team to execute the new ideas.
4. Business Model– This refers to the business structures and it is often said that structures are the ones that help to hold the business while it is crumbling. The major mistake one commits in this aspect is making a complicated, hierarchical, bureaucratic model of business where one person passes the bucks to the other and never be accountable and sincere to the jobs assigned.
5. Funding– It might seem a bit ridiculous that the very first thing that we consider absolutely important while thinking of any new business plan has come on the last. The only limited point I am trying to make here is if we get all the four aspects of the business we discussed above correctly, this one would not be a problem. The funding is the last one. Money or investment is also an important factor in business. It could be generated in many ways. The only thing is money earns money if the aforementioned four elements are fulfilled.