Every startup founder will agree that starting up is not a cake walk. But, with the right direction, the edgy environment can certainly get smoother. Read on for some useful tips to address common mistakes startups end up making. Follow 15 Useful Tips for Startups and make your start-up THRIVE.
15 Useful Tips for Startups:
1# Sell the problem you are solving, not the idea. Often startups make the mistake of solving problems nobody faces, which turns out to be a sure shot way to failure.
2# It is vital for any startup to exercise caution with the financial decisions from the very beginning. Finance is the life blood of any business.
3# Human Capital is the basis for maintaining present and building future capital. Choose your team wisely, for your future depends on it.
4# Only the fittest survive. Make sure you have the right combination of expertise, motivation and funding to survive.
5# The law of demand is an empirical confirmation of the price sensitivity of consumers. Make sure your pricing model factors this mindset of the consumer.
6# Your product is what brings you to the market. Make sure it’s worth remembering for your buyers. Adopt a value driven approach.
7# Businessmen do business primarily to make money. A business model without the means to monetize is a failed model.
8# Gone are the days when supply created its own demand. Marketing is the mantra to swear by.
9# Serving the needs of the buyer should be the primary focus of any businessman. Disputes among founders often sways their focus to less important issues.
10# It is essential to time the decision to enter the market correctly. Adequate research should be done to determine the right time to enter into the market.
11# The investors provide the fuel to run the business engine. It is very important to keep their needs satisfied, but at the same time maintaining autonomy for business decisions as well.
12# A startup with only one motto- profit will be a failed startup. The founders must be passionate about other value driven factors as well.
13# Location opens and closes a lot of doors. Make sure you pick the right location for your business.
14# Before venturing into any untested territory, entrepreneurs must ensure they’re not breaching any legal boundaries.
15# The power of networking in the business ecosystem can never be over estimated. Good professional connections can help a business smoothen out its path to a higher growth trajectory.
We hope that these 15 crisp tips will help your Start-up to achieve the desired growth. If you are a startup with its product ready, we would recommend you to signup for Thrive30 and Showcase Your Startup to the Angel Investors and Mentors. Check out the link for more information: Thrive30 – Leapfrog Your Startup