For a start-up, success may not always mean higher returns or gains as these could be momentary and might not last long. Success has a different definition for start-up's. They must gain success initially and cope up with their initial expenses and then get on well with their business idea.
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Decoding notion of success
1. Decoding notion of
“success”
For a start-up, success may not always mean higher returns or gains as
these could be momentary and might not last long. Success has a
different definition for start-up's. They must gain success initially and
cope up with their initial expenses and then get on well with their
business idea.
2. Be an Embodiment of Creativity and
Innovation
• There are businesses and will be new ones coming up every day. They all
have one thing in common which is creativity and that they all rely on
innovation. Be it related to any product or service, but there is something
new with it. If you find that there is commonality between your idea of
startup and a business already running, try to innovate and come up with a
notion different from them.
3. Learn to Achieve – Take A Step
• A lot of beginners often make a mistake and forget to achieve. They keep
things to occur to them naturally and let success come to them naturally. Like
any other business, time is money specially for startups. As they are often run
on a smaller scale in the beginning, they have little capital and fewer or no
investors. In such a situation, it is essential to achieve than to wait for
success.
4. Do the Groundwork First
• Sense the ground, take a pitch report before you finally elect to bat. Do the
homework. Gain knowledge, know the nitty-gritty of your field or domain,
analyze the risks involved, prepare for the worst, and most importantly keep
your vision clear.
5. Don’t Be Afraid of Initial Hiccups
• Being entrepreneur, itself means that they should be ready to face challenges
and expect the unexpected. Not always but there might be a situation where
things may not turn out to be the way they are expected and so startups
should be prepared for the unforeseen. Besides, as part of the startup, the
entrepreneur might not have experience about the situations that might
haunt during the process thus it is best to be ready for all kinds of situation
such as initial rejection of product or services etc.
6. Learn from Mistakes
• Whoever learns from his mistakes becomes a winner and the one who takes
rejection or failure to heart fails further miserably. Failures are meant to teach
you. Initial problems, rejection from customers, clients or lack of recognition
might haunt you but it is wise to cope with them with confidence and move
on. Point out the mistake committed and try to mend it so that similar
problems do not arise in the future.
7. Clear Goal, Vision & Right Planning Are
Key
• Keep the vision right and in sight always. Follow your goal and step
ahead. Meet challenges en route and keep moving.
8. Keep Yourself Charged
• There might be situations when things seem to not to work out well and
charts show a downward trend. At that time, do not be disheartened. Refine
your strategy and buckle up. Strike back and get on with the problems with
fresh energy.
9. No Gain Without Pain – No Risk No Gain
• Though there are risks involved in any business but in terms of startups, the
risks are unmeasured and unfathomed. This should not in any way deter
entrepreneurs from taking risks and go an extra mile to make things happen.
10. Keep Customers, Clients in Sight Always
• Successful businesses keep ‘customer first’ approach as their goal. So is true
for startups. But for startups it is slightly more. They may have to bend and
stoop to conquer as there is an urgency to stay in business and achieve
success. But this should never mean compromising with goals and
objectives.
11. Set an Example – Inspire Others
• Keep the spirits high always and always try to set an example for others. This
way you would not only help yourself and your startup but would be an
inspiration for others. Lead the way and be the first one to prove others how
odds can be made even and how you were able to sail even in troubled
waters.