What factors matter most for company or startup success? Is it the huge capital from the founding partners or an investor? But why do many startups/companies fail even after too much funding? It’s not just the capital or a revolutionary idea that leads to success. Here are the 5 essential factors that aid companies to become successful.
Time is essential for everything. If you have an idea the first thing you have to think about is whether this idea can be implemented in the present or not. For instance, Uber became a huge success only because the timing was perfect. Every driver needed something more than what they had and Uber was able to provide that. The problem that occurs when your idea cannot be implemented in the present is, you need to teach your customers how to use this when to use this and where to use this. More time would be spent on teaching. And if this is not useful for the present situation, no one would spend much of their time understanding what it is.
A successful team is a group of many hands and one mind. If the vision of your founding partners and yours won’t match many conflicts could happen and that could create a major impact in the processing. A good team will stay even if the company is broke or bankrupt. It could help to restart everything from scratch just like Harley Davidson came back after a total failure. For a better team, the vision of each individual should agree with each other. The best option to build a better team is forming a team of friends who has same dreams.
You need an Idea that could enhance or make change to the current circumstances of the environment you are. The thing is, you cannot sell any products, what you really sell to your customer is a solution. If there is no problem, then there won’t be a solution necessary, so to get an idea of what to do, all you need to look for is a problem and a solution for it. The innovative inventions from Apple was a huge success because they solved a serious problem. They replaced the DOS with Mac-OS which had a user interface instead of the command terminal which made computing more easy than one thought.
Business model is the most avoided thing by many of the startup kiddies. A business model is a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing. Business model is a necessity for a startup in its long run. You have to identify the type of business model for your company. For that you have to identify your market, define and differentiate your products, keep in touch with your customers. Plan ways to distribute and promote, the ways to organize raw materials, and how you are going to make a profit out of this. Click Here to know more about how to create the best business model for you.
Funding is what many of us think as the core element for a company’s success. In today’s world funding is more easier than it was 20 years ago. You can get crowd funding from online platforms like Peerbackers, indiegogo. You can also find investors from Angel List, where you can find VC’s or companies that would like to invest. For funding you can even look in your locality, try connecting with local business and get sponsored. Getting funding mainly depend on the way you present your idea to your Investor, to get through this a good business plan will aid you.