Startup organisation is one of the greatest forums to make this world a better place. People like steve jobs, larry page and elon musk have changed the world with their creativity, passion and hard work.
Gather a group of people with right set of acquisitives and organize them in startup and watch how they change the world with their potential, but ever wondered what factors does really matter to organize a startup and make this world a better place.
If every startup had a caliber to change something then why would some does extremely well and the rest end up in the vane.
These are some of the perceptions that researches/investors had on startups and some of the most important factors include
yes, you heard it correct. Timing is the most important aspect that decides the fate of your startup. This is something which surprised most of the marketing researchers and business man. still wondering about this? okay, let me give you an example
startups like uber, airbnb, youtube had a great business over all the years while vimeo, orkut failed despite all had a great idea, funding and business model. The answer is simple vimeo and orkut are not timed well while uber, airbnd and youtube have timed up to their perfection
Timing decides everything about your startup which may include factors like ” is this stuff advanced and we need to educate people to use it? ” or ” is this thing which people wanted in the market “. uber have timed when drivers wanted to make extra income and most of the drivers were amazed when they heard about uber platform that let independent drivers to make money and airbnb proved why would people rent their home for a stranger but it was timed when a house owned vexed up finding a people who set for their home and circumstances via advertising and youtube was timed one year after vimeo, it succeed but vimeo failed the reason behind this is vimeo was launched at the time when the world doesn’t had a fixed and stable broadband connections while after one year the problem of stable connections was fixed by 50% and thats when youtube started and succeed.
so all these aspects shows timing is the most important thing for a startup despite idea in primary slot
Idea proved to be the second most important thing in a startup but masses confuse between first two aspects of the game, for example youtube and vimeo had a same idea which is to start online video sharing network but right timing made the business for youtube. so It’s proved idea comes next to timing.
By ” Idea ” it doesn’t mean to start something that have never existed but it actually mean that to customize the existed product and make it better to use and for example steve jobs never made a computer, zukerberg have never made the first social network i.e, facebook and larry page have never made the first search engine in the world.
so, the idea figure outs the uniqueness that have never existed with the product and customizes it further to make this world a better place.
The next most important factor in the word of startups is execution. This is interlinked with all the factors in a start up, you might do well with timing and idea but if you fail this to interlink with execution, you startup will never do well.
so execution is a critical factor in startups, example jack ma ( founder and CEO of alibaba inc.) criticized and called as crazy jack for his idea to start an ecommerce network in china but jack’s brillant execution gave the answer to the rejected investors and critics which also made him a billionaire
so execution is a strategy to empower and master your startup.
4. Business model
Business model comes under the category of the secondary most important factors for a startup. It is not particularly required without demand in a startup, for example youtube have no demand when it was started it’s a free online video sharing site, so it never had a business model in the beginning whereas uber had a business model when the company was started as driver and people needed a good infrastructure and information which is their indirect demand to have specific business model.
so it’s great to have a business model in the beginning to excel your startup plan and to have a specific segmentation in the fiuture.
The Finally most important factor in the business and startups is funding.
Funding raises the investment for the capital in the world of business and the same applies to startups. There has been a balance history when companies have started with funding and made it big and on the side there were also companies which had basic funding / no funding and made it big. so entrepreneurs often confuse while funding opinions. so after timing, idea and execution, funding is a secondary important aspect that should be considered in the startups.
It’s great to raise funding during a startup and if investors doesn’t show interest you can still do it when a company grows and an when this happens you can directly enter into an IPO and succeed and these days for a good startup raising funds is not tough and it’s not easy though it requires lot of planning and a vision for future before you approach investors for funding.