In this blog post, I would be sharing 5 definite Ways to Make a Startup Successful. 2020 had been a year of a lot of uncertainties.
We have seen numerous changes in the ways we work during pandemics. 2020 had also taught us to make changes in our education system and the way we grow together.
Listen to the podcast here!
Few Startups and Their Stories.
5 Ways to Make a Start-Up Successful.
Startup: A Game-Changer for You-
In the modern world of rising luxuries, everyone wishes to have much cash to enjoy life’s colors and fulfill each family’s necessities.
Most people believe that setting up a good business with the potential to grow can change their fate, but what stops them is excuses.
These obstacles come in three primary forms; the most common of them is the unique idea problem.
Three Popular Excuses-
Many young entrepreneurs wish to develop the most innovative idea that is nowhere in the market, so they would have to face no competition and charge a higher price.
Thinking of a unique product is often tiring, frustrating, and demotivating if the results go bad.
The second obstacle is the inability to produce a popular product. Many students and adults are inspired by Jeff Bezos, Elon Musk, and Mark Zuckerberg; coincidently, all three are seen as highly knowledgeable people with great minds and skills, which aren’t common.
The failure to replicate Facebook or rebuild Amazon makes people believe that start-up isn’t for them, and they had to settle for a low.
The third obstacle is the risk involved. Many entrepreneurs put up most of their savings in the start-up.
If it fails, they are left with nothing; the situation turns out to be demotivating for young entrepreneurs who are pushed into a feeling that because one failed, they might too.
In this blog, I aim to promote a healthy business environment in our Indian community; risks are taken, treasures are unveiled, life is to move where you take it.
The following three businesses are simple product ideas that you might have come across in your daily life.
Wow! Momo: The Startup-
While the name of the brand has a WOW in it, the story is far more remarkable. The business started from a small garage in West Bengal, where the raw materials were taken on credit from a local store, and two chefs were hired on a nominal wage.
The business owners were two alumni of St. Xavier College, who decided on the product because they loved eating it.
The overall investment was 30,000 INR; the first samples were tried at Spencer’s store, where every customer was presented with a snack and special sauce to compliment it.
The business got on well, and it soon moved from a cart to a small space in a nearby mall; the business’s publicity, accompanied by the delicious taste of the Momos, was irresistible for consumers, who used to come in large numbers.
Within a year, the mall’s small space was replaced by a more extensive shop in another mall, and the growth didn’t stop.
The business owners are hardworking and innovative people who believe in changing and modernizing their products to have a newer feeling each time they are taken.
The first attempt was to produce vegetable Momos, which became a massive success as most of their customer base was vegan.
Secondly, they add and vary 56 different flavors to their Momos, which became popular amongst snack lovers.
“My aim was to make Momo from a form of snack to a proper meal that could be carried in-tray.
I kept thinking about how Momos could be transformed into a complete meal until I came up with the idea of introducing Momo burgers.
The burger would be made with buns on the edges while stuffed with Momos and the sauces.
It was a great feat when I saw people carrying their food in a tray as a complete meal. The Momo burger was the resurgence of Wow Momo.”- Sagar Daryani, co-founder of Wow Momo.
The company became a huge success, and after an investment of 130 crores by the tiger group, it was valued at a net worth of 860 crores.
Byte: The Startup-
It is a relatively new business startup that began in the year 2010. The business aims to provide fresh food to people in offices and bus stops through the vending machine.
The machines are filled with fresh and delicious food in the morning and evening, while anyone could eat the food by paying to the device or using a QR code.
The business idea is simple and revolves around addressing the customer base that wishes to avoid junk food while at work or out of the home; the vending machines are made according to modern needs to keep the food tasty and healthy.
The latest devices are installed to allow the consumers to customize their meals as per their choices to have everything the way they like.
The company had been a massive success over the years, amassing a revenue of over 100$ million in 2020.
Magnetiss: The Startup-
It is a newly born prospect aiming to help businesses, organizations, or individuals by providing content writing services.
In 2020, the site was developed amidst the lockdown period by two young boys who wish to do something independently. “Freelancing is an unexplored field that has the potential to change one’s life.
I was fond of writing but never knew that it could make me rich, just like any other business. At Magnetiss, We aim to simplify the process of writing for businesses. “- Co-founder Magnetiss.
The business had overall revenue of over a million in the last year, and it has been growing rapidly.
Their world dominance ratio has claimed to rise over 11% in late January, and the revenues are 200% times greater than they were by the same time last year.
The business examples were for you to inspire from; all these ideas aren’t unique and don’t require a vast sum of money; all it needs is the proper execution of good plans.
You can start today by thinking of a dish you can cook or writing regular posts on a site that pays. There are thousands of opportunities; take one of them and stick to it; the success shall come gradually and eventually.
The later part of the blog discusses simple ideas to begin your startup.
5 Ways to Make a Startup Successful-
A successful venture isn’t only because of the product or service that you’re offering. It is about the execution of the plan, the research you have done about your product or services before bringing it to the market, and the team behind that plan’s implementation.
Often, entrepreneurs commit some common mistakes that lead to the failure of their businesses or start-ups.
Therefore, if you have also recently launched a startup or business or are planning to launch it, here are a few tips to help you turn your idea into a successful venture while avoiding the blunders that young entrepreneurs pull off.
Learn Before You Remove the “L”-
If you have got the idea and are planning to launch it, the first and foremost thing you need to do is carry out research and surveys about your idea.
Often, the young entrepreneurs don’t conduct research or surveys before launching their product in the market.
Most of the time, such products or services cannot secure a strong position in the market. Thus, leading to the failure of the business or start-ups. However, products launched by conducting surveys and research are likely to succeed in the long run.
There are numerous techniques to conducts the studies, such as online polls or surveys. Once you have learned about the product market, it would surely succeed while giving you some great returns on your investment.
Learn from Experts or Hire the Coaches-
The most incredible benefits of having an expert around you are that they shall help you make decisions. It is relatively challenging for young entrepreneurs to make big decisions as they don’t have enough experience.
However, when experts surround you, they can help you decide what would benefit your business or start-ups. This is because coaches or experts have years’ experience, and they would have probably met a similar situation or problem in which you are stuck now.
Therefore, they can help you choose the right path while ensuring that the decision doesn’t negatively impact your business.
Develop A Roadmap-
Usually, businesses struggle to implement their plans as they haven’t created any roadmap that needs to be followed.
While you’re launching a business, it is necessary to lay out the challenges, set the objectives or goals, access your capabilities, and formulate the execution plan. Additionally, roadmaps keep your entire team members on the same page regarding an initiative’s scope, objectives, and timeline.
So, ensure to develop a roadmap while making sure that you stay stuck to it. Once you keep moving according to plan, you would surely succeed in your start-up.
Learn From The Feedback-
Business isn’t only about selling products or services. It about ameliorating your product on each passing day, delivering excellent customer service, and learning from your clients’ feedback.
The most prominent blunder entrepreneurs commit ignoring the feedback or considering it as destructive, which is wrong.
You need to take the feedback as an opportunity to bring improvement rather than neglecting it.
When you take the feedback as constructive, you’ll build a product or service that will excite your clients.
Every business has to face a tough time. You would have indeed observed it when the pandemic was at its peak.
The virus outbreak badly affected almost every industry, and most of them had to shut down. Although, it is relatively difficult for the survival of any business in such circumstances.
But having a positive mindset and staying positive is the only way to pass the challenging times as decisions made in a hurry don’t have a good impact on the outcomes.
Therefore, if your business faces tough times, you need to stay positive and focus on the good thing while ensuring that you don’t give up during the hard times.
These were the few tips that entrepreneurs or young students should focus on while launching start-ups. While you are launching your startup or business, you need to learn from every decision you have made.
The common reasons for start-up failure in India are the lack of innovation & a unique business model.
The only way to reduce this number is by teaching leadership and entrepreneurship skills to our students.
It will develop their mindset and enable them to think beyond the four walls of the classroom. Let’s promote a healthy and supportive environment for our young students.
Thank you, everyone, for your fabulous response to my previous blogs and for staying connected.
I would be grateful if you could share your thoughts about this post. You can send your ideas to email@example.com.
Please do share this post with others. You can read my previous blogs here.