In the last two years India has witnessed lots of start-ups in almost each and every sector, whether it is for travelling or it is for food. Out of so many startups some were successful and some went through major failure. Starting a new venture requires unlimited dedication, devotion, discipline and passion. It is good to be passionate, but just only passion can’t help you to achieve your goal. A successful venture is a mixture of many ingredients, including dedication, devotion, discipline and passion, and a good business plan is also one of those ingredients. A successful enterprise is like a gourmet dish, which needs certain ingredients in the right amount to be delicious otherwise all the talent, skill, vision and effort of the chef is waste. Among all the startups founded in last few years, only 20 to 30% were successful. So, before starting any new venture it’s always important to make sure that you have all the ingredients required.
Key Ingredients for a Successful Startup Venture
A Fool-Proof Business Idea
A business idea is the first and the most important thing required to start a new business. Your Idea should be unique, efficient and should have the capacity to attract the audience. Your Business idea should not be limited just up to your mind, make a business plan and have it on papers. This will help you to show it to others and convince them to help you if required in every respect.
Timing is also an important ingredient for a successful start-up which many fails to realise. While starting a venture make sure that whatever you are going to start or going to sell should be according in a time which is favourable to you. Start anything after analysing the need of time. Suppose you start a venture which makes air conditioning machines. So, if you start selling your product in month of December will it work? Will people buy it? Obviously No! they will buy it from the month of March or April. So time is one of the factor which should be taken care of.
Realistic Business Plan with Clearly Defined Goals
Having a realistic Business idea is a must to have thing. Suppose you have a business idea which is not feasible practically, in this case even if you make too much effort, can you achieve success in that?
Secondly your business goals should be clearly defined. You should be clear about- to whom you are targeting as your audience, and what you want to achieve? Being a business owner it’s your responsibility to make a target and share it with your staff that you want to achieve it and it what duration of time. This will help you to grow your business successfully.
Unique Selling Point
By having a Unique Selling Point (USP) you can get more customers for your business. But the important thing is that you should know is the skill which is required for it (marketing your product). Today’s world is the world of Digital Market. So, hire a good digital marketing team for your business. This will promote your products well and to a large number of people too.
It doesn’t matter how hum strong your plan is and much experienced you and your staff is. One can need help anytime in any phase of the business. At that time of requirement there should be someone who is ready to help you. The help can be capital wise or equipment wise, it can be anything. So, having a good outsourcing power is a essential ingredient for a Start-Up business. For the outsourcing one may go to a bank for a Business Loan or even to a angel Investor to take a monetary help. Capital is the most important thing required for a business and some point or other you need a help or a business loan for it.
Obviously, basically knowing where to put your concentration isn’t sufficient in itself. On the off chance that you need to have the fundamental devices to benefit as much as possible from that concentration, you require a good approach towards everything you are doing. This is the place your imaginative reasoning comes in. All the best new companies have novel methods for moving towards any given issue or undertaking. It is frequently this technique for taking a granted thing that truly has the effect. In the case, you need your start-up to emerge and be seen, at that point you should attempt to make it as creative as can be. Adding development and creativity can make your venture unique and successful.
Potential to go through Scalability
Soon or later scalability is required in each and every business. if you start a business and it goes well then you can’t let it be at the same position for long time. With the demand the supply need to be increased and so is with business. After a certain period you need to expand your business. For this having the potential to do so is the most important thing. To scale a business you need to increase the investment (capital), manpower, machinery and all most each and everything. So to a successful start-up it important for that venture to have this capacity when required.