Starting up requires an incredible amount of perseverance, grit and the ability to overcome obstacles with smart thinking and pivoting, says the author
The author Rahul Gupta has about a decade of experience in the field of laboratories. From 2009, Gupta acted as Consultant for setting up of calibration and testing laboratories in Sigma Test and Research Centre. He also founded the Instrumentation Division of SGM Labs Solutions which deals in laboratories equipment and labs setups.
Startups have been the latest trend in the market, with new ventures mushrooming in almost every industry vertical. Every startup faces manifold challenges and there is no definite ladder to making millions. The challenges of a startup vary from raising capital to marketing, handling competition to hiring the right team, having the appropriate office space to finding the right investors, family support and so on.
In the case of most startups, focussing on smart execution is the key no matter how great the idea is. The right execution of a product or service can establish any company in the market and help it reach new heights, regardless of economic factors while a poorly planned product will fail in the best of times.
The role of VCs
Funding is one of the main concerns of a majority of startups. Venture capitalists go through hundreds of proposals before shortlisting and finalising the best-suited ventures. Getting funding completely changes the ballgame of a startup. Catching the right investor’s eye not only requires being shrewd but also being honest and transparent about your business goal.
When a startup venture finds its niche market, expansion is the next step. As the demand for the product or services rises, the firm has to adapt to fulfill the requirements of an increasing number of customers. Predicting the right time to scale up is one of the more challenging decisions. Knowing when it will happen and what’s required for it will play a vital role in an emerging business’s success.
In today’s competitive market with big companies making exceptional offers and incentives, hiring quality people who understand the concept of the venture and are equally passionate about working is another challenge that most startups encounter. It a challenging task to assimilate the right workforce who can share the same enthusiasm and passion as the founders. While hiring, people who can multi-task and have strong mental preparedness should be preferred.
Sound marketing strategy
Lack of a good marketing strategy is also one of the issues that hinder a startup’s growth. Marketing of the product or service can help you accelerate the business at a fast pace. Collaborating with an advertising agency or industry experts to decide on the marketing tactics is the correct approach.
Setting realistic goals
Startups should have realistic goals and expectations from their business. There is no shortcut business recipe for success in startups, but ones who sail through the initial glitches are most likely to emerge winners.
The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, please send us an email at elaine[at]e27[dot]co
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