Nothing is better than working for yourself. When you are working on what you love and getting rewarded, the satisfaction it gives is tremendous. Startup is a newly started company with two or three entrepreneurs. In the innovation system and economies worldwide, startups have become an essential element. It is very important to analyze what steps to be taken to make a startup successful, and how to succeed? Most of the startups become successful if they take care of product-market fit. Product-market fit is a degree of understanding that the product has a strong demand in the market. To succeed as a startup, most of them have to fail several times. To fight against all these failures, the startups begin to jump from one idea to another.
There are many examples around the world who developed their startups to great success. An example from a real-time world comes to my mind; two youths were rejected by Yahoo and Facebook have created a successful company WhatsApp which is used all around the world widely.
Great startup ideas
A tricky task is coming up with good startup ideas. The ideas listed below are the ideas for your ideas to develop your mind to think about what brings more profit to your business.
• Manufacture a product that is 100% original. You can develop an idea from an existing idea like for example; gaming applications are basically created under three criteria .i.e. platform, core mechanics, and theme. Change either one of the criteria and come with a new idea.
• You can take the idea from the technical shifts happening around for the past six months and create an application that solves the problem.
• Take idea in such a way that it doesn’t look like a new idea in the beginning. Such ideas have lee market compared to other applications. So these ideas have more chances of taking a powerful amount of share in the market.
• Great companies like Facebook, Instagram, slack will definitely have a problem. Find that problem and start solving it at the same, time think about how this application will create new opportunities.
Also Read: 5 reasons why start ups fail?
How to develop a successful startup?
Starting your own business is a challenging task. You have first to start building your online reputation; increase your sales, literature review, to know about the knowledgeable actors in the ecosystem, and full analysis of data. It has many parameters to be taken care of before starting a business. There are totally eight predictors on startup success,
1. University ranking
2. Number of founders
3. Time dedication
4. Team size
5. Data orientation
7. Societal relevance
8. Employee incentives
Based on these eight predictors, there are three models built that bringing the business total funding, employees, and revenue growth.
• First model
The five factors that give rise to total funding of your business are University ranking, time dedication, team size, societal relevance, and employee incentives.
• Second model
The four factors that a business having more than ten employees must depend on the number of founders, data orientation, pivoting, and employee incentives.
• Third model
The two fundamental factors that a business having a significant annual growth must depend on time dedication and employee incentives.
We have listed the three main strategies below to overcome the failures that a business faces.
1. Be confident
Don’t ever think that you have failed as a person; the rejected ones are your ideas and business. Overcome from that failure start thinking of new ideas.
2. Ignore negativity
Better avoid people who spread negativity and de-motivate you. Talk with the people who have faced failures and have overcome their shortcomings.
3. Master plan
Best way to overcome failure is to correct your mistakes and come with a plan better than your current failure.