Ever imagine why we keep hearing for a new startup almost after every 15 days?
Let me take you five years back when the startup culture started to grow. Everyone in the Silicon Valley came up with different ideas and investors were interested in trying their luck on startup ventures. Every tech geek was experimenting on a new niche and the Silicon Valley was all heated up with the startup chants.
That was the time when some startups had started their operations, including Udacity, Vox Media, Jet, Instacart, Lyft, Snapchat etc. Now all these startups are worth of billions with a mega success stories. It is all since then that this startup culture picked up an exotic pace.
However, there is a long list of failed startups too that no one wants to see or even hear about. But one must realize that every startup may not be successful or successful ones may go down with time. Uber is the latest example of that startup, which succeeded initially but now starts losing billions of dollars in a year.
Here is the amazing secret recipe for all the entrepreneurs who want to know the right ingredients to pour into a successful startup.
Identify an Opportunity
An entrepreneur has to have bird’s-eye view on local and global business scenario. A person who is looking to make it big with startups should opportunities as well as problems.
The very first ingredient and the basic idea of a successful startup is to identify the problems faced by common people. These people are in masses, so you can easily research and analyze a specific problem.
Be it Uber, AirBnB, and Hyperloop; their founders identified issues and converted them into opportunities. You can decide yourself where they stand now!
Believing Your Solutions
Now that you have identified your direction to walk. You should discover how the problems get solved with a highly-effective manner using technology and innovation.
Let's take the example of Uber, a ride hailing service. This startup provides a simple ride sharing solution to the complex problem of travelling. Uber transformed the travelling industry with innovative use of technology.
This is all you have to do! Come up with a solution and implement it in the masses and see the results yourself.
Set Distinctive Goals
Your goals should be distinctive from others! Goals that are easily achievable aren't for any good as they are likely to be common. You should aim high and set the target by eying the global market.
Let me give you an example of Airbnb, an online platform for all the hospitality services. Their goal was as hard as breathing out in space. No one ever thought of renting out apartments and hotel rooms on a website. But now, everyone looks up to this startup when they want to get stay on their vacation.
This is the power of setting up distinctive goals for your startup. You will either change your way or will end up changing the world.
Collaborate to Expand
Name a successful startup that is run by a single founder. Finding it too difficult to recall? Well, there are really few examples and the reason is simple: teamwork achieves the dream work.
You must collaborate with every relatable source of your industry to expand your startup’s scope, services and operations. Co-founders are the best examples of collaboration as they work together in the same direction to achieve difficult tasks collectively.
Collaboration brings up creativity and this very essence of collective creativity brings up ideas to work more effectively. Lyft, Uber, Hyperloop and every other immensely successful startup had more than one co-founders at its back and this is the power of collaboration.
It's never a fail when you take risks!
You must have heard a quote “there is no gain without risk”. It is perhaps one of those quotes that perfectly fit in the startup culture. A successful businessman mostly plays with risks because of the believe that either he will learn or either he will get succeed.
Making a startup successful is always a two-edged sword. The world with changing technological and economical conditions can put your startup on some serious risks. But, all the successful startups of today that worth of billions are because of risks their founders took in the past.
Grow to Capture
Now comes one of the most crucial part of your startup. Growing is something that you need from start till forever. It's not enough if your startup is flying high and gathering all the limelight. You should always explore the opportunities of expanding your business.
As far as competition is concerned, the entrepreneurial journey is full of competition as every founder plans to grab the top position in the industry. Therefore, the only way to capture the market and to be in the competition is growing your startup’s portfolio.
Let’s take the example of Facebook that bought Whatsapp and Instagram just to grow its portfolio and create monopoly in the social media industry. The result: should I really tell you? :)
Strengthen Your Employees
Last but the most important point of a successful startup. Employees are the asset of every startup. They work for you to expand and achieve your vision, therefore, it is your moral duty to respect and reward them.
As Richard Branson, the founder of the Virgin Group says, “Clients do not come first, employees come first. If you take care of your employees, they will take care of your clients”.
You can reward your employees with surprises in the shape of bonuses, medical facilities, allowances and other benefits. Your positive gesture and kindness towards your employees will boost your workforce morale. As a result, you will eventually end up with good business reports at the end of the year.
Enjoy Your Entrepreneurship
These were the ingredients of a successful startup. So now that you have this secret recipe. What are you waiting for? Start your entrepreneurial journey by following these tips. The best part of this secret recipe is that you are free to share it with your co-founders and friends.
Lastly, the garnishing ingredient in this recipe is from my side that is make sure you choose a Managed Cloud Hosting solution for your startup website. This act will take away all your website related hassle away, so that you can solely focus on your startup without getting into the trouble of website management.