10 most important mantras to startup founders from Odisha as how they can prevent their startup from going to fail.
One of the buzz words of the 21st century is “start-up.” There is a mad rush to create start-ups by individuals who have a dream of doing something on their own without being dictated by that evil boss who always gives orders and looks for your pound of flesh all the time.
“90% of start-ups fail. Only 10% of the start-ups able to survive this race.”
Even though most of the start-up’s founders are fully aware of this big failure ratio still try their luck out in this race and get eliminated in due course of time after spending a considerable amount of time, efforts and money.
Does the question arise why the hell so many are people failing? Is there a way out to create a successful and profitable start-up and earn a decent living out of it for the rest of the life?
The good thing is that there are solutions which are available for people who are willing to learn new things and are focused on achieving a specific goal.
Now let’s come to the main topic i.e., what it takes for a start-up founder from Odisha to overcome all odds and become a successful start-up.
The definition of success will always vary, but we will take it as a thumb rule that a successful start-up is an entity which is able to generate revenue for a sustained period of time by solving a particular problem faced by the customers and is also able to provide values to its promoters, investors and finally the end customers on a long period of time.
Now come to the other aspect i.e., a start-up from Odisha, this term itself carries significant importance because Odisha is one of the states which have always lagged in terms of development and entrepreneurship as compared to some other states in India.
A lot of people from Odisha are usually looking for greener pastures in life opt for shifting to some other states to find job opportunities.
Sometimes back, it was kind of taboo for an educated student in Odisha to venture into something related to entrepreneurship.
The stakes are high for a start-up founder from Odisha if he wants to become a successful start-up founder because of the various social and other developmental issues connected with the state.
Let’s jump into the ten most essential mantras which they should practice during their journey as a start-up founder, which can prevent their start-ups from going to fail.
#1 Create a market need
When founders start gunning for numbers by choosing quantity over quality than the primary purpose of creating a start-up fails, it’s very easy to keep working on a problem which sounds interesting rather than working on a model which acts as a tool to serve market needs.
#2 Use your fund judiciously
Most of the start-ups fail because they think they have run out of cash and they couldn’t invest much on their products or services due to fund crunches.
Respecting the absolute truth that Money and Time will never stay for an infinite period and it’s wise to act judiciously on both.
#3 Create the right team
The principle of unity in diversity is the key to success in a start-up success story. Different team members with different skills level with the humbleness to understand each other’s shortcomings and strengths and finally working on a common goal as a cohesive unit is one of the primary factors which all the successful teams have.
Understanding the most significant fact of life that all humans are not equal and they do have some limitations will allow gelling as a unit.
#4 Be prepared for the competitors
In a world of constantly changing, there are fresh minds and fresh ideas which can easily get validation from the market, and it can wipe out the old warriors with a push of a button.
Remaining attentive to the market and the various other innovations are done by the new players should always be closely observed, and it should act as a catalyst to constantly doing improvisation of own self is very important.
Becoming a keen observer without being obsessive and getting ready to fight the odd war is the virtue of a true warrior.
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# 5 Getting the price right for the product
In a competitive world where each company coming up with innovative pricing structures by offering huge discounts to lure the customers is the usual norm, one shouldn’t get carried away by it and should focus on a right pricing model of the products/services by taking into various aspects of the cost involved with it.
The pricing strategy of a start-up can make or break the company.
Calculating the price of the hard work behind the creation of the products and adding up high-quality customer satisfaction with excellent service will earn profitability.
# 6 Build user-friendly products
There are users, not customers, Products, and services will always be consumed. The one thing start-up founders must remember is that when they are building products or services, it should be very user-friendly, full of simplicity without much complexity.
The ability to eliminate the unnecessary so that the necessary to speak is art must be followed.
“Simplicity is the ultimate sophistication”— Leonardo da Vinci
Building a Simple user interface which is easy to use, out of clutter find simplicity, from discord, find symphony, in the middle of difficulty lies the opportunity.
# 7 Build a business model
Always quantify the value of your solution in the target segment. Make sure that your product or service solves the problem.
Test your different channels and support strategy. Communicate with industry experts and investors. Plan and execute a pilot or local rollout. Build a robust Business model and stick to it.
Start-ups having a robust Business model and always sticking to the model have more chances of getting success as compared to start-ups who don’t have a proper business model.
The Business model should be built upon your strength areas rather than copying it from some other person or organization.
Staying true to yourself and believing in your ability and working over it consistently is the best business model.
# 8 Focus more on marketing & promotion
Identifying your target audience is the first step in building a successful marketing campaign, the second step is how to generate attention from your audience, and the third step is how to convert them into customers.
These three steps are the foundation of any marketing strategy. Start-ups having more focus on these areas will ultimately succeed.
“It’s not business to consumer; it’s not business to business; it’s people to people.”
Keeping in mind simple the fact that marketing, in general, is not all about the mass audience, it’s much more about communication to niche-targeted viewers will help your start-up grow
# 9 Pay attention to your customers
Customer is always the king, without listening to the voice of its customers; no organization has ever been able to build a successful business.
Always listen to the feedback which you get from customers through various channels and finally communicate with them to solve their issues.
Improving customer support channels to make sure your customer doesn’t feel he is dealing with a ghost is one of the essential basics for a start-up to survive.
“Just having satisfied customers isn’t good enough anymore. If you want a booming business, you have to create raving fans.”
Building different support channels for the customer to interact with your start-up is the key to your success
# 10 Don’t Lose your focus
Its very easy to create an illusionary world by building imaginary false hopes. The truth is by living constantly in a state of delusion it takes away your efficiency and it creates mediocrity inside you.
To remain fully aware, you have to live in the here and now. In a world where there is an overflow of information’s, and there is a lack of clarity on what is true and what is false.
It’s challenging to hold on to a point and focus for a more extended period; it’s a distracted generation with all information getting bombarded from all possible digital mediums.
It’s better to use digital mediums rather than getting used by it. You can do it if you set your priorities for your start-up in an orderly manner.
“You can’t depend on your eyes when your imagination is out of focus”….. Mark Twain
Without losing focus by keeping in mind about the larger objective which you want to achieve should be the single focal point of your whole journey
