9 keys for a successful Start-up

9 keys for a successful Start-up

Posted by P. Charitha on December 29th 2016

Here is what various start-up experts and founders from India and around the world have to say about successful start-ups. These are pointers aree based from their own personal experience when they launched and ran successful companies.
 
  1. Timing: The American investor and serial entrepreneur, Bill Gross in a TED talk, argues that ‘timing’ is the single biggest reason why startups succeed.
  2. Problem Solving: Eric Ries, the pioneer of lean startup movement talks about the success of a startup in terms of addressing the pain points of customers. He says, “Success is not delivering a feature, it is learning how to solve the customer’s problem”. 
  3. User experience:  Evan Williams, the co-founder of Twitter, says, “User experience is everything in a great start-up. It always has been, but it's still undervalued and under-Invested in. If you don't know user-centered design, study it. Hire people who know it. Obsess over it. Live and breathe it. Get your whole company on board”.
  4. Growth: Paul Graham, the co-founder of Y Combinator, a start-up accelerator, in his blog post strongly emphasizes that the only essential thing in a start-up is growth. Everything else associated with start-ups follows from growth. 
  5. Scale:Kunal Bahl, the co-founder of Snapdeal advises to march towards success by keeping the scale of your start-up in the mind – think big, but take one day at a time.
  6. Capital: Sachin and Binny Bansal of Flipkart attribute success to fundraising skills. They say, “The core of any business is to earn money. You have not done your job well until you find a stranger who is willing to open his/her wallet to give you money for the services/product you are offering”.
  7. Right People: The management guru and researcher, Jim Collins, in his book ‘Good to Great: Why Some Companies Make The Leap…And Others Don’t” says that a start-up will eventually succeed if the right people are seated in the right seats of the bus.
  8. Niche Market: Ritesh Agarwal, the CEO of Oyo Rooms, believes that it is extremely important to build something that 100 people absolutely love, not something that 1000 people would just kind of like. That’s what would bring success.
  9. Repeat Customers: Aron Schoenfeld, the CEO of Do It In Person, an online event platform, believes that the real proof of success lies in customers who come back. It indicates that your product or services is something they like and want to use.
By now, you must have understood that there is no single key to make a start-up successful. It all depends on the nature of your business, vision, passion, confidence and a combination of all factors listed above. But, what matters is that your start-up should be in a constant state of evolution.(Taken from the Startup-buzz.com whitepaper)

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