What it takes to be a successful startup
Just a couple of years ago it was difficult for a guy to get married if he worked for a startup – founders were the worst hit! Fortunately, now Indian startup ecosystem is witnessing a hyper-growth phase. Let me share the Insiders’ Guide to a Successful Startup with you. The year 2014 saw the largest ever Venture Capital infusion in the Indian startup ecosystem with India ranking the fourth largest hub in the world with over 3000+ startups in the country, and the story continues… The feel-good factor shatters when we see the statistics – over 90% of startups, in general, have failed.
There must be some core ingredients that work in favor of successful emerging companies. So, what are the magic ingredients of a successful startup?
People, Process and Product, “The 3Ps”, are the basic necessities of any organization. But more importantly, in my view, there are four important elements that go a long way in building a successful company: Dream, Courage, Energy, and Attitude.
Dream, not of an individual; but rather of a team! It’s the vision that keeps a startup motivated and the synergy of a high-class team towards achieving that dream is the heart of a successful startup.
Courage to accept risks is the backbone. It is this courage that helps to go beyond the normal flow, thread unexplored areas and build something that creates an additional value to the ecosystem. Risks are inherent to the startup, but courage would bridge the gap between a startup and a successful organization. Ability to gauge the yield point of the risk, beyond which recovery in case of failure would be impossible, is also important.
Energy of the team is a lifeline and determines how far and how fast the startup can go. Every Startup has to keep on fueling this energy within the team. Healthy work environment, organized operations, sense of belonging and good management culture act as a catalyst for this energy; without them any startup is bound to fail.
Attitude is the brain of any startup. Humble, nimble, perceptive and foresightful attitude can never let a startup fail. A startup should be humble in relationships, nimble in operations, perceptive of its financial & compliance standing and foresightful of market & ecosystem trends.
Any startup with a good oversight of these magic ingredients can never fail!
Our success is backed by our enthusiastic team