About Four Important Things Every Startup needs to be Successful.
Four Important Things Every Startup Needs to be Successful: There are four components to which startup founders and entrepreneurs should pay attention. These include market acquisition, human resources, intellectual property, and effective capital management.
Four Important Things Every Startup Needs to be Successful in Business.
Due to its rapidly growing young population, it will reap the benefits of an agile, innovative, and increasingly digital economy. In addition to this population growth, startups play a central role in economic development and will continue to do so.
Working- age group is projected to reach 70% of the total population by 2030.
East Ventures Partner Melisa Irene shared at Makassar Startup Weekend in March 2020 that startups in the new economy need to think about value creation to support sustainability.
“Products and services should have a positive and lasting impact on society,” said Melisa. “However, since startups also need to consider a healthy economy, they need to ensure that the solution they develop also has a huge addressable market and can be delivered to the right consumers.”
Melisa further pointed out that startup founders must have a profit-oriented mindset, although profit may not be realized in the early days of operations.
Learned from Successful Startups
There are four modules that startup founders and entrepreneurs should pay attention to. These include market acquisition, human resources, intellectual property, and effective capital management.
Market Acquisition
A unicorn like Tokopedia can score high because of its size. Tokopedia makes it easy to start a business, and these companies can serve millions of consumers despite their geographical location.
While every startup aspires to be on the scale of Tokopedia, that’s statistically impossible. Hundreds of companies will work to win over consumers, but only a handful will prevail — those are the companies that can dominate market share.
“The market decides the direction of the company. So we need to understand consumers and serve them well to become a market leader,” said Melisa.
Human Resources
There is a gap between job supply and demand, which has led to difficulties in recruiting talent.
“If our goal is to develop a market leader, we need solid human resources or great talent to drive growth,” said Melisa.
“Recruitment should not only be based on talent, but also common goals and values. When people have similar goals and values, they incline to stay longer and do better,” Melisa said.
Intellectual Property
As most startups offer technology-based solutions, their properties are no longer physical but in the form of intellectual property. Capital gives a company a competitive advantage in the market. Therefore, it is essential to keep innovating to be successful.
Capital Efficiency
The three components above are long-term investments that can only bring results in the future. VCs play a massive role in providing startups with capital to gain market share, hire talent, and build the right solutions. Capital secures and sustains the business.
“Every business model requires a different amount of funding; every founder has a different style of capital management,” said Melisa.
What sets great founder apart is their ability to manage their capital effectively; H. their ability to deliver outstanding performance at a lower cost.
The 4 Stages of Startups
We’ve all heard of unique ideas, ranging from startups in garages to huge successful companies. However, for most persons, this is not the normal process. In startup businesses, new and unique things that aren’t seen or heard happen daily. So how can a passionate person gain momentum with a fantastic idea?
Our services, online bookkeeping, and accounting Software companies have helped many startups focus less on accounting and more on turning their ideas into a successful business. Plus, there’s a life cycle that most ideas go done to become a business: from a simple thought to the realization of the next big thing.
Understanding your current situation in the business lifecycle can help you stay fast of the curve as you anticipate potential challenges and obstacles at each stage. Most startups go through these four basic steps when striving for success:
- Idea,
- Start
- Growth
- Maturity
Conclusion
Four important things every startup needs to be successful; while it’s hard to imagine all the difficulties and struggles a startup faces, it’s essential to consider how much you can learn from each attempt.
Knowing the challenges upfront can provide a blueprint for overcoming common hurdles and successfully progressing through each phase of the startup lifecycle, but you won’t do it alone. Working with experienced consultants, venture capitalists, the actual service provider, and other vital partners is the key to success.
