Top 4 Components of Start-up Success
There are several reasons why start-ups fail, out of every three birds that decides to fly, only one soars. Starting can be very difficult. You find yourself lost in too many ideas and tons of uncertainties. You do not want to fail. Every starter wants to succeed, some people decides to fly but eventually lose the strength to keep moving.
We are writing this article to help you identify what you need to do in order to succeed in your about to start-up business idea or probably you have already started but finding it difficult to expand.
1. Accurate Identification of Wants:
There is a huge difference between needs and wants. While need is a state of felt deprivation, wants on the other hand are desires that can be satisfied by consuming a good or a service. Because people cannot have everything they want they must choose some things and give up others.
For instance, Mr. Adams needs food, but wants Fried Rice and not Beans. Most start ups; because they do not accurately identify the wants… They produce what people are not willing and able to buy… Then they crash.
2. Pay Close attention to Detail:
A stone dropped in a pool of water no matter how small can create ripples that spreads and disturbs the peace and stability of the water. If a start up neglects and refuses to pay close attention to indicators, they would most likely crumble. Before an airplane takes off, a routine and thorough check is done with every little details properly analyzed. If not, lives are jeopardized.
3. Optimistic Team:
There are bound to be setbacks and difficult times most certainly, but how does the team members see it? Every set back can either be a reason to fail or to succeed. Carefully select people with optimistic mindset. Pessimism will kill every start up business and lead to discouragement and despair.
4. They Grow:
Take time to analyse or observe anything that grows. The opposition is required for progression and growth. When you capitalized on the opposition strategically, you will progress.
Examine this allegory;
For a boat to move forward on the river, the person who rolls the boat uses the paddle on the opposition wave which ought to drive the boat backwards to move the boat forward.
Conclusion; look before you leap. Be watchful and observant, the business world is very dynamic and constantly changing, you must pick up the pace.