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5 essential elements for startup success

Startup to succeed means achieving the desired aim of an entrepreneur, in order to do that given below are some major points that will help an entrepreneur to find the right path.
BY Akshay Arora
Feature Writer, BusinessEx
Jul 14,2017

Startup success depends on the idea behind startup and also how well an entrepreneur can take decisions to find the right path in difficult times. In India, start-ups are not able to generate profits in the first year of the initiation majorly because of the competition is rising in every sector. Entrepreneurs those who have the confidence, resources and proper guidance can find the success that they have hoped for in a startup.

BusinessEx.com is the best way to find the desired success that every entrepreneur has ever hoped for. It provides the best networking solutions to entrepreneurs by providing investment opportunities, guidance and proper mentorship to take their startup to next level. It helps in connecting with a mentor, investor, lender and incubator of diversified industries as per the needs of the entrepreneur.

An entrepreneur should be updated with the current and the past trends in the industry in order to overcome the challenges and formulate a future plan for startup success. 

EXPERT SPEAKS

Mr Chaitanya V Cotha, Director of CKC Group shared his expertise, “The 5 essential elements to have a startup succeed.”

Timing

A proper market research is a key to a business. Right product at the right time with right strategy helps to grow. The market should be ready to take in the product or services to be provided. A very important thing in this is that your product/services should not be ahead of its time that will not work. It needs to gauge the local market and its people. Uber is so successful in the USA because it came out when there was not enough work for taxi drivers and that was then the market was down as well so it clearly found a way to connect people to the drivers right away. 

The Team

The people behind the company should be competent and have the right background. For me, education is not the factor but the experience they have in the space matters. Execution is key as excels and boardroom talks are great but if the team is not able to get it to live there is no use.  

The Idea

The first thing that triggers my mind before investing is that, does it solve a problem? Is there anyone else in the market doing this?

The Business Model  

A business model must have a right value, an ethos, and the most important thing is innovation. The product/services should be ready to go to the market. These are the clear indication that shows, that the business founders have thought about the business.

Funding

This actually is the least important but helps understand how much the entrepreneurs believe in themselves and their product. Have they put in money - if anyone has put in everything they got it gives me a clear indication of their commitment. 

Conclusion

Isolation rarely leads to success. Everyone needs support from time to time! It is necessary to find people with similar passion and different way of thinking, whether they are mentors, incubators who believes in you and provide you good advice, businessEx.com is a platform that made it possible to find the right networking solutions for your startup. A startup success depends on implementing an idea, finding the right investment, formulating a clear business model, thorough knowledge, understanding of the industry, market research and planning is all it takes.

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