Every startup makes some rookie mistakes which they regret later on when they have to shut down the startup. Most of the startups in India are unable to reach the second stage of business lifecycle but that doesnt mean that they dont have the potential. To stand out as a consumer startup an essential part is to know the target audience and how to approach them.
If you are planning to start or already a startup then it is essential that you do research on how you can be exceptional and climb the stairs to success. The first thing that you should know is every business is doing great if they have happy customers and also support from investors. To stand out as a startup heres all you need to know.
Unique selling price is the strong force that drives a business to success. To stand out in this competitive environment it is essential to stay focused on your own idea. As it is seen that many entrepreneurs try to initiate by replicating to any new idea comes in the market but only 5per cent of startups actually find the success that they hoped. For Instance, Flipkart initiated its services in India then Snapdeal and many more startups entered into this space but only a few big ones actually found success. Even Snapdeal did great in the beginning but recently it was thriving to get back in the game.
Its time to build your network that will help you to reach your destination. Creating your own network doesnt mean that you just talk anyone to join with your idea. You need to be more practical on those lines like if you really want to build a network then start socializing and you will find creative minds, investors, suppliers, mentors, incubators all around your space that can actually help your business. BusinessEx is the best place to create your network.
Once you have made your mark in the industry its time to build a reputation. The most you can do to build a good reputation for your business is deliver your side of service on time whether it is supplier, customer, broker, etc. You can also try to connect with your competitors to do a fair business which will benefit both of them and even can take each other support for mutual growth.
The best option to stand out as an entrepreneur is to learn from others mistakes and share ideas. It is alleged that many startups fail because of their wrong approach and the way they do business. So be different try to find out solutions on how you can avoid making mistakes. The best answer is to have an experienced mentor with you to guide your startup at all the big decisions. Also, share ideas and knowledge with experienced players of the industry.
Focus on your customer needs and try to solve an existing problem that they are facing. If a business solves a particular problem of the consumer then it is obvious that demand will always stay in the market.
A startup needs to be proactive on what is going in the industry, economy, social media, etc to stand out among others. To follow up latest trends and take decisions accordingly is the key to growth. Also be more active on social media and put more focus on marketing so that you can be acknowledged in the industry.
Besides all the above-mentioned tips this is a bit different one, in this approach you need to highlight how your startup is contributing to society. It is noticed that big firms and customers to focus on what startup is contributing to the economy. With this, you can target your customers, investors and also get government support.