How to be on toes with the ever-changing Start-up world!
Start-ups, a new kind of business that is becoming popular day by day in this modern society. This dynamic world of start-ups demands you to be on your toes if you desire to be successful. We’ve gathered a few points that’ll keep you plugged into this ever-changing world. Here you go:
1. Bottomline of any start-up is growth.
The most defining feature of the modern start-up is that they are deeply concerned with achieving certain goals in stipulated time. They desire to acquire most of their target market. And these goals are expected to be achieved within the given budget and time frame. It’s a fast-paced environment where you need to put a lot of work in creating a sustainable economic model while figuring out your capital requirement to launch your product and intelligently pricing your product to succeed.
2. Targeting the large Markets
Targeting large markets or relatively small markets where there is a lot of demand from consumers for a solution to urgent problems are key to success in the start-up world. While doing this timing is a very crucial component. Targeting the right market size at the right time will shape the future of your start-up.
3. Operating under conditions of uncertainty
Start-up work structure is fast-paced and dynamic. When they launch an innovative product, it is mostly novel to market and it runs on a business model that’s completely new and is yet to be proven. There is a risk in terms of finance and in some cases inexperienced founders who might not have the ability to understand the complexity of start-ups. The reason why start-ups have been able to achieve success in today’s ever-changing world is because of their ability to change, to adapt to the market and accepting new ways of doing things.
4. Using marketing as a tool to create a unique brand image
Customers in the mainstream market generally care about established brands and security. They do not buy new things unless people are recommending them. Early adopters on the other that don’t care if your brand is unheard of. They are attracted to your product because of its uniqueness and novelty. So, whenever you’re designing, launching, and marketing your product keep in this in mind as it’ll take your brand a very long way.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.