The startup scene has never been as exciting as it is today. The opportunities are endless, the realities limitless and there is room for many to play in this space. Bangalore, NCR, Mumbai, Chennai, are the top cities that have been producing startups with alarming alacrity on the great Indian entrepreneurial scene among other fast emerging tier-1 cities. Along with startups, the unicorns, the ones who made it big, and the ones who got lost in the cacophony, the breed of business consultants for startupshas also been growing with alarming alacrity.
Innovation drives us today, it is the order of the day. Disruptive technology and likewise business models is talisman for expansion and exponential growth in today’s day and age.
Over 90% of startups fail. Almost over 50% of startups do not last beyond one year. 8 out of 10 startups kick start through their savings.
Simple facts on the surface about startups are pretty interesting, they are relating to the overall dynamics of the scene and tells us how just unpredictable are the times we live in today. They are:
1. Over 90% of all startups fail.
2. More than 50 % of startups pack up their bags within a year.
3. 8 out of 10 startups begin through their savings.
The fundraising scene has improved but it’s not what it should have been by now because many players beginning in this business still do not have access to the investors, or are unable to spot opportunities to pitch their idea in the right forum to get funded. So there are quite a few challenges that a startup undergoes, right from their initiation to their eventual expansion and way before they get to the success bandwagon.
Even in the face of the multitude of problems, that startups collectively have to face and overcome in their individual capacities, our country is and will remain abuzz with ‘startups’ for quite some time to come. Thanks must be given to the Government of India’s initiative in bringing about a sharp and special focus to the Indian startup industry, that keeps hustling and bustling despite the challenges and complexities. Recognizing that this industry needs to be cultivated to driveit to become a tour de force, it is heartening to see policy initiatives being run by the Government of India which supports startups in India. Today the younger generation is ready to fail forward and is
Ready to take risks with the help of business consultants for startups, which has been a spectacular change and the hallmark in the outlook of the present brigade of risk-taking all-staking entrepreneurs compared to the risk-averse previous generation.
How can startup leverage to make their mark and be successful?
There are a lot of factors which determine the success or failure of a startup and some of the aspects are given below, which you can work and fine tune upon with the help and insights of business consultants for startups worth their salt.
Validation: The product market needs to be validated thoroughly before you begin developing products, services and generating the demand for their product or service.When you are trying to capture new frontiers, or come up with disruptive technology that is going to exponentially change the startup sphere, then the validation process has to be different and not just the meticulous research which your business consultant for startups is going to do for you, but understanding the pain points or gain aspects for any consumer.
Mentoring is the process which follows and it should be effective enough in order for startups to increase their success ratio.There are many accelerators, but it is rare to find a combination with also an effective mentoring guidance for the startups, hence the role of business consultant for startups here becomes imperative and obvious. Some investors receive a lot of ideas every week, and even after shortlisting, meticulous research, the startup they end up investing in doesn’t give them the desired results.
So, though the kick of investing in an idea which might become the next Unicorn , runs with the high risk of turning counter-productive and ending in a disaster.It involves a lot of risk for the startup founder, or an investor, thebusiness consultant for startups on the pay-roll (who has his reputation and scope of future business engagements on the line) but the market remains very exciting and the successful startups continue inspiring new startups on the scene.
Creating a niche – Often ignored by startups, it is as important if not more as the two above mentioned topics. It can also be termed the ‘branding effect’. Brand is not what you think you are, but what others perceive about you. Like Leo Tolstoy once said the greatest test of a novel is how it is received, the same applies to brands too. So many great pieces of literature have gone away in oblivion, while ridiculous cringe-worthy pieces have become bestsellers. Branding remains important and it starts from your identity, like the logo, the website, the collaterals, your presence online, social media, etc. All have to be in a single thread so that what you speak and what you standby should be the same, and is understood in the same spirit in the way it is said.
Creating a differentiator is also imperative and that is what most startups grapple with. Startups need to understand that in order to win a race one need not necessarily be several lengths ahead, but just neck, long neck, short neck or nose ahead sometimes. Many startups tend to lose out on a lot time creating a big differentiator and miss out on precious time which can be used somewhere else. Time lost can be a bigger opportunity lost, the opportunity costs are mind-boggling in today’s day and age, hence the focus need to be things which require the most amount of attention and here a business consultant for startups can help you kill all distractions and stay on track with razor-sharp focus.
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