Startup Success Mantra

If you have a great business idea but little knowledge about where and how to launch your Startup, do attend the STARTUP BOOTCAMP WEBINAR being held on 16th January, 2021 from 10 AM.

Business Coach Puneet Mathur talks about essential elements for startups.

‘Funding’ refers to the money required to start and run a business. There are multiple sources of funding available for startups. However, the source of funding should typically match the stage of operations of the startup. It is important that every entrepreneur is clear about why they are raising funds. A detailed financial and business plan is necessary before entrepreneurs approach investors for funding.

Goals and objectives are set for any individual or team to ensure that the Organization meets its goals. A KPI is a quantifiable metric that measures how well and Organization is achieving its stated goals and objectives.It is critical that individual KPIs are linked to Organizational KPIs. As the old saying goes – “What gets measured gets done !”

A startup can ‘go under’ for a variety of reasons. And usually, founders will point fingers at each other, attribute it to forces outside of their control, or just blame bad luck. The examples in the article should provide an inexpensive lesson to startups and entrepreneurs, about the different ways in which a business can fail, if adequate care is not given to all of the above aspects of business.

Almost all professionally, run organizations have a clearly articulated Performance Management System (PMS). There is no reason why a family business should not have one. A common practice that should be avoided at all costs, is discussing business on the dining table, or discussing family matters at work. At the office, every family member has to be treated as a co-worker. Personal relationships, equations and emotions have to be left behind at home.

The Startup management team often believes in increasing the customer count. More customers means more cash flow and faster growth. Even one customer or two, who are satisfied, are brand ambassadors for the Startup. Satisfied customers will provide positive reviews, good references, which will automatically mean newer customers and growth of revenues and market share.

Startups adopt a product centric approach, ‘make the product and launch it and the customer will come’. This approach might work if a Startup is entering an existing category where the product features and market dynamics are known. However, this approach will most likely fail if the Startup decides to launch a new product in a new market, or a new product in a new section of the existing market.

Apart from facing the challenge of building a business from scratch, most startup owners and founders have little or no experience of business. The Startup idea may be great. But as the business takes off, complex problems arise – related to managing the young enterprise, resources and supply chain, and …

Introduction In a bid to hit the market early, many startups move ahead with the first strategy that comes to mind. In the process, they lose out to even second or third movers who have a superior strategy. On common error that startups make is the search for one strategy …