For many of us, start ups conjure up thoughts of a group of genius undergrads and Internet geeks who stumble upon a brilliant idea, making them instant billionaires. Such is the case for the likes of Jobs and Zuckerberg, who are now looked upon as innovators and business moguls.
But what many of us may fail to understand is that start ups go beyond this picture. In fact, creating a brilliant idea and turning it into a reality is riddled with so many challenges and risks that most fail to take off. It could be that they had the right idea but the wrong group of people, or that their product is simply not “sellable”.
No matter the case, growing a start up business is not just about luck but is also about skill, strategies, and support. Here we break down the most important elements that can ensure your success.
1. The “Bright” Idea
All start ups need to begin with an idea. It doesn’t have to be an original one, but it has to be something that can get the public’s attention. In reality, the most successful entrepreneurs today take inspiration from something that already exists but can still be enhanced or improved. Google mail, for instance, took yahoo’s mail design as a springboard and added fresher ideas such as Google Docs to edge out its competition. This, in essence, is what start ups are all about – taking an old idea and giving it a fresh makeover.
Although most start ups are founded on older technology, it is important to note that innovation is what will transform your business idea from trivial to radical. Openness and willingness to take on new challenges are important qualities that can help make your business a success. By using out of the box thinking, you can easily make your product known and appreciated by a broader market.
Hiring the right team to back up your idea is a critical ingredient to any start up success. As a rule, go for individuals who share your passion and principles. Wouldn’t you rather hire someone who will stop at nothing to get the job done than someone who spends his time waiting for the clock to strike 5?
The fact is that the people you hire can make the difference between success and failure, which is why you need to pay extra attention to who gets included on your payroll.
At the end of the day, it is all about giving your customers what they want, or making your customers want what you have. Let’s face it, a bad product can lead to an early demise, while a good one will prosper despite the odds. Facebook, for example, had no marketing campaign, but because it is a fresh and exciting product, people took notice and the rest is history.
Although there is no guarantee when it comes to start ups, having the right combination of these elements will help push you in the right direction.