Hello and welcome to Pick My Story, your source of getting the news about new startup ideas. In today’s blog, we are going to ask you a very crucial question. Any young entrepreneur worth his or her salt will find this question a bit daunting & perhaps slightly unsettling as well. And the question is, does your startup have even 10 years to live?
Why are we asking you this question?
It is not like we doubt your capabilities or the startup idea you have. We are not even saying that it will fair for sure. However, for the sake of the argument let’s take a look at the reason:
The Rudimentary Issue:
In terms of the numbers, India is still world’s 3rd largest startup ecosystem preceded by the US & the UK. That being said, we can’t deny the raising stagnation which we can now notice in the country’s entrepreneurial ecosystem. Sure, India as a country is still growing in every which direction we can fathom, but the fact that 90% of the startups fail within 1st five years is still unnerving. According to surveys conducted by the IBM Institute for Business Value, which was in collaboration with Oxford Economics, by the way, states that most of the Indian startups fail due to the lack of pioneering innovation. We all know that the breakneck speed of technology is transforming the way we exist on a daily basis. So the world which is so used to innovations changing lives, how can something stagnant fly at all?
Okay! So what should my startup do now?
Is the question which we are here to answer! In our opinion, startups are like a system. A system which some or the other innovator invents in order to solve a problem. If the startup manages to solve the problem, then with a proper plan, execution & foresight it gradually turns into a business. On the other hand, if it fails to address those issues for, then it becomes a lesson for others. Just a look at TinyOwl, Local Banya, Ask Me or other 25 failed startups in India and you will know what we mean.
But since you are here, chances are you already know the definition of a startup. The reason why we are reminding you that is to pull your attention towards the operative word, ‘system’. A system cannot work if it is not well-designed. It won’t work if it is weak or being operated by someone who does not have enough knowledge. There can be 20 different reasons for startups to fail, literally! However, the crux of all those reasons is the failure of the system.
Is there any anti-failure system for Startups?
Well, of course, there are fail-safes for every system. But we are firm believers in the saying, ‘Prevention is better than the cure’. Instead of wasting your efforts in looking for fail-safes, do the 4 things listed below. They will definitely help you in preserving your business idea & turn it into a sustainable business, which is much better than losing all your hopes-n-dreams if your startup crumbles. Take a look:
1. Always keep a watch on what’s going on:
The business world is like a very busy street! A street which is filled with big trucks, buses, vendors, cars, bikes, potholes & every other thing which you will find on any Indian street. Things move very fast with constantly evolving technology & shifting economies. In times like these, it is always and we can’t stress it enough, always keep a tab on what is going on with the rest of the world. Evaluate the best sources of information about your field, keep an eye on conferences, organisations, websites, publications or anything that has the best and most insightful information for you. Getting into the habit of doing so helps you in collecting things which are good for your business.
2. Keep your Startup healthy:
It is always advisable to get at least two medical checkups a year in order to stay healthy. More importantly, the checkup helps you in detecting if there is any problem. You do the same with you car, house, bank accounts and the list goes on. Do the same with your startup as well. Twice a year or more often if you can, conduct a full track-back of your startup. See when & where you bled, check if any process is consuming more resources than it should. You can read more on how to keep your startup healthy in one of our previous blogs.
Yes, we know! Growing your business is the most obvious thing to do, right? While that is absolutely true, we are not talking about increasing your business. It is necessary, but it will not happen till you as an entrepreneur grow. In order to stay relevant and marketable, you need to keep finding ways to stretch your skills. Realizing that the burden of driving & expanding your startup is on you is a very important aspect which every young entrepreneur must confront. Acquire resources & habits which will help you in improving your strategic, analytical & operational skills.
4 .Write Down Everything:
Not in a notebook with a pen, but yeah! You must start getting into the habit of documenting every progress, failure, expansion, cut-offs, strategy, etc. Logging all these aspects will help you in keeping a track of how you have existed so far. The literature you’ll maintain will act as a mirror to your past & show you all the things you may have done right or wrong. It gives you a heads up to ensure that you won’t get hit again or how to squeeze an opportunity!
The base objective of Pick My Story is to help the startup ecosystem flourish & provide the entrepreneurs with every kind of guidance they may need. So you can believe it when we say that we definitely do not want you to fail in your quest of starting a small business. Adhering to that, we will keep bringing you tips, insights, news and a lot more. All you have to do is to stay tuned with us. The easiest way to do so is to check out our Twitter, where you can follow us as well.
So stay tuned for some more content & follow us on Twitter to join us in our discussions. We will be back soon with an interesting story of an Indian startup, which is all set to make strides in the Indian startup zone!
Hint- its mind blowing!
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