People who are in the startup phase of their lives understand the risks of entering the domain. Crushing work pressure, massive self-dependency, uncertainty and hundreds of other factors are just waiting to dog you in your entrepreneurial journey. Nearly 90% of the startups fail! New entrepreneurial business ideas step into the stringent business world, only to be rendered kaput. This is all horrifying, right? However, there is a slim chance of success as well, which the rest of the 10% segment in the startup domain gets. There are predominant factors which contribute to a startup’s success or drive it in to the ground. One of them is Timing! Let’s take a look at how some startups nailed it with a perfect timing.
The ‘Musts’ for startup!
As you must be aware, for a startup to succeed it needs a strong business model, accurate business plan, fool-proof execution strategy and of course, a dynamically awesome marketing strategy. All these factors play their roles in perfectly uplifting a startup, provided that they are applied at the right time. That m
akes timing to be an insanely important factor!
A US $3.3 Billion company, founded by an American Brian Chesky in the year 2008. An online marketplace and hospitality service which enabled people to lease or rent their humble abodes to total strangers. Travelers, city-visitors, students and pretty much anyone whom you haven’t met and has valid credentials & enough money can be your roommate or guest. Mr Chesky had realized that what people needed then was to let strangers stay in their homes in the year 2008. The year being the operative factor here, references to the recession or as it is called, ‘The Great Recession’. This was the year in which the world saw a colossal economic downturn and the global economy took a major hit! People were out of jobs, broke, living in makeshift tents in parking lots, standing with sign-boards on road as shown in the image.
Yes! That happened in the US. Chesky’s idea was to provide cheap accommodation to people when they visit a city. Air BnB came at a time when people needed money and this service enabled them to earn some by sharing their spaces.
Air BnB launched during the depths of the recession of ‘08 and in a period of little of six years they have 3,000,000 lodging listings in 192 countries over the span of a decade almost.
The whole world is on YouTube nowadays. Quite literally! There is nothing which exists in the world and can not be found on YouTube. It is the actual TV of the decade. Do you know how did it start? If you have read our last blog,then you must remember Elon Musk! Well, YouTube sort of came to existence because Musk started PayPal.Three of his employees named Chad Hurley, Jaweb Karim and Steve Chen founded YouTube on 14th February 2005. YouTube however wasn’t the first of its kind as there were earlier attempts made at creating an online entertainment platform. Sadly, they failed! Not because YouTube came up with a revolutionary business model, but because in the year 2005, Adobe Flash solved the Codec problem. Prior to that, people were required to integrate Codec in their browsers, a problem which adobe solved. This pumped up the broadband penetration in the world and as YouTube came, we stepped into a whole new world of media & entertainment.
When’s the right time then?
The ‘Right’ time to launch your start-up depends on how the tides of technology, economy and consumer behavior are flowing. The entrepreneurs must be aware of all the relevant trends and shifts going on in their chosen field of venture. Along with a good idea, well-thought plan and dedicated team you must also understand whether the consumers actually want your product. And more importantly don’t Just plan your Startup, time it!
Let us know your opinion about our opinion and stay tuned for some more content from Pick My Story!
Latest posts by Sumit Mishra (see all)
- 3 Things you need to know before you Upscale your Startup! - July 20, 2017
- Do you have a mentor? Well, look for one. Here’s why! - July 13, 2017
- Dhinchak Pooja + Startups + Content Marketing = Awesome Branding - June 27, 2017