How Can We Safeguard Start-ups from Failure?
Quoting Sources from U.S. Dept. of Commerce, Bureau of the Census and other relevant sources information listed on the website of caycon leads to an interesting observation that half of all start-ups fail within their first five years.
So the actual numbers could be much more if we consider those that are not covered in this analysis as well.
Let us look at some situations here to safeguard start-ups so that they don't burnout.
#Before you start you needs to make sure that you are ready to launch(From all possible angles).
Start-ups are ideally places where very passionate people (often youngsters) join together to execute something immensely interesting and meaningful from their point of view.
Generally speaking most of the start-ups I know stems from the lateral thinking of the brilliant minds resulting in out of the box solutions.
A wrong move or a wrong timing would result in disaster. Recovering from such a wrong move might need a herculean effort to make it alright later.
Launching should be ideally in tune with the changing external environment so that it is done in the most favorable condition possible.Agree that external environment is something which is not in our hand but at the same time a bit of vision coupled with proper planning and other suitable measures taken would guide the start-ups to reach the goal without getting hurt and thrown out.
"Sooner or later, disaster will strike. A disciplined approach to identifying and mitigating risks can help you beat the odds. Will you be ready"?
#Start by doing what’s necessary, then what’s possible; and suddenly you are doing the impossible!
While the start up entrepreneurs with high energy and full of life are daring to take risks, I think it is also important to be realistic in this particular case.
What is important is establishing successfully by starting with what you can manage well. While I have come across some very successful start-ups, I have also seen unfortunately some burnouts due to misfortune and lack of support by the experienced hands. Sad that they could have been steered clear of the risky areas if someone would have guided them appropriately.
It is a pain to see sometimes such brilliant minds getting into impasse and getting out without being able to fulfill what they stood for. The agony that would result for each and everyone associated with such a great thought process when the very execution of the same fails is something unimaginable.
#Getting the right contacts and connections
Mind you, contacts developed over a period of time are the real gold mines. In a seamlessly fused virtual world getting new contacts is not a problem. But engaging them and taking them to a level where you are comfortable to ask for help in a mutually beneficial manner takes time.
A good balance between real and virtual contacts paves the way for taking things forward positively by spreading your net wide and far possible.
#Please remember, A quick jump in enhancing operations would act as a counterproductive measure unless you are well prepared for that.
Go slow initially and when you are geared up, branch out and spread in the best possible manner.
#The bigger players would have sufficient funds and other such resources to spread out in the manner they visualize(exceptions included!) .
They might even have experts on the board to guide them through, but that seldom is the case with several start-ups where the financial constrain exists due to various reasons.
#By the time the start-ups are up and ready for capitalizing on the market demands they realize that they are also fighting for a slice of the cake in a fiercely competitive market probably dominated by bigger players having sufficient resources (both in terms of manpower as well as financial power to make it worse!)....
But this should never put you all down as by strategically positioning your competitiveness you could gather a share of the market.
Not to forget that in some cases the marketability for certain brilliant ideas need to be explored and identified before kick starting.
#Whatever would have been the USP's ,wouldn't last very long.
Over a period of time the nature and type of the market would have changed, the requirement would have undergone some changes and even several other external forces would have changed forcing you to update and upgrade.
The big question is how we are going to adopt the new technologies and developments happening all around us in the best possible manner so that we are not left out. So Innovate and include some specific advantages whenever possible.
#Research well to come out with something more meaningful so that you don't have to struggle to sell your products/services though you still need to market it wisely.
...Try to take control of favorable elements while planning to defeat the uncertainties in the best possible manner.
"Perseverance is the hard work you do after you get tired of doing the hard work you already did"
Thanks for reading. [#Author's note ..."Why would you ever want this?Why to safeguard"?...Well, I thought I should add the answer to this very important question right here and share with you all. Very critical question .Here is my take on this question....While the entrepreneurs with high energy and full of life are daring to take risks, I think it is also our duty to correctly guide them from own experiences so that they are able to minimize the risks to the extent possible.
I have been, more and more in touch with the start-ups since the time I have become a consultant.Prior to that I have worked for close to 21+ years in various roles in different geographical regions and verticals.I have been lucky enough to interact with many such during my earlier period of those 21+ years in the industry as a regular employee and always been fascinated with the ideas and values these start-ups bring with them. Always enjoyed talking to them and liked them for their infectious enthusiasm and never say die spirit. This is something to learn for everyone.
So it was a natural process for me to start interacting with more and more such entities since the time I became a consultant.While I continue to support them wholeheartedly I have also seen unfortunately some burnouts due to misfortune and lack of support by the experienced hands. Sad that they could have been steered clear of the risky areas if someone would have guided them.
I remember requesting one of the 20+ young graduate who was very aggressively going about to establish a business without establishing the proper back end processes and systems in place by just getting into execution and working backwards. I had tough time to convince him to go slow till the mechanism is put in position and I am glad that eventually he listened and agreed to go by step by step.
It is a pleasure to watch them grow in that manner rather than getting into trouble.Also! a pain to see sometimes such brilliant minds getting into impasse and getting out without being able to fulfill what they stood for. The agony that would result for each and everyone associated with such a great thought process when the very execution of the same fails is something unimaginable.)
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