This is yet another weekend, and today we want to consider startups. What are startups? There are so many views about the definition of a startup but we can broadly say that a startup is a new business venture or a young company just beginning to develop. It’s a new business aimed at meeting a need, want or problem in the market place through products, services, platforms or processes. Some people however argue that a venture can only be recognised as a startup when new products or services are developed usually under very uncertain environments. They argue that a startup is established to solve a problem where the solution is not obvious and success is not guaranteed. This second idea of startups seems to rule out replicas in business, and yet the business world also freely uses the phrase even for replicas.
This blog is not about the definition of startups. It’s not about the arguments regarding the definition. Rather, it’s about top issues or things that an entrepreneur must know in order to make his or her startup successful. Where the new business venture is principally a replication of an old idea (which some people argue is not a startup), the main focus is simply on execution. However, where the startup relates to new products and services, solving problems whose solutions are not obvious etc., there are usually many more challenges. The critical issues addressed below are relevant to both situations though some relate more to non-replication business ventures. An important aspect of a startup is how to build a sustainable business, and not just the product or the service. This is vital for success.
So, what are the 13 critical things an entrepreneur must know to make a startup successful?
Let me just stop it right here for today. Startups are a challenging and yet very engaging and thrilling environments. The desire to succeed should make an entrepreneur do everything good and possible to ensure that success. The above are 13 critical things an entrepreneur should not miss because they help in ensuring startup success.
With every good wish,
The Wise Entrepreneur