Tips for Startups
Startups are an emerging trend, especially in the digital space. Here are some tips about how to make your startup business a success.
Be ahead of the curve
- A startup is a new business, often with a unique idea or innovation that gives it the potential to grow by leaps and bounds. The most successful may expand to international markets using a unique platform. Technology is often the key as it is integral to the behavior and lifestyles of people today. By contrast, most SMEs rely on human resources, capital, production and marketing systems and once these are in place, e.g. with a shop or small factory, they can instantly be in business.
- Startups need to be ahead of current trends if they are to thrive in the future.
- A good illustration of this is the experience of two high-profile startups: Facebook and YouTube. The founders built the digital platform that brought the online global community into the same network then developed the business to make money from the huge number of users. Other businesses such as Airbnb, a business for sharing accommodation, and Uber, a business for sharing car transportation, use the concept of "sharing”. The founders created business networks that helped customers connect with services provided by individuals. Income is shared between the owner of the platform and the service providers.
The success of the businesses mentioned above is due to the owners anticipating the trends before others and having clear business plans.
Raise funds by tapping into international markets
As mentioned above, a startup is a business that integrates ideas and technology, and which has the potential to grow in leaps and bounds. This fits well with the new generation’s way of thinking and working as they usually love challenges and flexibility. This explains why large corporations wanting innovation in their business often reach out to buy startups. Apart from being bought by a larger company, startups can also pursue different fundraising methods such as crowd sourcing at each stage of business development.
- The first step is Problem Solution Fit, i.e. coming up with business ideas to solve the problem, or pain point of the consumer, before developing a prototype product. The next stage is Product Market, i.e. experimenting with products and services to meet the wishes and needs of the target customers. The third stage is Business Fit, when the startup has become widely known in the market and has the chance to successfully attract funds from various financial sources.
- Unlike SMEs, startups can access both domestic and international funds provided they have a good business platform, reliable business plan, and the capability of expanding on an international scale.
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