Routes to Accelerate Start- Up Growth
Date: Tuesday , January 26, 2016
Start ups offer a vast pool of opportunities, innovation and potential. As recent as a few years, the rise of creative and ambitious entrepreneurs has progressively shaped the Indian start up landscape. Today, India ranks third among the global startup ecosystems with more than 4,200 new-age companies, according to recent report released by NASSCOM.
Such positive insights and government\'s new initiatives like the \'Start-Up India, Stand- Up India\' to promote the startup culture have encouraged passionate individuals to embrace the entrepreneurial spirit. Today\'s youth have overcome the fear of failure and is efficiently poised to exercise individual skills and destiny in the world of startups. However, starting a new business is often fraught with many high-stake risks. To overcome such risks and achieve success against all odds, it is critical to identify important routes to business growth and lay effective strategies. Few of the right methodologies to fuel startup growth are mentioned below:
Partnership; Selecting a Co-Founder
Since time immemorial, people have formed partnerships. A partnership leverages people to ambitiously co-ordinate, who intend to work towards one goal. Today, even before you start exercising a great idea, it is crucial to first select a co- founder who can contribute to spur organisational growth and accelerate business from a micro to macro level. Incorporating a new brain in a business helps to undertake quick decisions and execute ideas at a fair speed. Moreover, partnership with like- minded people eliminates the fear and struggle to compete against each other, encouraging to work with a consistently positive approach. Selecting such partner in business today is the single biggest decision one must undertake in a startup.
Co-Founders should possess complimentary skills and heighten respect for each other to survive and flourish in today\'s competitive environment. Respect for an individual is one quality that has the potential to strongly hold the company during difficult times.
It is imperative to attract customers to initiate a business. However, to accomplish a complete customer lifecycle, an entrepreneur should also focus on acquiring and retaining a customer. Loyal customers are more likely to spread good words in the market, encouraging many to join your business. Today, to build large clientele, it is important to satisfy and get references from existing customers.
Currently, entrepreneurs study customer behaviour and lay strategies to achieve their satisfaction. Many businesses have access to certain data and analytics to examine customer behaviour, namely SAAS. Others who do not have access to such customer -centric information, need to discover routes to innovative techniques and methodologies which would help them to work smarter than big corporate giants. One such method is to effectively formulate a board of selective customers who can provide feedback on products, leveraging entrepreneurs to customise and enhance services.
A profound partnership and happy customer can empower startup owners to reach a wider set of clients across sectors in a short span of time, elevating business growth. Today, strong partnership and satisfied customers are key drivers to achieve rapid growth in a startup.