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The Success for Startup

Suman R
Suman R
Co-Founder & Director of Business Strategy, 
Eos Software Systems
When you have decided to explore the world of Entrepreneurship, what are the key to dos? Several management articles and studies indicate that a startup has to have the following : Solid business plan, Good cash reserves/ Investment, Defined Niche areas, Extensive Market research and Identified Competitors. Initially, when we started Eos, a software services company, we were asked "Why start your own company?" as we were planning to leave high paying jobs in the U.S. and start a software company with no great product idea, minimal capital, no investments and no trendy niche areas identified at the start.

We believe that defining everything by the book may help but is not absolutely necessary at the start. It's a tall order to have everything put in place before starting. Example: According to NASSCOM, in the Indian IT Landscape there are more than 3500 Small/Start-ups. For services startup, conducting market research and identifying competitors is not an easy task. Every other services company is a competitor until you set differentiating factors. Having an idea about these things is required but a full-fledged research will consume more time than actually running a business.

Having said the above, we were definitely not aimless, we did have solid goals defined from the start. The most important one is to build a highly effective team, where each person is able to contribute to their potential and can take away a sense of accomplishment at the end of the day. We look forward to work on cool, interesting products using next generation-cutting edge technologies. The above objectives, led us to focus on working as technology partners with product startups. The vision that we work towards is to measure our success on our client’s success.

Startup is a roller-coaster ride, where things get defined and re-defined as it goes along. Having said that, the following are the insights that we have picked up in our ride. Hope it will help someone else to pursue their dream and make an impact.

1 : Solid Business Plan

Startup business plans tend to evolve over time. Initially, a basic business plan / a set of goals are an absolute must but researching only the business plan spending months on end is an overhead. For example, you have created a business plan for an Internet services company with the financials, market trends, competitors etc. However, you were able to breakthrough and get a huge mobile applications project. Will you take it or leave it? In the end, it will depend on whether you can put together a team and pull it off.
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Reader's comments(3)
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