The Success for Startup
Suman R
Co-Founder & Director of Business Strategy,
Eos Software Systems
Eos Software Systems
Identifying an opportunity and making that opportunity count are the game changers. Be flexible to change direction without losing the core ideals.
2 : Strong founding team
This is the most important. It is our biggest strength. Building a strong founding team with complementary skill sets and similar work ethics will take the startup to the next level. The founding team should have similar beliefs about the startup purpose and road map. In addition, they should be flexible to understand that the “startup purpose, roadmap and defined roles“ will change throughout the life of the company.
3 : Bootstrapping is hard
Yes it is, but not impossible. You don't have to wait to have an ‘X’ amount to start. It is definitely possible to start with a 2 member team and a single project. However, growing this bigger will be a huge challenge.
Initially, we built a small but a very efficient team with good experienced technical minds and executed small profitable projects. The profits were then used to build a cash reserve, used to grow the company.
4 : Niche Areas
Your technical skills and excellence in execution, efficiency should be your niche areas initially. Realistically speaking, founders are required to implement the projects. Down the line when the team gets bigger, niche areas of the company evolves further.
Based on the current trends, the niche should be re-looked, re-defined and focused on. In conclusion, based on our experience, the key to dos are - Have skill sets to lead from the front, Create an environment and culture to be highly efficient and build a team that is technically better than you, Set challenging goals and Be flexible to change direction when an opportunity knocks. This will ensure that the customer will get a product beyond his expectations.
Businesses evolve over time and not having everything identified at the start should not discourage/postpone you from starting off. Ultimately, "If you want it enough, you will find a way to get it".
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Reader's comments(3)
1:
I would like to add one thing that to setup an successful business you need to have colleague with different skill set. So that a perfect result comes with such chemistry. Like I started an venture Click Here
Posted by:Rajendra M - 22 Feb, 2012
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.All you choose to do is have online.
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Posted by:allen lennyhelgren John - 27 Jan, 2012
3:
Great article. In fact when we started i-CRG Labs (www.icrglabs.com) we had similar situation.
I love to be part of my dream startup.
I love to be part of my dream startup.
Posted by:Damodar Puthiya - 20 Nov, 2011
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