In a space that is brimming with ideas and eager minds to put them into action, startups in India find themselves faced with an uphill task from the outset. Many youths have incredible ideas about the things that they would like to see change, their execution of these ideas is lacking, however.
If you decide to bring your idea forward and decide to commercialize it, there are some things that you need to have in mind to take your startup from the next big thing to the real thing that others aspire to.
Unique startup ideas
In order for your startup to make it big, you need to have a new, burning idea. You should be looking to disrupt an industry that already exists, showing the old guard how to do it better in this day and age.
A sharp, new idea will burn through the mediocrity of the already existing lukewarm industry that you are trying to break into.
Once you have zeroed down on the idea you are going to take forward, you should do some market research and see the viability of the product you want to offer. It is a common occurrence among startups in India to rush into production without knowing if their market is ready for their product or is even going to accept it.
You should also identify which specific market you are going to be servicing. Not all products will be accepted by the general public. Identify your customers and work towards pleasing them.
If your product comes out as generic, it will be received with a lukewarm attitude on the market because it caters to no one in particular.
One of the make or break factors in the life of any startup is the compatibility of the co-founders. Who you decide to go into business with determines if you will have smooth sailing or if you will always be at loggerheads.
The perfect co-founder will provide much needed support and will also be a sounding board for some of the rough ideas that you are not ready to share with other employees. If you are veering off course, your co-founder is always at hand to put your back on the right track.
As with relationships, good communication between the team members is vital to the success of startups in India. When you communicate your vision to your employees, it should be in a way that ensures that they grasp every aspect of it. This will ensure that your product espouses every bit of your ideals and vision because the people working on it understand clearly what is expected of them.
A well designed product with the right functionality always speaks for itself. Be it a physical product or a service, you should ensure that it is made to perfectly cater to the problem it is solving for your market base.
Identifying key functionalities
You should also take extra care to see that the key functionalities – the features that set your product apart from others – are in excellent condition so that they do not sow any seed of doubt in your customers.
Pitching your startup ideas
Pitching for financial and business support from investors is a technique that fails many startups in India. They are well versed with their product and its benefits but they cannot translate these into words to convince the investors.
You should be able to deliver a short and precise pitch that leaves the investors positively astounded and ready to write you checks and offer other kinds of support that you require.
Once you have perfected your product, you should roll it out to your customers in a timely manner lest your competitors get into the market before you do. With this one stroke, they will always be known as the pioneers of the product and you just followed.
Never rest on your laurels after the initial release, always evaluate the performance of your product in the market and refine the production techniques so as to always have a top notch product.