Starting your Startup – Risks to Avoid

No one could ever explain how exciting and empowering it is to create your very own startup.

 

However, despite all the happiness, anticipation and excitement, this can also be a very risky move. Only a quarter of startups are successful when it comes to paying back their investors, and half of it will face a chance of failing in a matter of five years.

 

Technology startups are said to fail the highest at 90%.

 

Having doubts now in pursuing your dream of having your very own business and going back to being an employee for another company?

 

Well don’t lose hope.

 

Even though majority of startups are not that successful, there are still a big portion of the population who succeeded. If you pursue your dreams, your company can be one of them. You just have to be wise in everything you do. Be critical with every step you take and be serious in planning and executing those great ideas of yours.

 

In order for you to have a successful startup business, you should come up with a great idea. It should be an idea in which it can motivate you and the people who will be involved all throughout.

 

Remember that the early stages of each business are the toughest. So always come up with ideas which can help you through the hard times. Majority of positive ideas came from experiences and entrepreneurs’ instinct of survival.

 

In planning on what business to start, it is always a must to consider the range of customers your services or products can cater to. Investors want to venture in businesses that can reach a wide range of customers for an easier return of investment.

 

Given the chance that you already came up with such a brilliant plan, now the rest of your success will be dependent to the team that you will be having. Translating or executing your plans properly is crucial especially when you are just about to start. Be careful in choosing. Always believe in your instincts. The best option here is to get people whom you previously worked with. In this manner, you are already well acquainted with them and also you now have a brief idea on what they are capable of. This will also save you a lot of time and money throughout the whole choosing process.

 

The final stage is the planning stage. You now have your million- dollar idea, a team who is ready to battle, now you have to have the perfect strategy or plan than can help your business stand the test of time. Brainstorming on how to get investors and launching your business to the market is one. But before sending out emails for pledges and joining bazaars and such, you need to have a concrete plan.

 

Answering questions like “who is our target market?” or “how are we going to get profit?” or “what other things we can offer that our competitors doesn’t have?” these can definitely help you drafting out a very clear and reliable plan.

 

Getting to know your customers and your products and services well can definitely entice investors and customers at the same time. Educate your team on taking care of your brand and your customers and the next thing you’ll know, you’re one of the very few who are able to survive in the industry!

 

Next read…Pick the Perfect Startup Partner

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Article contributed by Startup Jobs Asia‘s Team.

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