Lets Connect India has mentioned those factors below that can either take your startup to the next level or bury down the ground.
Startup culture is on its heights at present. More than 100 startups launched in the market every month with the motive to improve our lives and enhance our lifestyle. Unfortunately, the success rate is less than 10%. The rest of them either got acquired or shut down because of a variety of issues depending on the different factors like Team, Business Model, Funding, Revenue, etc. Starting up something takes a lot of efforts and there are a lot of critical and minor factors to be checked before starting something. It includes the knowledge of Market, Legal Understanding, Your targeted customers, etc. After studying the various factors involved in any startup irrespective of its audience and type it is, a few points are quite crucial for your startup that can either make your startup or can break it. We have mentioned those factors below that can either take your startup to the next level or bury down the ground.
Your Team Members: The team members of your startup play a significant role in any startup. Most of the startups failed because of the clashes among the core members. These clashes can be there because of any reason, it could either the difference of Business ideologies, or because of the vision, etc. You should make sure that you and your team should share a clear vision and goal for your startup else your startup could turn out as a nightmare for you. Every startup, irrespective of its size, has witnessed the bad and good times but the ones who survived in the market are the unity of their team. Along with this, the members of your team should work as the same energy level in the same direction else the chances of survival in the market is very less.
Coworking office space
Financial Security: Financial security is another major area where startup suffers a lot. Initially, most of the startups are either backed by some angel investors, seed funds or investment of founders. The funds available to them against the business they are trying to build are very less, so the use of money should be done in a smart manner else it could be disastrous for you in the long run. The fixed costs associated with your startup should be minimal as much as you can. It includes rents, interests, etc. With the help of co-working spaces presently, a startup can minimize their fixed costs significantly.
Business Model: Your business model should be unique, It should not be copied, nor it should have any loopholes. Along with this, you should be flexible with your model too depending on the need and demand of the audience. Mostly, startups start with an idea but as time passes they keep on evolving and making changes in themselves depending upon the need of their customers. Along with this, you should be entirely convinced with your business model and the product or services you are offering to persuade others like the investors, prospective clients, etc.