Long gone are the days when the fastest growing companies only existed in Silicon Valley, Austin or Boulder.
Around the globe, we are beginning to witness a swift transformation of startups into high-growing companies.
Alone in the United States, different business startups are emerging that are covering a number of sectors such as retail, healthcare, entertainment, and education.
These companies are utilizing the power of technology to solve problems and hence are crafting an innovative range of products & services.
It’s not hard to find a dozen entrepreneurs in a district or state of United States who have established eminent startups. Startup owners act as entrepreneurial leaders, innovators, and job-makers.
But what about the firms that too started in the startup race with an objective of reaching on top, but failed to do so?
This is the same reason that bothered our minds since the introduction of startups. So, today we are going to discuss the important aspects of any startup and why does it matter?
Idea is everything NOT!
When we first started discussing startups, one thing that came up unanimously was an idea.
It is the idea, that decides whether a startup is going to succeed or not. We all used to think that idea is the biggest treasure of startup. Most of the young beginners who are dreaming of jumping into the sea of startups might also agree with us.
But eventually, it is evident that other aspects such as workforce, execution, adaptability, and similar also plays a vital role.
A famous quote by legendary boxer Mike Tyson goes like this “Everybody has a plan until they get punched in the face”. This quote fits ideally for the business world.
It is up to the level of team execution your workforce shows, decides, how easily you are adapting to the situation where a customer punches your expectation right away.
In a business world, the only true & harsh reality is the customer. So, an idea is just not enough for a startup to matter in eyes of customers.
It is the team and the way your workforce is implementing the strategies decides whether your business will flourish or not.
It is highly important for your startup that what sort of business model you are going to choose.
As a brand owner, if you are choosing a B2C model, you must be ready for a swift transformation and be flexible enough. B2C is related to what is trending in the market.
Market size of a B2C market is comparatively much bigger and is affected by the swiftly changing tendencies.
B2B, on the other hand, is a tough model to start your dream business with. But, most serious and competent startup founders always consider this as a relevant topic to discuss.
In a B2B business, the product requires being extremely good. Also, the team of your B2B business needs to be highly competent. The marketing professionals require being qualified and well-versed with the latest happenings in the industry.
A B2B business cannot see success without the presence of highly professional and experienced marketers. It is a firmly relationship-driven business model.
Companies that have been working as a B2B player focus to work with the most eminent names in the market by pulling them as customers.
We agree that B2B business model requires extremely stringent work and matured professionalism, but we also agree that if the things are done as they are supposed to, higher pricing always lead to higher revenue.
As a startup owner, you require money for your business to flourish. VCs or Venture Capitalists always look for the companies that can turn their investments into profit.
Make sure to select that business model, which you believe in, which is conformed to your idea and can be executed as per your product’s potential.
Being an owner, your utmost focus should be on the fact that what is important for your startup. Never ever should you feel scared to change your course in case you feel you are not headed in the right direction!
In the initial stages of any startup, a business owner is generally busy in building the firm, finding customers, and making the business stable.
In these times, as a business owner, you would have to deal with negative cash flows. It means you are paying more and making less).
In today’s era, entrepreneurs are more interested in making money than making a product that generates revenue. This addiction of money is sometimes too lethal and halts the growth rate of a startup.
It is advisable to all startup owners that primary objective should be set to make an innovative & unique product, which can create a lot of value to the customers.
So, funding is important, but the ‘Why’ of funding is more important. Channel all your ideas, gather a proficient team and make sure to craft an outstanding product, which will automatically pull funding at your door.
Any startup that deviates from the objective of making a kick-ass product and shifts its focus to please an investor is surely looking for a downfall.
So, as a brand owner, as a customer, or as an expert, always remember that it might feel amazing when funding is raised, but it is not the main reason why you have made the product.
It is extremely important to never lose sight of that.
But why should you care about Startups?
So, now we come straight to our point of focus for discussion. Why does it matter?
In the United States of America, starting a business is an inclusive and relevant part of nation’s dream. Feeling of entrepreneurship inspires everyone from a middle manager in a company to a soon-to-be college graduate and everyone in between.
Approximately 28 million small businesses exist in the United States and a majority of these are sole proprietorship i.e. no payrolls or employees exist.
Around 23 million small businesses fall into this category. What about the remaining 5 million?
They fall in 3 different segments:
- Local Business: These kinds of businesses serve consumers and other local firms.
- Suppliers: B2B
- High Growth: Companies that grow phenomenally and are innovation-driven.
Astonishingly, these 5 million businesses are responsible for crafting most of the jobs. These businesses also signify a highly profitable audience (that makes the purchase) for B2B marketers.
Small business segment: Dream big
It has never happened before that a team of 3 or 4 guys starting a small business could think big as in most powerful brand in the world. Never before last 4 decades.
Because 4 decades back, our world has witnessed a number of startups boom in the United States that basically laid the foundation of Silicon Valley.
Some of the major inventions and introduction of startups that changed the scenario of ways in doing business and running a company are mentioned below:
- It was the year of 1970’71 that a toddler startup firm named as ‘Intel’ introduced the world to the first ever microprocessor “The Intel 4004”. It was a big deal for 3 year old Intel. If Bob Noyce and Gordon Moore had not dreamt to change the world, Intel would never be in the position it is now.
- On the other side of the technology sector, a proficient programmer of AT&T Bell Laboratories creates a magical computer language, named as ‘C Programming Language’. This C programming language became the dominant choice for application designing and system programming.
- In 1972, Atari Inc, a new company first time ever introduced the first commercially hit computer game; Pong. Atari Inc, later on, launched Atari 2600 in the year 1977.
- It is being debatable yet many of the experts still believe that Altair was not the world’s first personal computer. Yet, it was the first the capture such attention. Named after a Star Trek episode, Altair witnessed a sale of 2000 product that year after it was launched on the cover story of a popular electronic magazine.
- In the April of 1977, Apple Computer now known as Apple Inc launched the Apple II series and became the supplier of first range of personal computer world has ever witnessed. It was the likes of Steve Wozniak and Steve Jobs that Apple has been an inspiring example of what a couple of college dropouts working in garage can actually do!
It always seems like a fairy tale that someone with no resource or no wealthy family background can actually build a company of billion dollars.
But it happened, and all in a good shadow of the entrepreneurship. This is what startup does to the existing generation and coming ones.
It gives a ray of hope for the people, who have knowledge but does not know what to and how-to of starting a business.
Past entrepreneurs have constantly been digging on the path of uncertainty, risk, and failures. But they never stopped!
In today’s times, when there are so many startups in the industry, it becomes sometimes hard to find inspiration to take the first step.
People mentioned above have actually given us more than one reason to take the leap of faith.
Evolution of so many startups enhances the economy of a nation as a number of job opportunities come along with it.
Seeing how the United States have been leveraging on Silicon Valley, which did not exist before 1970’s clearly depicts why startups actually matter.
Although we have only discussed the technology related startups and their inventions, there has been a considerate amount of increase in startups that are not in tech-related-industry and still making a difference.
Some of the startups have been able to create a different name for themselves, owing to their renewable zeal to provide solutions to the people.
This zeal of problem-solving is the core reason why startups are booming in this decade. Experts also refer this decade as a golden one for the entrepreneurs and startups.
Startups are extremely required today, equally as much as in developing nations as in developed countries.
It keeps the thought process of people intact & innovative. This startup culture also strengthens the economy of a nation, streamline its tech-related work, and most importantly inspire millions of future entrepreneurs.
You might agree with us or disagree, but you cannot deny the mere fact that startup evolution truly signifies the advancement in the thought process of people of a country.
And this advancement is very essential. For everything!
Keep Thinking 🙂