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Key Factors To Build Your Startup

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In many ways, entrepreneurship is a gamble. Despite following best practices and having a solid business strategy, there’s still an element of risk in how to start startup  company. Whether or not your venture takes off depends on some key variables.

Let’s look at the most important factors for startup success. The below mentioned four factors will greatly influence the successful launch and growth of your startup or company:

1) The Right Team

You may have a great vision, but you’re going to need the right talent to bring to make that a reality. Your core team (including co-founders) and first few hires are especially important since they build the startup’s culture, develop the business, drive innovation, and execute high-level goals.

The Right Team
The Right Team

2) Customer Retention

As an early-stage entrepreneur, you should be tracking how frequently customers use your product/service and their retention status. It is easy to fall into the trap of thinking that customer acquisition equals startup growth. But customer retention is the fundamental aspect that underscores sustainable growth. Therefore, robust startup health goes together with strong customer engagement.

Customer Retention
Customer Retention

3) The Perfect Timing

In products/services where the barrier of entry is low, the timing of the launch is critical. If you enter the market too early, there’s a chance you’ll end up wasting resources waiting for the trends to catch on. If you enter too late, you’ll be left fighting for a foothold in the market space. So, it’s not just the first-mover advantage; it is also the first-mover timing.

The Perfect Timing
The Perfect Timing

4) A Robust Marketing Plan

Positioning your product/service makes a massive difference to business growth. From attractive packaging and showcasing your USP to creating a digital presence to positioning your startup as a thought leader, there’s a lot involved in crafting a marketing plan that appeals to your target audience. Therefore, the marketing strategy should consider customers’ buying decisions and preferences.

A Robust Marketing Plan
A Robust Marketing Plan

To know more about the key factors to build your startup, sign up for Wadhwani National Entrepreneur Network’s (NEN) pro bono courses. You’ll learn to validate your startup idea, develop a business plan, network with other entrepreneurs, and much more. The startup development program provides experiential learning, exposure to mentors and investors, masterclasses, pitch days, etc. These free-of-cost courses are open to students and young professionals who aspire to be startup founders and entrepreneurs.

Apply today:

https://entrepreneur.wfglobal.org/ignite/
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubated having a validated idea to launch a venture)

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If you have a validated idea, then you can apply to the NEN IGNITE program

Are you looking to fine-tune strategy, organization & performance to get seed capital? You can apply to the WE Liftoff program.

If you have a well-developed MVP, a small team and demonstrated customer traction, then check-out your full eligibility for the WE VFT program here.

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If you have a validated idea, then you can apply to the NEN IGNITE program

investment

Are you looking to fine-tune strategy, organization & performance to get seed capital? You can apply to the WE Liftoff program.

Here is what we mean by a Validated Idea:

  • You have identified a ‘customer type’ that you are dealing with.
  • You have identified a problem that is critical for the that customer type
  • You have validated this problem with a ‘sizable’ set of customers so you know that it is a ‘real problem’
  • Your research and customer discussions shows that There is a large enough number of customers that are looking for a solution to this particular problem, and the venture can be financially viable and feasible
  • There are no apparent existing solutions or good enough solutions that are serving your customer type at this time for the problem
  • May have started working on a website/facebook/Instagram page to get customer reactions
  • May have worked on a prototype solution already
  • May have early traction with some customers