Disclaimer: This Article is updated by Yusra Qasim.
In today’s world, technology is one of the core ingredients for a successful start-up, though not the only one. Many Start-up Founders agree to the facts that are there are other things to be taken care of other than technology. Many start-ups don’t succeed because their business models fail or they lack administrative support or customer support systems etc. Here are 6 key ingredients that every Start-up Founder should keep in mind plus a bonus ingredient in the end.
Deadly sins that startups commit and YOU should avoid.
1. Explore the Business Side
Even if you are running a high-tech start-up, you must know and explore the business side of the start-up. As much as they over-lap, one needs to treat each individually to be able to attain the best possible results. Read more
2. Watch YOUR competitors
Keep yourself updated in your ecosystem and watch your competitors as they will be constantly coming with revisions in their business model and strategies to keep in the game. Especially with e-commerce models emerging very rapidly, it’s important that you always stay on top of the latest development.
3. Study YOUR customers well
Study your customers well because customer preferences change with time, especially when strategy is changed by your competitor. For example take the Taxi industry Careem & Uber after launching in Pakistan reshaped customer service for the taxi industry according to the market. Both had to make several other changes to adjust with the local market and environment.
Why is building a brand important for your startup?
4. Leaders are as good as their words
A Great Leader is important for a Start-up. Leaders know how to take things and are jack of all trades. More importantly, a great leader must be able to create vision. For example, Founders of COWLAR and Markhor have the ability to lead disruptive innovation. Click for more
5. Team building
You need a committed team who are on the same mission as you. For a high-tech business, a management team is needed. It’s unlikely for one person to handle management, human resources, finances and production. You need professionals to head each of these important departments. Moreover, experienced resource should be there to oversee your company’s operation and show respect for their professionalism.
6. Legal regulations
Follow laws, rules and regulations of the SECP, FBR and other government authorities to avoid any problems as the business grows.
Know more about the legal services startups require.
BONUS Ingredient
An entrepreneur must have financial knowledge, worldview and Language proficiency
Entrepreneurs should develop a worldview; they should familiarize themselves with basic financial knowledge with respect to IPO. This will help them communicate with investors without problems when they make a pitch to get funding. Also, they need to work on their Language proficiency. If a CEO has trouble getting his point across, he won’t be able to get people to invest in his business venture.
Get top advice from the Mentors of Pakistan Startup Cup.
