Today, the socio-economic development is fast, and thus the needs of people are also increasing. Increased demand led to the creation and development of many different professions. Since then, a new term “startup” was born. So what is startup? Factors for a successful startup. Let’s find the answer through this article.
What is a startup?
According to Wikipedia, Starting a business (English: startup or start-up) is a term for companies that are in the startup company, it is often used to narrowly refer to technology companies in the startup stage.
Need to differentiate between starting a business and setting up a career (Entrepreneurship). According to Mr. Truong Gia Binh, Chairman of FPT: “One side is Innovative Entrepreneurship, the other understands Entrepreneurship (Entrepreneurship). Setting up a business can also become an extremely large business. When it comes to Startup, it must say to the pinnacle of science and technology, to talk about what the world has never done ”. Many startups start businesses with capital from themselves, or from family and friends. In some cases, crowdfunding is called for. However, most startups have to shorten capital from angel investors (angel investors) and venture capital fund (Venture Capital). A startup is judged by the typical characteristic of technology, even if the product does not rely heavily on technology, the startup needs to apply technology to achieve its business goals.
Reference: 80 start-up business idea less effective capital
Factors for a successful startup
1. Core values
The first thing that helps you shape the core of your company is your values. You can shape your value with speed or exceptional customer service. Those core values can help you shape the company’s culture and work environment.
A strong growth company stems from a big enough vision. Why do you exist? What is your purpose? What kind of business do you want your business to be in the future? Answering these questions will help you know what your company’s vision is. Vision is the core foundation of a start-up company.
The company’s mission is the answer to the questions of the company’s purpose of operation, why its establishment and the basis of existence and development of the company are. The company’s mission is also the company’s declaration to society, expressing the meaning of the company’s existence to society.
In essence, the company’s mission, the business focuses on clarifying an important issue: “What is the purpose of the company’s business?”. The range of mission statements made by all companies is often related to the products, services, markets, customers, and business philosophies pursued by the company.
Thus, the mission shows the existence meaning of an organization, what the company wants to be, the customers who want to serve, the ways in which they operate, …
4. Product or service
In the increasingly competitive market today, companies that want to develop need to assert the position of their products and services. A great product or service is needed to win over customers, to dominate today’s market. And to build a great product or service, startups need to have advanced technology and focus. Companies and enterprises that have products and services and apply advanced science and technology to their business activities will tend to win.
5. The message is clear
Every business needs to build a message including messages and images to convey to their customers who you are, what you do, your product / service will help customers what they should care about. Especially, if you are a startup, it is extremely important that you clarify who you are, what you are and how your new customers understand your business, products and services.
This not only helps you keep the people around you really interested, but also helps you gain customer trust and attract more potential customers.
6. Skills to explore and research the market
One of the key elements of startups is having the skills to explore and research the market. Market research helps startups keep informed about the areas in which the company is active. Besides, this research also helps you just starting a business to grasp current and future trends to create a detailed business plan for yourself.
7. Finance and budget management skills
Newcomers need to pay attention to financial and budget management skills to ensure that revenue and expenditure becomes more transparent and easy. At first, you will see your expenses are much higher than your receipts because you need to invest a lot in facilities, tools, supplies, … in the beginning.
Therefore, entrepreneurs need to plan for themselves a detailed revenue and expenditure plan to both save budget and be reasonable in the business development of the company.
8. Skills in planning and building strategies
Business owners, companies that have been in business for many years, as well as startups who have just started a business need to plan their business and formulate their strategy. Only when there is a complete and detailed business plan, can the business be unified, it is easier to determine the direction of the company in the future.
9. Human resource management skills
A startup needs to focus on HR management to divide the tasks and jobs for employees so that they can complete the job excellently. Assigning tasks to employees effectively will help business owners achieve the balance between effective management and efficiency of completing everyone’s work.
10. Effort – never give up
The way to start a business is always full of thorns and challenges, so you must keep a constant fighting spirit and effort. Think of ways to help your company grow and overcome difficulties for future growth. Can fail but never give up, it is the spirit that any startup must practice to reach success.
11. Excellent social skills
Anyone starting a business should expand their relationships with people who are important and at a high level (high in position in your industry or high in the amount of investment they can offer you). Take advantage of your existing network infrastructure and look for opportunities to connect with powerful people in your work. Either way, try to form new relationships and nurture existing values to grow your business.