“Work hard in silence, let your success be your noise” is something which keeps on motivating us, and on the same time it also pushes over the edge. Success doesn’t happen overnight, it requires hard work, dedication, skill and zeal to make it a success. But at times, it doesn’t work the way we want.
People generally misinterpret the term ‘Startup’ as a normal business which anyone can start, which is totally wrong. To establish a strong business one should ponder on its business plan and have some basic knowledge of running a business, by focusing on its future loss instead of profits.
It’s not about working on an idea, but putting that idea into motion. To start a startup, a strong business plan and a business location is a must, then financing it and developing a strong legal structure for your business.
Here is the list of some eye-opening startups which you don’t want to end up like:-
A startup initiated by Shashank Kumar Singhal, who was the mobile product head for India’s first bus ticketing website (RedBus), started this Food startup. The Google India MD, The Amazon India country manager, The FreeCharge CEO, and the founders of CommonFloor, TaxiForSure, and Yo China were the finest investors. This startup had to shut down within a year of its launch due to lack of funding.
A startup by IIT and IIM alumni to make a directory of CV’s to help companies to find the best tech talent in India. Even though after acquiring their Bangalore based rival ‘OptimizedBits’ to boost their analytical capabilities. They ended up within a year with this cryptic missive: “We helped a lot of companies hire for some of the best tech
Logistics is another booming sector in India; players like Flipkart are the well funded in this market. These types of business are in the hype. Similarly, a Bangalore based B2B startup TownRush was not able to survive during the time of its struggle, as their employees vandalized the office when the company was not able to pay the salaries for three months. Later on, Grocery delivery startup ‘Grofers,’ admitted that they were
Conclusion: The above mentioned startups have one thing in common, they failed to study the market need and were not able to cope up with the changing environment.
“struggle for existence and survival of the fittest” is what makes the difference.
The following are the key points that one should take care of.
- Make an inimitable business plan that is hard to break yet easy to develop. A small idea can bring major changes.
- Study the market well, look for its need in terms of monetary.
- Finance it well or look for stable investor.
- Make a value out of your brand.
Failing to full fill the basic needs of a business will stifle as a closer.