creativehublk-blog

[creativehublk-blog]

WHAT MAKES START-UPS SUCCESSFUL?

Building a startup is a bit like building a relationship. When something feels really difficult — you’re trying to make it work, but you just can’t — it’s a sign something is wrong.

In a relationship, this usually means the person isn’t right for you. In a startup, any number of things could be keeping you from success.

It’s tough, I know. Yet once the right fit falls into place, what you thought was hard suddenly becomes easy. There are still bumps in the road, but as your momentum builds, you begin to see the light at the end of the tunnel — success!

Unfortunately, that never lasts for too long. In fact, as you grow, you have to continuously redefine success if you want to keep developing and scaling your business.

This is how to think about achievement as your startup grows:

A Strong Team

Forming the right core team is absolutely crucial to any successful startup simply because even if you have exceptional entrepreneurship qualities, it’s rare to accomplish great success alone. Having a strong core team is important to ensure the best execution of the company’s vision. It is the team that breaks down the company’s vision into short-term goals and fulfills them to pave the road to success.

The quality of the core team i.e. their attitude, aptitude, knowledge, competence and skills, directly influence the speed at which a startup achieves its growth milestones. A good team brings synergy to the combined effort of the people and maintains motivation for better results across all levels of the business.

Business Model

A strong business model is imperative to gain the attention of investors and stand out in the crowd. The business models of top performing startups, such as Practo, clearly reflect their vision and signify the value their business will generate for customers while ensuring profit making. For a startup, a business model focuses on designing a process for the organization to consistently deliver value promises and make way for its growth.

Ideally, a business model is always in complete alignment with the current market trends and play a definitive role in creating growth platforms that align with the company’s vision. With a good business plan, an entrepreneur maps the company’s future course of action, along with sources required to achieve the goals.

Capital Analyzation

Along with the early stages of funding, working capital plays an equally important role in a startup success. Even if finding initial fund capital difficult, opening a line of credit is always a possibility. Any startup without sufficient capital will flounder under the weight of its own debt, and obtaining adequate funding will need a strong business plan. The solvency of the founders, the amount of seed money required, cash flow expected, and expansion plans need to be carefully analyzed to ensure the smooth flow of business operations.

Irrespective of how careful you are, there’s always a chance that you may run into problems. For example, a social media post may go horribly wrong or a marketing effort might go haywire. Such problems can be small hiccups for big organizations, but for a startup, they can be game changers. How you respond to a crisis as a team is crucial to the future of the company. The way a crisis situation is addressed is crucial in deciding the future course of action. Even one poorly treated problem can put your company under fire. Therefore, startups have to be ready with an effective response plan for any unforeseen circumstance.

Marketing

In the modern-age, the approach of building a product and then testing it is outdated. Many startup founders who come from a non-marketing background often believe that marketing is all about advertising and spending huge amounts of money in product promotion. The truth is that marketing for a startup starts from the root level, where it is used to test the idea and gather initial information to determine whether or not the product idea is a success with the customers.

Marketing is the essence of every business venture, big or small, because it allows customers to truly engage with the product. With the advent of digital media, marketing has become extremely cost-effective and, therefore, is an indispensable factor in a startup’s success.

Implementation

Any business plan is as valuable as its ability to be executed. Even a well-researched plan, if not properly executed, can compromise the existence of the business. When a business plan is executed well with the help of a strong team, it offers a steady platform of the growth for the startup.

Execution is the final test of an idea and all the hard work that has gone behind growing it from the seed level. Only when a plan is successfully implemented can the startup dream of becoming a successful venture. It requires constant hard work, staying updated with market trends, progressive product testing, and strong financial support to execute the plan correctly.

From putting the idea on paper to implementing its execution, every stage of the business is interdependent. Even if a single stage is poorly managed, it can weaken entire chain. It is important to remember that a startup does not run merely on a great idea. It requires the constant support of a skilled team and the correct functioning of each factor to successfully nurture and develop it.

Visit our website at www.creativehub.lk to know how we at CreativeHub can help you grow your start-up successful. We do web design, web development, software development, ERP solutions, 3D Virtual Walkthroughs and Digital Marketing & more!

[creativehublk-blog]

WHAT ARE THE TOP EMERGING TECHNOLOGIES WITHIN THE NEXT 10 YEARS?

Thinking about the future is always exciting. Will there be flying cars? Will we be time traveling? Will we inhabit other planets? These questions always bring wonder to us and technology is evolving very rapidly at the moment, driven by a convergence of trends in energy, transportation & space technology. Here’s what we expect we will see in 10 years:

Fusion Power:

MIT claims that we’ll have fusion power by 2030, and MIT has just recently found a way to increase the output of fusion reactions 10x by doping the fuel mixture with Helium.

Commercial Spaceflight:

Not for people, but we will probably see private space missions flying cargo on such a frequent basis that it won’t surprise anyone. We believe there’s already a healthy satellite launch industry in commercial spaceflight: in ten years we may even see NASA completely abandon or private its launch centers to take advantage of the lower costs of the private space sector.

True Anti-Aging Medicine:

Advances in medicine driven by technology and increased demand from an aging boomer generation are driving research into dozens of promising avenues for reducing, maybe even stopping human aging. A good example was Dr. Elizabeth Parrish lengthening her Telomeres using a retroviral delivery system back in 2016.

Electric Self-Driving Vehicles:

These are here today, but they will be more of a standard by 2027. It will take a long time for them to penetrate the market, but ten years from now we expect you will see many more of them on the roads.

Virtual Assistants Everywhere:

Siri, Google Assistant, and Microsoft Cortana have brought voice-recognition virtual assistants to the masses. In the next 10 years, we’ll see massive improvements in how they’re able to interact with people, what they’re able to do for you, and where you can use them (tabletop home & office devices like Alexa should become very common).

Crytocurrency Is The Next PayPal:

It took a long time for people to really feel comfortable using PayPal alongside their traditional credit/debit cards - the same is happening with crypto. In 10 years it will be common to be able to purchase anything online with it, and we may even see it in more offline POS systems.

Web-Libraries Evolve: Javascript & remotely-loaded web-resources will evolve to become standardized and centralized web-libraries, much like Google fonts. Where this is going is to a truly distributed web-application environment where standardized javascript libraries are authored, updated & distributed like the standard runtime libraries in today’s desktop applications.

Web-Apps Interconnect:

This is already here with Zapier, and it will grow to the point of being able to move data from any application to any application. We will also see better two-way communication between these & better logic in API questions - leading to better app to app communication.

Desktop Apps Start Disappearing:

The trend for the last several years has been that new startups develop web-apps. In tens years, only processing-intensive apps like gaming, Adobe CC, video editing, etc will be on the desktop. Everything else will be web-first with desktop fallback. Another ten years after that desktop fallback will be gone. Android & IOS hastened this trend by teaching the industry to develop desktop apps as “web-apps in a desktop wrapper”.

Yes, the future is exciting and if we don’t blow it by continuing to destroy things through environmental degradation, war and social conflict, and hopefully we can look forward to an exciting future soon.