By prioritizing planning, mentorship, innovation, customer acquisition, and early public relations, you can increase your chances of thriving in the competitive business landscape.

By Atul Garg

Startup being the new lingo today has been the buzz word everywhere. Today Need of the hour is to create, develop, encourage & empower more employers rather than employees.

Importance of Planning

India has the third largest number of startups globally. The best way to improve your odds of success is to move carefully in starting a business. Do so, and you can join the league of successful businesses and entrepreneurship. The most essential step is to begin with a plan. Not all home businesses need an official business plan, but every owner must spend some time planning. Before you decide to test your waters, sit down and determine how much money you need to invest and where do you have to invest first. All nettlesome details like basic marketing plan, business plan & first five year strategy have to be intact. A fair record of short term and long term goals have to be checked on a daily basis. Mentoring and guidance of budding entrepreneurs by experienced professionals/experts replenishes the missing elements in a budding entrepreneur.

The Role of Mentorship

A wise mentor helps you think through a business idea, suggests ways to generate that startup capital and provides the experience that a budding entrepreneur lacks. You’ll get praise when you deserve it and a heads-up when trouble comes – probably long before you would have noticed it yourself. This becomes one of the major ingredients for success of building strong foundation to scale up.

Importance of Innovation and Differentiation

One of the major aspects is what new innovation & disruption is your startup bringing on the table? Even if you think your business is unique, you need to conduct a competitive market analysis, including products, prices, promotions, advertising and distribution, Also be aware of the outside influences that affect your business. It is very important to know and highlight your USP. Know what makes the difference between you and other. Is it service, price or expertise? Whatever it is, mint and bank upon that very basic USP.

Customer Acquisition Strategies

In the beginning of your venture, the freebies and the referral concept really play a very important role. Focus immensely on customer delight. Word of mouth is the best way to grow your business. Ask your gratified clients for referrals, offer free and special consultations to new referral. Get your name out to build your brand. Go to industry events- conferences, association meetings and seminars. Go to events in client industries; socialize and network as much as you can. Also, along with your marketing plan; focus on Public Relations.

The Importance of Early Public Relations

Often people think that Public Relation is a function that a company conducts once it is 2-3 years old. That’s a big misconception which has to be corrected. If your startup is innovative, disruptive and brings great value to the table; the media will readily like to cover you or write about something new. At the end, news is something new.