“There was an idea…. To bring together, a group of remarkable people, see if they could become something more.” – Nick Fury, Avengers.
Startups are newly established businesses. They may pursue a green sector or a new idea which was previously left unexplored, like Amazon or SpaceX or something already built and even traditional like the agriculture sector. These days, the idea of Startups is closely linked to innovation and business.
The Stages of a Startup
A successful startup passes through a multitude of stages before it grows into an enterprise. From the inception of the idea to establishing itself as a significant player in its sector, the growth is a step by step process which when carried out in the right way, becomes a full-fledged business enterprise.
Everything starts with the right idea. For a startup company, this idea is the concept behind their product morphed into something that is useful and sellable. No matter how strong the concept behind the product is, it cannot sell unless it is applied to suit the needs of the consumer.
On the other end of the spectrum is the investors. The idea has to be pitched in a way that they are ready to invest in it. To do that, the product must prove to be innovative and useful, something they would buy. The selling points and marketing strategies are essential here, and they all connect to the final product just as much as the concept. Therefore, the idea, which is what links the concept to the product, must have to be perfect. This is of utmost importance to the company.
Once you find the right idea that connects your concepts and your results to make a suitable product, the next item is the viability of the product. You should ensure that your services are efficient, punctual, and consistent if you want to grow.
The Dual Nature of Staying Relevant
The goal here is to continually update your knowledge, your product as well as your strategies to ensure that the most recent issues and needs have been addressed and to stay without being washed away in the current. Simultaneously, you also have to ensure that your product or company do not deviate from the required standards or goals too much, as to not be out of touch with your initial customer populous.
This is a juggling of sorts, to expand your customer base and venture into new territories without losing sight of what lies underneath or losing customers.
Growing and Staying Strong: The Transition
The primary deciding factor which determines if a startup has developed into a full-fledged enterprise is its market presence and customer base. Getting acknowledged by competitors as well as customers is how a startup realizes that it is on its path to be a significant player.
This stage starts when everything is in place. The idea is worked out, and the processes are set in motion to deliver the product and sell it. Marketing Strategies are established to attract the target audience towards the product.
There is no end to this stage. Sustaining the business and continuously growing is the goal and the ideal outcome everyone aims to achieve. The growth and sustaining phases come with their own set of requirements and needs that need to be met.
The Growth Phase
Here, the Startup is growing towards establishing itself as a bankable business. It must be financially secure and resourceful to ensure that it can consistently give the required outputs under pressure from the fluctuating market and competitors. This is the most crucial stage of business as this is where the game begins.
Stage Three: Make it or Break it
By the time a company reaches this particular stage, it already has a steady mode of production and has figured out a market with their customers and target audience. So here, their primary concern is to step up their game and stay ahead of the curve. The market will now start demanding more, and the customers ask them to deliver a better product more efficiently.
This is a pivotal point in deciding the future of the company. Many entrepreneurs feel the pressure at this point and begin to lose hope. They feel the pressure affecting them. That’s one major thing that causes them to break down and give up.
The other problem at this stage is stunting. This is a phase where the company requires change and growth, and this has to go hand in hand with the day to day activities of the company. However, many entrepreneurs feel that these changes might affect the actual working of the company. Therefore, they pause the growth phase to ensure that the company is running correctly. However, this proves to be counterproductive as lack of innovation drives away potential as well as a chunk of existing clientele.
The chances of failing or giving up at this stage are very high. However, the reward is equally huge. Succeeding here would help the company become a force to be reckoned with.
Once the startup company has grown into a full-fledged enterprise, the next thing is staying that way. The key is innovation and constant upgrades. Developing new products or improving older products ensures that the company remains relevant. This is the time when they venture into new fields, lead the innovation in their sector or both.
For example, Amazon expanded to live TV Streaming. And Google has its hands on a large variety of services now. These were Startups once, and they grew into huge franchises, swallowing the complete ecosystem.
In short, the journey from startup to an enterprise is a difficult but fruitful one. The company’s fate will be decided based on the risk appetite and decisions of the entrepreneurs, and their mettle will be put to test. The stakes are high, but so are the rewards.
Are you ready to take the plunge?
TetraNoodle provides technology consulting services in most of the cutting-edge technologies. We offer Fractional CTO Services, where we offer a wide spectrum of Software and Cloud Computing Consulting Services; Business-Technology Consulting, Internet and E-Business Consulting, System Integration, Custom Application Development, training & workshops from global software experts and application re-engineering. With a single-minded focus on bringing success to your product, we work collaboratively with you throughout your product’s lifecycle. Our expertise, experience & skills ensure that your idea or product would be validated, developed, tested & delivered to be an investor and market ready.
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