Capital is a condition for starting-up. But start-up success seldom depends on only capital. It’s complex. Globally start-up failure rate is almost 90% (cue in: Globally nearly 90% startup business fails. Only 10 out of 100 sustain at last. What leads this 10% startup to success?). Number of parameters are responsible for a start-up success.
However, with the rise of micro-entrepreneurship many launching & success factors has been changed fundamentally. Now people are capable of starting with a minimum capital ($100 start-up). Moreover, internet and digital media has made the starting-up easier for the people with passion for starting their own business. But the rate of failure on rise. Then what to do?
Start-up success primarily depends on two ingredients. They are:
Here goes explanation.
1. The right product: The days of “ build and they will come” has long gone. Now you are not allowed to produce anything if you want to survive instead you have to produce something people want to buy. Many people fail because they can’t create something people want to buy. Creating something people want is not a hard game you can do it in several ways. Here are few options:
• Launch a new service (Example: bKash, Guava Juice, Packaged Jhal Muri etc)
• Provide superior service in sectors where other players are under performing
2. Find people who are excited about your product: Everybody will not buy your product, some people will. Find them. For success you need to reach to right people who want to buy your product, who want to pay for your product.
If you want to start your own business, explore and understand what right product you can offer to your right people/buyer. Creating right product for the right people is the key to start-up success.