4 Key Success Factors for Startups

Team


Realizing an idea and making it sustainable is a process where the team embraces the idea and performs the best, exposing both the potential of itself and the startup.


While creating a team, the founders should put on an objective perspective, employ team members capable of solving potential problems that may emerge with growth, both today and in the future, consider their common grounds, provide them with an environment where they can have fun at work, and allow them the opportunity of turning their colleagues into friends. Moreover, having colleagues with the shared motivation of saying 'We, not I" is also valuable. In short, how sustainable a startup is up to its team.

Idea

As there's no smoke without fire, there is no startup without an idea as well. Considered rather simple compared to other stages of the entrepreneurship journey, coming up with an idea is the first step. An idea shaped in mind will drive the future steps of a startup. Thus, it should be fully scaled at the beginning, even analytically. So how should you scale, and what should you consider? Those newly introduced to the ecosystem usually fail when they skip developing an idea or designing more efficient marketing methods and establish a startup by coming up with an invention from scratch. However, Google used to rank 8th among search engines. Today, it dominates the industry.


Consulting industry professionals and those launched startups in related fields can also help you scale your idea. That's because getting advice from those who encountered or overcame similar experiences prevents you from making their mistakes, saving you time and money.

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Market

Startups primarily function to solve the products and services needed by society and take speedy actions, accordingly, by leveraging technology most effectively. Well, what if society does not need - soon will not need - your startup idea or the required number of people will prevent your startup from being economically sustainable? Should you still realize your idea? These questions will guide you while measuring the market you will offer your product.


With a certain economic power, startups should be adaptable and sustainable by updating themselves based on varying conditions. Therefore, they should be capable of selling the product presented to the market. Despite having an incredible idea and a product that will streamline people's lives, we may not be able to sell it just because the market is not ready yet. Thus, conducting detailed market analysis in the early stages of the idea is of great importance. Namely, finding the right product-market fit and launching at the right time is necessary to steer your startup's future.


Technology

With rapidly-developing technology, the world is constantly changing and transforming quickly. Aiming to reach the highest profit most cost-effectively, startups need to benefit from fast-moving technologies and swiftly embrace innovations to become long-lasting. Sadly, those startups unable to compete with this shift and transformation will have to close down due to natural selection.


Besides utilizing technology, a startup's adaption to technology also means predicting its potentially prominent areas, adjusting them to its structure, and even having human resources capable of driving technology with its developments to become sustainable.


In this blog post, we have referred to 4 factors to be considered during the maturity stage of a startup. At Softtech Ventures, we would be happy to be by your side through your stimulating entrepreneurship adventure to make the world beautiful together. Lastly, remember to follow us on our social media accounts as well :)


See you soon and stay healthy,


Fatih Berk Şener,










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