India happens to be the third-largest startup ecosystem. There are 69000+ startups as of now in India, and the number is just going to keep increasing from here. So, how do you set up a successful business in such a competitive and yet flourishing market? With so many startup ideas, how does a startup set itself apart?
Innovation
When so many businesses start a day, few become successful businesses. The reason is they have an innovative startup idea. It is tough to survive when there are so many people doing the same thing. Innovation can be anything from the latest technology to a new and fresh way to do something. Or it could also be something that is solving current problems.
Focus
Suppose there is a food delivery startup. Then the primary aim of the startup must be to provide exceptional food delivery service.
Grubhub started as a food delivery app, and so did Swiggy. Both the startups focused on providing food and making that process easier. And now once Swiggy has established itself as a reliable food delivery service, they have extended their services to groceries, essentials, etc.
Product-market fit
A successful business has in-depth market research in its arsenal. They know exactly where and why their product is or isn’t going to sell.
A bike rental startup called Tazzo had to shut down in 2018. The reason was that the product was not in sync with the market.
On the other hand, Ola is a good example of a successful startup. When the auto and taxi fares were higher, Ola entered the market with an economic transportation option. Ola autos and cabs came quickly to your aid and were easy to book. They also had convenient payment methods, and hence it did well in busy cities where people enjoyed the luxury of quick and pocket-friendly transport.
Leadership
Almost every startup founder is talented and skilled at what they do. However, that does not necessarily translate to them being good leaders. At the helm of every great startup is a leader who has steered the team through tough situations. Even if all other aspects click, but the startup does not have a capable leader, it becomes very difficult to survive.
Leaders like Ritesh Agarwal of Oyo, Vijay Shekhar Sharma of Paytm, Kunal Shah of Cred, Shashank ND of Practo, and many more have steered their startups towards success.
Agility
A successful business changes with the direction of the market. You need to keep adapting to the new technological, social, and other changes. When virtual payments started in India, merchants and vendors adapted to the situation and provided UPI payment options. Today almost every shop, fruit & vegetable seller and hotel ḥas UPI payment method. Not only did it help in creating a digital India, but it also benefitted the business owner by being relevant in the current atmosphere.
Here are some of the things that set a startup apart according to us. What do you think makes a successful business?