Why data plays an important role in startup success?

According to data, 20 per cent of startups fail in their first year, and only 50 per cent survive through their fifth year.

·        Data Work as a sixth sense for prospecting sales

·        Evaluate where your company stands compared to competitors

·        Data helps you make better decisions

·        Data helps you to  understand markets and customers

Startup businesses are a risky proposition. In order to stay competitive in the dynamic business world, Sustained growth is the only way to ensure the survival of your startup. This means that if things aren’t done in the most effective way possible, businesses will never make it past the first year.

One of the common mistakes owners make, while crafting a business plan, is skip over big data. But the use of big data can be very influential to the success of the company, as it offers a lot of opportunities and challenges to the businesses and can be very influential to the success of the company.

Big data can give numbers backed by bits of knowledge on consumer behaviour and can play a critical role in helping new businesses in regions like marketing, advertising, operations, inventory management, customer service, etc.

Big data and its influence on startups

Big data can help new businesses in recognizing and reaching out to the correct target market for launching product(s) and giving better profit for marketing investments. Additionally, it can also help in understanding the client's needs and utilizing their requirements for structuring or updating offerings.

Why data is important for startups..?

1- Base for target marketing

Due to a limited budget for marketing, startups need to have an unconventional wisdom of marketing to achieve a high consumer conversion rate. Advertising and marketing without data-based insight are similar to attempting to hit an objective in an unfamiliar dark room with only 2 to 3 bullets in your gun.

While Big Data science is evolving and is not fully precise, but it provides you with the direction in which to shoot so that your probability of hitting the target is maximum. So with the staggering help of big data, one can without much of a stretch adjust to the market conditions and accomplish a higher return on investment with increased sales.

2-Help in Tracking Potential Customers

Developing a customer base is essential for any kind of business success. In order to achieve success in the business world, it is essential to completely understand the market and customers. Being able to predict, fulfil and surpass the customer’s expectations, this is exactly the thing that helps startups succeed and scale.

Big data analytics is one of the strongest tools available to help manage a growing market share. Definite data and bits of knowledge help create personalized consumer engagement strategies. Such methods can be helpful in finding the areas for growth and product improvement, indicate trends and buying habits of the customers or detect the currently underserved market niches.

3-Data help to know your competitors

Your competitors offer their products and services and highlight their features, their customers leave feedback and highlight the flaws, there are discussions and suggestions on various forums and online networking with respect to the direction such products and services should evolve.

Analyzing this goldmine of data will help you identify the room for improvement, underserved niches and various trends, avoid the mistakes of your competitors and provide exactly the features and services with the target audience wants.

4-Increase Productivity

Most startups carry out their businesses with a limited budget and are very eager to earn maximum value out of it. Data allow users to run the ‘Experiment-Fail-Learn-Repeat’ cycle pretty economically

It does not just help new businesses in reducing their marketing or advertising expenses, yet in addition, gives an additional enterprise-grade experiences like anywhere accessibility and unlimited adaptability supported by the highly reliable infrastructure.

This makes organizations more agile and enables them to understand and react to the changing market requirements more dynamically.

Summary

In the quest for growth, it is important to know the possibilities and go after very small tangible benefits. Startups can execute different big data solutions over various areas.  It can be beneficial when challenges are clearly defined and applied to different tasks.

A full set of data also provides integration of the startup into the purchasing company and it can help sway the interests of the potential buyers because it provides the necessary data around the business’s success.

So Looking at the numbers can help greatly mitigate against business risks, and ensure it will provide some ROI and not bring down the company.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Address: Unit No.450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065

Phone: 08355979232, 09867806399

Follow us on Facebook  (Click Here)

Whatsapp Me:- 8355979232

Well-crafted business plan! A key to success for startups!!

"A good plan is a success half-done whereas a bad plan is a possible failure in progress."

• Companies with business plans experiences  higher growth rates
• A formal business plan increases your chances of success by 16%.
• Business plan provides you a better chance of raising capital for your startup company

Does a business strategy make startup success assured? Not at all. But great planning often makes the difference between success and failure. Anyone can have a great idea. But turning an idea into a viable business is a different ballgame.

For a startup company the business plan is the blueprint for its formation, its operation, and its success. A business plan reveals the company's strengths and weaknesses. It uncovers ways to capitalize on the strengths and minimize the weaknesses, reveals every fact of the business that can be developed, and points to the best method for that development.

Why it is important

Many business plans are fantasies. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.

That's a huge mistake.

First and foremost, your business plan should convince you that your idea makes sense, because your time, your money, and your effort are on the line.

So a solid business plan should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, &convince a lender or investor to jump on board.

With the well-prepared business plan you will enter the business world prepared, ready to run your business and ready to compete. It will improve your chances of success, and diminish your risks of failure.

 According to Harvard Business Review “the real key to succeeding in business is being flexible and responsive to opportunities.

A typical business plan must consist of the following elements:

Executive summary:- A snapshot of the company's purpose and goals. It includes a description of products and services.

Company description:- Description of what you do, what makes your business unique.

Market analysis:- Research on your industry, purchasing habits, buying cycles, market and competitors.

Competitive Advantage:- It describes a detailed analysis of both your current competition and potential competitors.

Organization and management:- Your business and management structure, it describes skills, experiences, of management team.

Product & services:- The products or services you’re offering.

Marketing and sales- How you’ll market your business and your sales strategy like advertising, public relations, promotional literature, etc.

Funding request:- It is a projection about how much the money you’ll need for the next 3 to 5 years.

Financial Analysis:- Financial projections and estimates. It includes supply information like balance sheets, cash flow statements, etc.

Appendix:- it includes résumés and permits.

Whom it can convince?

Firstly, your business plan should convince you that the idea you have for a business is not just a dream but it can be a viable reality.

1. Potential sources of financing 

If you need seed money for startup and operating capital to get off the ground from a bank or friends and relatives, your business plan can help you make a great case.  Lending naturally involves risk and a great business plan can assist lenders to understand the quantity of risk, eventually increasing your chances for approval.

2.  To attract potential partners and investors.

In case of other investors--including angel investors or venture capitalists--generally require a business plan in order to evaluate your business& convince them for investment.

3. Skilled employees. 

When you need to attract talent, you need something to show prospective employees since you're still in the startup phase, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.

4. Potential joint ventures. 

As a new company, you will likely be an unknown quantity in your market. A joint venture with an established company could have a significant effect in getting your business off the ground.

Summary

Launching a startup company is exciting. It’s easy to get so caught up in the moment that you rush into things. If you want to achieve success, you need to take a step back and plan things out.

Going through the process of writing a formal business plan will increase your chances of securing an investment and also improve your potential growth rate.An accurate,well-organized,&easy-to-read, business plan conveys professionalism and credibility.

Never forget that the goal of your business plan is to convince you that your idea makes sense. Because ultimately, it's your time, your money, and your effort on the line.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Phone: 08355979232, 09867806399

Follow us on Facebook  (Click Here)

Whatsapp Me:- 8355979232

Why do you need right advisor for successful in business?

• What is a business advisor?
• How to choose the right advisor
• Benefits of having a right Advisor
• How Can I Make The Most of My Advisors?

As a small business owner, sole trader or contractor, you no doubt have expertise in one or possibly more jobs.  However, being an organizational leader across multiple channels is something quite different. But just like Behind every successful athlete is a great coach, and success in business is no different.

No matter how experienced you and your employees are, you cannot expect to have all the skills and knowledge your business needs, particularly as requirements change as your business grows.

Sometimes you want to put a good business plan in place to meet your targets, but don’t know where to start or you’re looking for new strategies to grow the business.  At that time you need the right advisor to help you out.

If you examine the top business around the world and you’ll find they have one thing in common: their success is a collaborative effort that relies on getting the best advice and guidance in key areas of their operation. There is no disgrace in seeking out help to take you and your business to the next level.

What is a business advisor?

A business advisor is anyone who can help you solve business problems or bridge a gap in your knowledge and skills.

There are many different types of advisors in all areas of business. Some advisors are generalists with a wide range of knowledge and expertise. Others are specialists in a specific area, e.g. marketing gurus or leadership coaches.

Choosing the right advisor

The best business advisors are not cheerleaders on the sideline, nor drill sergeants who bark orders, they challenge you, take a hands-on approach and proactively work to build your skills.

You should look for a business advisor who suits your particular working style and has the gusto and experience to make a real difference.

It’s essential to check that the advisor suits your particular circumstances. Ideally, you want an advisor who:

1-      Understands your industry

2-      Has worked with businesses your size

3-      Has experience of any particular issues you want to deal with

  

Benefits of having a right Advisor:

Get the right guidance

You need guidance to get from where you are to where you want to be, and again once you get there. This is where the value of an advisor lies. A good business coach will not only challenge you, they’ll also act as a role model because of the experience they bring to the table. Approaching your business from the outside, rather than inside, they can offer unique insights. With the right guidance by your side, you’ll have the tools and support you need to navigate your way to success.

Uncover your strengths

A great sports coach understands how to channel potential in the right way so effectiveness soars, and a great business advisor is the same. Through evaluating and understanding your business, they can help you discover your strengths and the areas you need to work on. Recognizing these is one thing, but getting results also requires hard work. Your coach will push you past your comfort zone and keep you constantly moving forward.

Accountability

One of the most important tasks of a business coach is holding you accountable for your actions. In business, you make decisions based on your situation and the things you can control. If you make a bad decision, you’re to blame. A good coach will ensure you follow a considered process rather than just one part and take accountability when things go wrong, so you can learn from mistakes and move on.

Summary

The bottom line is, you cannot and should not, go it alone. To hit your stride and become a success, you need the right advisor by your side. A business advisor can help you develop the skills and resources you need to be a success. By benefitting from their experience and expertise, you’ll learn more about yourself and your business, while gaining that much-desired competitive edge.

Getting a business advisor to help in grey areas will save you time, resources and energy in the long run. Your business is also much more likely to grow and succeed.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Phone: 08355979232, 09867806399

Follow us on Facebook  (Click Here)

Whatsapp Me:- 8355979232

How do I prepare myself to become a successful startup CEO?

"There are no secrets to success. It is the combined result of preparation, hard work, and learning from failure"- Colin Powell.

·        Develop your communication skills
·        Be A Great Communicator
·        Be able to think on your feet

Leadership is all about development. Running a startup is one of the most difficult tasks anyone can attempt professionally. If you are the exact same person today, as you were when you founded your startup, you might be in trouble.  Figuring out how to be a successful CEO is the key for entrepreneurs.

Founders often struggle to make the transformation from founder to CEO. Some are with all vision but no administration, while others do not have the correct communication skills or don't know how to let go of the reins. It's a sensitive exercise in careful control, and for many, the difficulties of running an organization are sometimes too much even for individuals who constructed successful organizations from nothing.

In today’s twenty-first-century business world, you have to be constantly on your feet trying to think of new ways to outdo your contemporaries. There are numerous startup companies evolving each and every day and it is the responsibility of the CEO to make sure that everything runs in a smooth and efficient manner.

Here some of the tips that can help you to become a successful startup CEO

3 most basic traits for a successful CEO

Manage money

Convincing people to invest capital in your startup conveys a very strong message to the market. Understanding who, when and how to raise capital is extremely important. Running out of money is likely to be the most problematic situation in a startup. Markets can change, so focus on earnings before interest, tax, depreciation, and amortization (EBITDA) when and where you can. There are exceptions to that rule, of course. In any case, the sooner you can pursue profitability, the sooner you’ll be on much better-arranging terms with any funding source.

Manage time (Identify what matters most)

Many things will compete for your attention in a single day, but you have to decide which thing is most worthy of your time before deciding how to spend it. Think about what is most important in your life and assign enough time for things that matter.

Once you identify your top priorities, other minor pursuits will fade in importance. Some activities will need to be excluded from your schedule, you should learn to say no when needs.

Manage People.

This is one of the best things you can do, manage anyone you can, even if it's not perfect. The Majority of the job of a CEO is recruiting a team, leading a team, empowering a team, convincing a team.  This team will include investors, the public, press, etc. your company is the combined vision of many people, you can only define success in terms of what's best for the company, not for you. So you learn to manage people whenever possible.

Other lists of things which are important

Hiring the right people

As a CEO the key is to try to hire every individual on the team should be better than you, if possible.  This isn't a threat.  It's an approach to make your value worth 100x more.  Don't just hire your friends, and don't hire people that make you look good.  Hire individuals fiercely better than you that look act and feel different.

Set high goals

The biggest enemy of the progress is a comfort, so Start big and set big bold goals for yourself and your team, Stretch staff beyond their limits. Initially they may complain about it, but in the end, they will thank you for it. Try to build your client base by four to five per cent every week and supervise these objectives by having an active management role.

Be patient.

Success certainly won't happen overnight, and it won't happen for a couple of years. As a startup founder, it's basic to know the difference between a great idea and a great company. So decide now that you're all in, and don't give up when the going gets tough.

Try to Care More About People.

 This is one of the top mistakes first-time CEOsOften make. They forget to care about the people, their team.  They just assume everyone should be as committed just like they are.  But everyone else can't be.  You aren't going to double your EQ overnight.  But attempt a couple of things.  Say "Thank You" whenever possible.  Give increments more often.  Give spot rewards more often.

Summary

Running a business isn't for everyone, No one is perfect. Unlike any other job, the startup CEO has to come up with versatility of skills, high-risk tolerance, and incredible work ethic. Founders shouldn't get discouraged by a few mistakes along the way. You have to learn how to do a lot of things beyond your core strengths and interests. You should probably deal with a cap table, assess potential markets, and track your finances.

The key is finding the teachable moments that show you the lessons you need to learn to become better and avoid making the same mistakes.

Address: Unit No.450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065

Phone: 08355979232, 09867806399

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Follow us on Facebook  (Click Here )

Whatsapp Me:- 8355979232