Success rules for startup ideas

©Geospatial iT Please contact: Mukund Harne<[email protected]> ©Geospatial iT Please contact: Mukund Harne<[email protected]>

Startup Idea

Give wings to your startup idea:

10 tips to take off!


Background

• Disrupt, reinvent and be your own threat to make your business idea happen, says tech entrepreneur Poonacha Machaiah

• Call it a fad or a trend, starting a startup is the newest craze for many in corporate India. Big or small, size doesn’t matter. The simple idea of becoming an entrepreneur and working for themselves is driving successful professionals into startup starters

• Having worked at senior positions in Fortune 100 companies and as an entrepreneur for the last two decades, Poonacha Machaiah, founder and CEO of ABOVE Solutions, a tech company, shares 10 laws of success from startups that have now become global names


Top 10 Laws of Success (1/5)

1. Inspiration and purpose:

We need to find inspiration and work on products and solutions that have a higher cause. Make the purpose a priority. Your business and marketing should all form part of the startup’s core strategy.

2. Disrupt and reinvent:

As a startup, you have the advantage of not being encumbered by legacy (culture/systems). Therefore, you have the ability to be nimble and disrupt the market if you have the right insight and if you fail, you can reinvent.



3. Design thinking:

Design thinking has become a set of principles for tacking the world’s biggest problems. This should become an integral part of a startups management strategy and permeate across all functions in the organisation.

4. Open approach:

The best example of this is Tesla. Tesla’s desire to be a positive force for change - not just for its customers but also in the automotive industry- led it to offer its API and patents to the world. This also applies to your transparency in doing business i.e. putting integrity first.



5. Be your own threat:

Imagine your worst challenger and work out how to meet the threat. Ask the question: “What is the wrong thing for us to do now?” Because answering the question now would be the right thing in the long term.

6. From selling to storytelling:

Don’t boast about how wonderful your startup offering is. Rely on the value to show people by living the story of the brand. Create compelling real narratives of impact.



7. Push for more:

Constantly look for ways you can deliver value not only to your business but also to grow the entire marketplace. Your values will help you stand out.

8. Curiosity and exploration:

Startups adopting the culture of experimentation are better equipped to understand new technologies and platforms. They are also quicker at adapting to a fast-changing environment. A culture built on curiosity and exploration of the new ensures that opportunities are constantly considered. Nobody does this better today than Google.



9. Curate, don’t create:

It is not always essential to design your own game-changing product or service. With the plethora of talent in the industry, sometimes it is about effectively partnering and creating an ecosystem to deliver a compelling value proposition to the market.

10. Empowerment:

Hire the best talent and empower them. Give them the ability to make a difference to the organisation and the community at large.

©Geospatial iT Please contact: Mukund Harne<[email protected]>

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Success rules for startup ideas