What is the key to running a successful business? #StartupQuestions

A lot many of us have great ideas for starting a company. If you are one such wanna-be startup guy or girl, chances of you reading extensively about how companies work, what startup folks are saying and what mistakes you shouldn't make are high. If you go about asking questions to startup founders about their advice before you start-up, they will tell you different answers about their key to running a successful startup.

The key to building a successful business can not be just one. Therefore, in our Venture Capture series of interviews called #-Link-Snipped-#, we asked the same question to many startup founders and we believe following are some of our top favourite answers.

"Being brave and experimenting, not being afraid to fail and realizing if something isn't working and changing it fast. Failing fast helps only if you change fast as well."
- Hardik Chaudhary, #-Link-Snipped-#
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"I would say a mix of these - good team, high quality work, persistence, right time right place, and customer focus. A couple of mistakes I can think of have been - not keeping it simple, not focussing enough. Staying focussed on a narrow problem and offering an excellent simple solutions usually helps you win."
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"We believe that the 2 key things that are quintessential in building a start-up are:

A. You need to be really passionate about your idea/product, and honestly believe in it. It is much easier to convince the world, when you are convinced yourself. Besides, with every hurdle, be it in terms of internal operations or competition in the space, it is this belief that would drive you to make sure you do it the best way.

B. The right team. It’s not just about having complimentary skill-sets; the team also needs to be on the same plane, intellectually and ideologically. And this has to be retained with every new member getting on-board as the venture grows."

- Somnath Meher, Ankit DP and Chandrashekhar Iyer, Interview with Somnath Meher, Ankit DP and Chandrashekhar Iyer, Co-Founders - Witworks
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That is some really sound advice by the founders of three successfully running startups. We are thankful to the startup owners for taking out their time in sharing their thoughts with the community.

Here are the key takeaways from their words of experience:

1. Being brave in experimenting with new ideas.
2. Being prepared to fail and make modifications frequently to be up to the mark.
3. Having focus on solving a small problems by coming up with an effective solution.
4. Being passionate about your ideas.
5. Building the right team from the start and keeping skilled members on the team.
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If you have any suggestions, questions or opinions about this, please feel free to write your responses in comments below.

Replies

  • kalkish
    kalkish
    According to me, Time is a key factor in any business.Before starting any business we should ask our self,few more questions...
    1.What for ..? ---Money or Brand
    2.How long ..? ---Short (like seasonal ) or Long term
    3.Whether it require technology updation or existing manufacturing procedures ---?
    If we have answers for above questions we will help our business for better starting..i think.
    i thank for this opportunity.
  • RRITESH
    RRITESH
    Hello Guys,
    I believe on me!
    Thats i do!
    JR LED SIGN CO FOUNDER
  • RRITESH
    RRITESH
    The question to get solution is how to get more customer around you??
  • Ankita Katdare
    Ankita Katdare
    #-Link-Snipped-# and #-Link-Snipped-# Great responses. Thanks for sharing your ideas.
    Was wondering what CEan startup owners #-Link-Snipped-# and #-Link-Snipped-# had to say about this topic. Any advice/suggestions for startup-wannabe engineers?
  • Harshad Italiya
    Harshad Italiya
    Thank you for tagging #-Link-Snipped-#,
    What we are following for these last three year is quite similar to what Hardik Chaudhary said we never afraid of failing and additionally I would say never hide anything from your client let them know whatever is your status and give them full satisfaction that is the best key to make your client to remain client forever.
  • Manish Goyal
    Manish Goyal
    You must set a target for yourself that's the key.

    Just thinking I will develop a website or product that will do this or that won't help, you must have well defined vision about your idea

    Over last 2 years I have just learnt hard work , concentration ok, but you must have a well defined target and vision about your idea or product or service

    For e.g If some one is running a education center in a really competitive area then one should have a target that first two month I will target a particular area and will try to attract at least 5 students from each area and if you could meet that particular target though small, it will be boost your motivation and your own interest in that start up
  • Ankita Katdare
    Ankita Katdare
    Thank you for your valuable suggestions. I am sure they will help engineering students to think in a better way and build something of their own. 👍

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