A STUDY ON SUCCESS OF ENTREPRENEURS IN THE STARTUP

Prof.Preethi Magesh
Assistant Professor
Department of Commerce Computer Application
Srinivasan College of Arts and Science
Perambalur -621212

ABSTRACT

An introduction to startups and entrepreneurship a business is started and run by an

entrepreneur. They are in charge of making crucial choices, taking chances, and determining the
company's success or failure. Entrepreneurs frequently have a distinct business vision and
ambitions, and they are frequently motivated by a desire to create something novel and
original.A startup is a brand-new, up-and-coming company that is often still in its infancy.
Startups are known for their quick expansion and scalability, and they frequently need financial
assistance from investors, grants, or other sources to get started and expand. Startups can be
high-risk businesses because they frequently attempt to overturn existing markets or develop new
ones.

KEYWORDS: Entrepreneur's, Entrepreneurship, Business, startup keys.

INTRODUCTION

Starting a business from scratch may be incredibly challenging, especially if you lack the
right starting training. In addition to the risk issues, it may be emotionally and mentally taxing.
You've come to the correct place if you're considering starting a new company endeavor and are
confused about the fundamentals of startups because you'll learn what a startup is and be
introduced to the notion of startups here.

WHAT IS STARTUP

To put it simply, a startup is a newly founded firm. This definition of startup might
actually be perplexing. a brand-new business developed from the ground up and intended to
grow quickly. A startup is a "business built to grow fast," according to Paul Graham, a writer of
essays and computerprogrammer among other things. With so many individuals seeking to
define startups, I contend that knowing what a startup is will benefit you more than finding a
precise description. By understanding, I don't mean comprehending the term; rather, I mean
taking in the spirit of the concept.

Startup refers to a business that is just getting started. Startups are created by one or more
business owners who desire to provide a good or service they feel there is a market for. Startups
might use seed money to finance their business planning and research expenditures.
DEFINITION

According to Steve Blank, a startup is a “temporary organization designed to search for a

repeatable and scalable business model”, while the small business runs according to the fixed
business model.

8 KEY SUCCESS FACTORS FOR STARTUPS

1. BUSINESS IDEA

A startup cannot flourish without a brilliant business idea, but it is not the only aspect that
determines whether a firm will succeed or fail. Even with a million-dollar idea, an entrepreneur
may not be able to make money off of it due to poor timing, an unreliable team, a lack of
thorough market research, inadequate planning, etc.

Additionally, keep in mind that as you develop your products and/or services and gain a
deeper understanding of your target market, your concept may alter over time. Successful
businesses are typically those that are flexible and willing to change.

2. CORE TEAM

Putting together a dream team is one of the top 3 essential elements for a successful
startup. Businesses typically start off with a small team of managers juggling a range of jobs and
managing several processes. The key to success is assembling a group of motivated experts who
are capable, committed, and willing to put in the extra effort.

Whether the company succeeds or fails may depend on the founding members' attitudes,
how they interact with one another, and how much each one of them contributes to the idea's
development. People may have setbacks and progress may veer off course if they are not on the
same page and do not share the same vision for the future.

Power disputes and unbridgeable disagreements are two of the main causes of founding
members' splits. Creating a company strategy early on in your trip may assist the core team in
settling any disputes amicably and establishing ground rules.

3. EXECUTION TIMING

Timing is the most difficult success component to control, because it affects even the
strongest ideas and teams.

You could still fail even if you understand the business climate and carefully calculate
taking into account every conceivable variable. Even if a product is well-thought-out, useful, and
intended to make people's lives simpler, the market may be hesitant to adopt it if it is too far
ahead of its time.
 Additionally, the state of development of the solutions that are required to support
products that heavily rely on technology may place limitations on those products. As a result, a
businessperson may have an innovative idea but be unable to put it into practice because the
technology is either too expensive or not developed enough to enable commercial success.

4. MARKET RESEARCH

For new businesses or any other venture that hopes to succeed commercially, a solid
understanding of the client is a crucial success component. When creating a new product or
service to provide value to your consumers, you can't be sure that you'll be making the proper
decisions unless you know who you're selling to.

Startups are more likely to develop effective marketing and sales strategies that precisely
target their audience if they undertake market research and construct buyer personas based on
statistical data.

Research may shed light on the customer's personality, place of residence, challenges
they confront in both their personal and professional lives, strategies they use to solve those
challenges, motivations they possess, and other factors.

5. COMPETITOR ANALYSIS

A strong technique that helps businesses better understand the market and the business
environment is competitor analysis. Startups must understand their competition in order to learn
from and build upon their past experiences, mistakes, and triumphs.

Entrepreneurs can gather suggestions for improving their company plans and their
concepts, as well as for product development, marketing, pricing, and sales methods.

Additionally, examining the achievements of competitors gives organisations a fresh

perspective from which to investigate the preferences and purchasing practises of their
customers. By using this data, they might determine what market share they would be able to
capture and how to draw in new clients with a distinctive offering.

6. PRODUCT CREATION

It's simple to fall in love with a wonderful product concept when your company is just
getting started and think that it is ideal just the way it is. Products must, however, change and
adapt in order to meet the market's shifting needs and tastes.

Startups are more likely to adapt and succeed if they continuously seek to enhance their
offerings, pay attention to their clients, and try to meet their demands.

Obviously, being adaptable does not mean sacrificing your vision and beliefs for the sake
of business. To advance further in the future, though, occasionally compromises must be made.
One of the most important success elements for companies is how adaptable your product and
your strategy are.

7. PRICING STRATEGY

One crucial success component that startups frequently ignore is that the market, not the
company, sets the price. One of the least popular growth strategies—and also one of the most
lucrative—is choosing the appropriate price plan.

Companies can base their pricing decisions on facts and market trends rather than
conjecture by doing pricing research. They run the danger of overcharging or undercharging the
client if they don't. This indicates that they either are unable to quickly boost profits or pass up a
chance to gain new clients. They are limiting growth and decreasing revenue in both situations.
Every dollar and every customer counts for a startup, and unfair pricing can cause a slow demise.

8. CREATING DEMAND

Startups, particularly those in the IT sector, frequently concentrate on developing an

exceptional product with cutting-edge features and work to perfect it. And that's wonderful. They
neglect to consider the customer's perception of the goods, though. The idea that excellent items
sell themselves is a popular one. Sadly, they hardly ever do.

Demand is something you build, fuel, and maintain regularly;therefore, it shouldn't be

taken for granted.

Companies with higher success rates are those that work hard to generate demand for
their products and concentrate on the client rather than just the product.

CONCLUSION

Successful entrepreneurs have the ability to have a big positive impact on the world, even
while the potential for startups to change the world is occasionally exaggerated. Additionally,
even failing firms still have an impact, particularly through the lessons learned for the founders,
staff, investors, and other stakeholders.

Entrepreneurship and innovation are frequently necessary to succeed in sustainable

business practices. An overview of innovation and entrepreneurship in relation to sustainable
business is given in this chapter. The topic is most pertinent to sustainable firms that are
committed to providing novel goods and services in response to societal issues. Companies that
alter how they create goods and services are likewise subject to the value of entrepreneurship and
innovation.
REFERENCE :

https://devrix.com/tutorial/10-key-success-factors-for-startups/

https://siamcomputing.com/general/how-to-start-a-tech-startup/

https://courses.minnalearn.com/en/courses/startingup/growth-and-impact/conclusion/