07072021 Vadodara, Vadodara StartUp Studio:
- Is your business really Scalable Or Not?
- Have you identified Your Core?
- Are you Outsourcing Non-essentials
- Can your business run on autopilot?
- Are your budgets under control?
What do you think of when you hear the term “entrepreneur”? Do the following names come to your mind: Vijay Shekhar Sharma and Paytm come to mind? Ritesh Agrawal of Oyo Rooms? Sachin Bansal of Flipkart?
Forget for a moment the immense scale that these few, highly successful startup entrepreneurs have achieved. Such cases will always be outliers.
Instead, imagine the potential collective impact of ventures in developing countries growing from a 05, 00,000? to a 50? Crore venture, or from 50? crores to a 500? million company.
Just imagine how this could help generate dynamism in the regional economy and ultimately increase competitiveness, incomes, and jobs.
However, the reality is that most start-ups fail about 2/3, according to most estimates. Furthermore, out of the 1/3 that does survive, nearly 90 percent won’t grow at all.
Hence, when you picture 100 startups, you know that roughly 30 will survive, after two years, 20 or 25 will still exist, but only 5 or 10 will employ more people and generate higher revenues compared to the starting point.
Knowing that it is time to grow is not really about your business rejecting opportunities because of its success, or about limiting opportunities because of its size. That’s a glass half full or half empty outlook.
It’s more about how big the glass is whether or not your business is profitable, stable, and proven ready. If more people have been showing interest in your offering and want your business, this is a good sign that you should prepare to reinforce the infrastructure, set new goals, plan next steps, and scale.
As per the studies and research, there are tips to take the next step and grow outward in search of new clients, new revenue streams, and greater brand recognition.
- Ask Yourself If Your Business Is Really Scalable Or Not
- Identify Your Core
- Outsource Non-essentials
- Make Your Business Workable Without You: Automate Your Business Streams
- Don’t Go Overboard in Hiring, Spending & Building
Scaling a startup venture truly begins from its ideation stage. You must have a clear idea of where do you want see your venture to be 10 years down the line.
With the light at the end of the tunnel, everything will connect, and scaling your business won’t be as stressful as you might have thought.
The author (Nikhil Suthar) is working as Chief Operating Officer (COO) at ‘VADODARA STARTUP STUDIO – PARUL UNIVERSITY’ and having a national foothold in the start-up ecosystem as a key ecosystem enabler.
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