Start ups often start with energy and enthusiasm and success seems inevitable. However the realities of operating a business can bring a breaking point for many well-meaning start ups. However a study out of Stamford University has found that there are several key factors to a successful start up business.
- Market Desirability: The first key factor is that consumers actually want to buy the product or sign on for the service.
- Leadership: The founders of the start up must be good leaders. This factor is important for taking the start up to the next level.
- Difference: The start up must deliver something new to the market; there must be a point of difference. The level of the product must also be of high quality in order to compete with existing products.
- Mix of stakeholders: There must be a mix of stakeholders that have an interest in the success of the product. These stakeholders should include the leaders, team, investors and the ‘fans’ in the market. This mix makes the product important in the market and creates risk distribution.
- Clear marketing communications: Start ups have less time to create brand awareness, so use of marketing communications needs to efficient and clear.
These key factors make good business sense, and could be applied to an existing business just as easily. However, studies relating to start up businesses success stress that start ups are judged swiftly by the market and that efficiency in all of these factors is the key.
Rubiix is passionate in assisting clients achieve their business goals, including support for start up businesses to get going and grow. Over the years we have helped many start ups become the successful businesses they are today.
Contact us if you would like to break free your concept today!
Submitted by: Mark Debeljak – Rubiix Director
