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7 New Venture Strategies Improve The Odds Of Survival

Entrepreneurship is frequently portrayed as a way to “be your own boss,” achieve “financial freedom,” and work a “four-hour workweek.”Yes, such things are feasible, particularly in the long run. Start-up founders frequently have a lot of influence over their day-to-day operations, at least in the beginning. Yes, entrepreneurship may result in enormous financial gains.

However, entrepreneurs must have a strategy to scale up. The strategy will have to be drawn out in such a way that it covers all the aspects of the business. Many entrepreneurs do the right thing from a strategy perspective but There are a number of activities that entrepreneurs may not like to do in their early phases. For a technical founder, managing the sales process may not be something they would like to do. However, it is imperative that you step out of your comfort zone and do all the tasks it takes to scale the organization. 

Here are some factors that will help you to improve the odds of survival:

The founder is Willing and Eager to Learn:

We’ve all seen entrepreneurs with such massive egos that they refuse to listen and take advice from friends or experts and insist on doing things their way. Effective entrepreneurs, regardless of their past expertise, are constantly willing to learn.

Look for Well-Known Suppliers and Distribution Channels:

Developing a new product or service is difficult enough without adding a new supply chain and distribution channel to the picture. The most successful companies concentrate on their core competencies and work hard to choose the optimal partners from the others.

Keeps a Constant Watch on New Prospective Competitors:

In the start-up industry, things move quickly, and true competitors never remain still. Every month, evaluate new entries and competitors. Effective companies never become complacent just because the things they expect to bring out in six months are better than what their competitors have today.

More Attention Spent on the Initial Placement:

You only have one chance to make a good first impression, as the saying goes. It takes a lot of time, money, and effort to overcome a negative image, or even to change a non-image. Your start-up’s first brand identity may make or break it.

Do your Research on the Minimal Capital Needs:

Typically, this implies having a Plan B and Plan C in place just in case your primary source fails to materialize or takes considerably longer to complete than planned. Running out of money in the middle of a project is a roadblock that may ruin even the best-laid plans.

Offer Customized Products or Services:

It’s quite difficult for a start-up to swiftly scale up to the volume necessary to remain a low-cost producer. Products that are developed or made to order are hard to handle for big giants with huge resources

Select a larger market in a fast-growing sector:

A growth industry, by definition, has a history and forecast of double-digit annual growth. If the company is asset-light, a large market indicates at least $500 million in potential sales and $1 billion if it requires a lot of land, facilities, and equipment.

You’ll have a far better chance of surviving if you can tolerate some of the less appealing aspects of becoming an entrepreneur. Surviving is the most difficult aspect of beginning a business; if you can do it, it indicates you’re on your way to reaching your long-term goals. 

 

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