Success rate in startups is too low which is a demotivating factor for the young entrepreneurs. So I was thinking how they can get rid of this fear of statistics backed failure. And they deserve it as they are mostly passionate and ambitious. But only being passionate and ambitious will not help you to achieve success as a startup founder. After diving deep into the core of my mind, I realized that following 5 things should be the goal of a really ambitious and passionate startup.
Make platform or infrastructure not product:
Don’t think about a product or particular service. That will not create long term revenue. Rather be mindful and think about some infrastructure or platform where people will give and take particular product or service. And then you can create big impact in the society.
Successful Examples: Cloud, API, Google, Open Source, WordPress…….Aren't they??
Don’t think about business – think about the empowerment of people. People is not for business, but business is for people. Empower people. They will empower you.
Heading worth skipping details. Isn't it?
Solve some problems which is really annoying to you or you crave for the solution:
Don't start a startup for the sake of starting a startup. Start a startup only when you are really annoyed by some real problems and your craving for the solution is sky kissing. As then only you find the path to solve that.
No compromise with quality:
Quality is king. You organisation's value system should include - "Quality cannot be compromised."
Insightful example: Yahoo vs Google (Yahoo has taken the concept of search engine first, but Google poses the headlines in search domain by delivering quality without compromising with quality).