6 Characteristics of Successful Startups

Characteristics-of-Successful-Startups

Start-ups are at the crux of changing times. While the nature of start-ups do reflect the era and the aspirations of the present generations, extremely successful start-ups that are path-breaking often change the times and perceptions of the contemporary generation. Imagine what Yahoo did in the virtual world and what Google followed it up with. YouTube brought in an entire paradigm whereas sites like Facebook, Twitter and Reddit have created unique worlds starting with nothing and from nowhere.

The World of Start-Ups

Start-ups may not have direct or any major impact on the economy of a country immediately but there are far-reaching consequences. For entrepreneurs or aspiring entrepreneurs, what is more important isn’t the contribution to the economy or job growth but the survival of a start-up. 25% of all start-ups fail in the very first year, 36% fail in the second year and more than 44% fail in the third year. A majority of all start-ups don’t make it to the fourth year and even those that do are not destined for success. Very few start-ups become billion dollar enterprises and that is caused by many factors.

A Primer On Startups is a guide for all aspiring entrepreneurs or those who are interested to know more about the concept of startup. A diner opening in a thriving locality is not a start-up. Neither is the idea of opening the diner an innovation nor is it a new paradigm that is all risk and only assessed viability or a promise of something new and uniquely different.

Startup enterprises are always tied to innovation. There can be start-ups in the hospitality industry, retail industry, manufacturing or even mining. But there must be a heavy dose of innovation in the business to categorizes it as a startup. Unless there is something new, original or unique about a business, it is not a startup.

Stages of Start-Ups

There are various stages of a startup enterprise as well, as you would explore in the info-graphic. A startup goes through the Marmer stages for the first five to seven months, then there is the validation period for three to five months followed by the efficiency stage for five to six months, scaling phase for seven to nine months and maximizing profits eventually followed by renewal. After the completion of this cycle, a business is not a startup anymore.

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