In a country with over 1.25 billion people, there is no dearth of business opportunities. On top of it, technology has made it so simple and easy for the startups to create new revenue streams and solve real-life problems in an innovative manner. But even after all this, more than 95% startups fail within the first few years of foundation.
If you wish to be an entrepreneur and live a life that you always desired, then make sure you learn from others’ mistakes and keep your focus intact on adding to the value and not the valuation to your startup. This is the only way to achieve sustainable growth and long-term success in today’s fast-paced business world.
Value Is Greater Than Valuation
Before you start your journey in the startup world, make sure you have a clear vision about the value that the society will derive from your startup and the valuation benchmark you’re going to achieve over a period. However, given the nature of valuation and the goodies it brings along (fat paycheques, fame, funding and global exposure), many startup founders sideline the other aspect of their journey, i.e. value.
Don’t repeat this mistake if you want to succeed as an entrepreneur.
Both seek to increase revenues and maintain profitability, but the one thing that differentiates startups from traditional businesses is their emphasis on solving real-life problems and making users’ lives easier than before. Lest you are also planning to start a new venture in the near future, make sure you follow the same approach. Tips mentioned here will help you add value to users’ lives.
Improve User Experience
There are about five thousand registered tech startups in India, third highest after US and Britain. From ecommerce stores to social media sites, and from dating apps to food delivery platforms, businesses are not leaving any stone unturned to reach out to new customers via the Internet.
Related Article: Valuation For Startups – 9 Methods Explained
If you are also planning to explore the online medium to grow your business, then come up with a solid strategy. While building your website or ecommerce store, use premium WordPress themes that load fast on different devices and have inbuilt options for users to have a great overall experience.
Amazon, one of the largest ecommerce websites in the world, accepted that a delay of even 1 second could lead to a loss of more than $1.6 Bn in online sales. This is the main reason it spends millions of dollars every year to make its online web-store load fast.
Even if you don’t have millions of dollars to spend on site optimization, you can still follow the same approach and use good ecommerce WordPress themes to deliver a perfect browsing experience.
Get Rid of Security Issues
According to Forbes, more than 30,000 websites get hacked every day. This number is going to touch newer heights in the coming years. As a startup founder, you cannot afford to let any hacker steal valuable information like credit card numbers, contact details, etc. of your users.
Fortunately, there are ample resources available in the market, which can help you minimize the possibility of any hacking attempt. Start with choosing a well-known hosting provider, and then move onto SSL certificates, secure plugins, tough-to-crack passwords, etc. for a great experience.
Chase Your Customers Everywhere
Users may not be aware of different ways in which you can make their lives easier; therefore, it’s your job to extend your reach and chase them everywhere they go. Right from desktop to smartphones, don’t leave any stone unturned to serve your customers in an efficient manner.
Nowadays, more than 80% of web users browse the Internet via their smartphones and don’t mind installing various apps for movie streaming, food ordering, fitness routine tracking, ticket booking, etc. Even though all these services are available on desktops, they find it easier and more convenient to use mobile phones for the same.
Learn from this shift in user preferences and give a personalized touch to your offerings.
Time is changing, and so is the way of running a business successfully. As an entrepreneur, it’s much easier for you to focus on something that’s well under control as compared to linking your success parameters to something that’s not.
No matter what, keep your focus intact on adding value to your customers’ lives. If you can do it successfully, you won’t have to bother about valuation in the long-term.