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How To Gain The Competitive Edge For Your Startup

How To Gain The Competitive Edge For Your Startup

There are two kinds of people in the world – those who wants to work with someone and those who want to start their company by implementing their ideas into reality.

The second kind of people are the ones who found startups. They are those entrepreneurs who make things happen for themselves. They don’t wait for any opportunity, rather then they make the opportunities happen.

Yes, that’s right. Inspiring entrepreneurs work on their ideas, make their chances themselves and start a new life. If you want your startup to stand out from others then here are a few ways to achieve this:

Proper Planning

Planning is the first and foremost step towards the success of a startup. Many a time, entrepreneurs just begin with an idea open a new startup without any planning. That often results in its failure.

The old saying “failing to plan is planning to fail,” holds true for badly planned moves. Similarly, if you want your startup to achieve new heights among the others, you first have to plan your way to reaching these heights.

No entrepreneur will become successful only with an idea. An idea will fetch positive results if an entrepreneur plans in advance what is to be done and how it should be done.

Do It Differently

Customers are always attracted towards those businesses which are different from others. A few years ago, there was a time when customers had to go to the market to purchase things but then a few companies like eBay, PayPal, Alibaba and India’s own Flipkart decided to change that.

Now online shopping is more than a trend. Similarly, an entrepreneur who wants to come in the field of startup industry has to do something else from their competitors to attract more and more customers.

Give Your Customers What They Want

In today’s time, customer is king. If you want to run a startup, then you should know what your customers want.

It would be even great if you are giving your customers those things which no other business has provided them with.

For example, there are some coaching centres for students. If you want to start a new venture with a different idea, then you can come with something innovative in this field. A friend of mine has opened a coaching institute as a startup with an innovation of not only teaching students but enhancing their personalities too.

By giving your customers something new and something that they want you can stand in the crowd among the huge competition.

Become An Expert

We, as a customer, always spend our money on those things or people who are an expert in his/her field. Expertise matters a lot. Before founding a startup, become specialised in your field and then deliver it to your clients.

Customers go to those persons who have expertise which they can find nowhere. Becoming an expert and a specialised person will yield great results.

Be Realistic About Costs

Starting a business is easy but to stay in business is difficult due to increasing expenses and cost. Opening a startup involves a huge cost and a significant risk.

If you want to remain in business and to stand up amongst the crowd, you have to be realistic about your costs.

Review your expenses on a monthly basis so that you know if you are on track or not. Don’t put your whole money in starting up only. Get company formation, which will cost you small initially and save some for future purposes also.

Be Mentally As Well As Physically Prepared

The path of starting your own business is not easy. It involves loads of stress and hard work. If you want success to touch your feet you have to be prepared mentally. Many startups fail because of the fear of failure among the entrepreneurs.

If you want to rise, if you want to stand out from others then you have to become strong not just physically but mentally too. If you want to exist in this competitive market, you have to remain fit physically. Don’t stress out and be healthy, this will become your secret of success.

Keep Learning

One cannot become successful without learning. With knowledge, a person grows. When people become egoistic, they think themselves as superior. There is no end to learning.

If you think you know it all, then think twice because that’s probably be wrong. Everything you learn will make you more knowledgeable, and it’s an opportunity to improve your business.

This is a vital step for all startups, to be successful in learning even from your competitors.

Don’t Give Up

Last but not the least, entrepreneurs don’t give up. Never fear your failure, but face it. If at any point of time in your business you face a situation of loss or failure don’t give up. Stay motivated and think thoroughly. Become a fighter rather than a coward.

Those who become successful have also tasted failure at some point in time but if they haven’t moved on they wouldn’t have become successful.

So if you want to have your startup, go for it. But do remember the above points as it will help you to stand in the crowd among others.

[The author Pulkit Jain is the co-founder of LegalRaasta, an online portal for company registration, trademark registration, income tax return filing, and TDS returns.]

Note: The views and opinions expressed are solely those of the author and does not necessarily reflect the views held by Inc42, its creators or employees. Inc42 is not responsible for the accuracy of any of the information supplied by guest bloggers.

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