Currently, with the benefits of the process of industrialization – modernization, expanding foreign relations helps Vietnam have more opportunities to interact with many world civilizations. Besides, today’s young people are also very active, creative, and innovative thinking. That has formed the startup phenomenon among young people and is growing strongly in recent times. However, starting a business is not easy. Here, Skylink Partners will share the Top 5 key factors to help start-up businesses succeed.
When thinking about starting a business, the first thought that may come to mind of founders is often “What product/service should I sell?”, “Which market segment is right for me and offers it? the most profitable?”, even “How do I start with the knowledge and skills I have?”.
No business can grow without an idea. A great and practical idea is the only thing that really helps your business grow.
Forming the right team of core expertise is absolutely critical to any successful startup, simply because even if you have exceptional entrepreneurial qualities, it’s rare to achieve massive success all at once. me. Having an experienced and talented team is important to ensure the best implementation of the company’s vision and strategy.
A quality team has not only knowledge, aptitude, and expertise, but also attitude, teamwork skills, completing work on time and not directly affecting the speed of achievement. business milestones.
The business model is an important and long-term value factor for the success of any startup. In a way, developing a business model isn’t just about revenue-generating strategies. To develop a business model, companies need to create value for several stakeholders. Therefore, through the business model, you will understand the factors that help users return to use your product / service.
A strong business model is required to get investors’ attention and help the startup stand out from the crowd. Effective business models clearly reflect the vision, mission, and value proposition that the business will bring to customers while ensuring profitability. For a startup, the business model focuses on designing a process so that the company consistently delivers on its value promises and sets the stage for long-term growth.
The ideal business model is always perfectly aligned with current market trends and plays a decisive role in driving growth in line with the company’s vision. With a good business plan, the founder outlines the company’s future roadmap, along with the resources needed to achieve the goals.
Business strategy is the activity of analyzing, planning, selling & marketing, forecasting the business environment. Strategy plays an extremely important role for the existence and development of every company, especially start-ups.
In addition, any implementation strategy must be associated with market changes as well as the ability to respond. Even a well-researched plan, if not executed properly, can affect the survival of the business. When a business plan is executed well with the help of a talented team, it provides a stable foundation for sustainable, long-term growth.
In the business strategy table, marketing activities play an important role for startup results. Marketing is the essence of every business big or small, helping customers really stick with the product. With the advent of digital media, marketing has become extremely effective and, therefore, an integral factor in the success of a startup.
Also, testing is the ultimate test of an idea and all the hard work that goes through. Only when a plan is successfully implemented can the dream of starting a business become a promising business venture. That requires constant hard work from you and your teammates, staying up to date with market trends, progressive product testing, and strong financial backing to execute your plan correctly.
Source of capital
Capital is an important factor affecting the success of a startup, but not all. The first stage when starting a business will have to go through many difficulties, especially in terms of capital. Even if you have a budget ready, it will never be enough. But if you have a great business idea, an excellent team, an excellent business model, and a great strategy, you can still grow your business with the equity from the founder. In fact, in many cases, funding too early can be detrimental to a startup’s growth.
Indeed, if you pump too much money into a company too soon, you may be making the company “artificial”. Let your business grow naturally. These are great figures, creating a premise for building a long-term strategic plan, calling for capital from investors and investment funds when businesses have needs to build teams, develop products, scale expansion.
Above are practical sharing from Skylink Partners about the Top 5 key factors to help start-up businesses succeed. From idea to paper to implementation, every stage of the business is interdependent. Even if a single stage is poorly managed, it affects all the rest. It’s important to remember that a startup isn’t just running on a great idea. That requires the regular support of a skilled team and the correct operation of each element to nurture and develop and scale the business.
Skylink Partners start-up investment fund is a member of Skylink Group operating under the venture builder model. Owning a team of experienced core experts in the fields of finance, IT, sales & marketing, Skylink Partners is committed to bringing diverse investment products in the fields of technology, social media, and retail with high quality. , has long-term profitability potential. Therefore, if investors want to accompany or cooperate with us, please contact the hotline 028 6254 9999 or leave a message.