Monday, November 14, 2011

Startup businesses – Entrepreneur must at Key Factors

Start-up companies face many challenges from cash flow to inventory management, from marketing to retaining quality human resource, from keeping the overheads under control to dealing with legal matters.

Globally, a large number of startups do not succeed because the lack of business acumen and skill set required pushing business from one stage to the next. Entrepreneurs become passionate about their idea to an extent where they ignore the complications in implementing the idea.

Laura Parkin, chief executive of the Bangalore-based National Entrepreneurship Network says that;
“in some cases, what we’re seeing is the lack of ability to innovate besides cutting prices and a get-rich-quick mentality.”

There is no doubt that one of the key success factor for small business is “keeping lean”, however a million dollar question is “for how long this business should remain lean”?
Jared Chung – Founder, Starfish says,

Lean Startup requires that you confront all of the most uncertain parts of your business model up-front, based on the realization that uncertainty is the greatest foe of a startup.”

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