startups are about more than just technology - By Egniol

Startups Are About More Than Just Technology

Why it's critical to pay attention to the "voice of the consumer" at all times

Every time a young aspiring technology entrepreneur approaches and exclaims, “I have a wonderful invention that can transform the world!” One becomes alarmed! Even a cursory investigation reveals that the young aspirant wants to pursue this idea because s/he encountered a certain problem and could not find a ready solution, and now believes that the solution (which is, in reality, nothing more than an idea – not even at the ‘proof-of-concept’ stage) is not only going to solve this problem but that the entire world is awaiting the arrival of this incredible value position!

If you’re a technologist who enjoys fixing a technical problem, you’re not alone. Sadly, that is not at all the case! It’s impossible to fix a problem without first listening to the ‘voice of the consumer.’ This is not meant to detract from the individual’s or the team’s ability to produce a high-quality product or service. Although many young entrepreneurs (especially those with no previous business experience or exposure to the world of business) believe that they will soon become unicorns, the media will write exciting stories about them, and they will have “arrived” in the world of name and fame, many find out the hard way that this is not the case.

Startups & Technology

startups are about more than just technology - By Egniol

The most important component of any entrepreneurial endeavour, regardless of whether it is a technology-based one or not, is to get to know your customers. An entrepreneur’s ability to create a compelling value offer for a consumer is directly correlated to his or her ability to comprehend and live through the ‘pain-point’ of the customer. Also, keep in mind that by “customer,” we don’t simply mean someone who recognizes, appreciates, or uses the value of the solution, but rather someone who has the means and the willingness to pay for it.

The first step is to work with clients in the early stages of ideation and iteration in order to meet the customer’s minimum expectations. The final version of any product is never achieved in a single release. Once a product is ready to be tested on an alpha (an early adopter) or beta consumer, the path might be a long one with many revisions and modifications.

In the context of ‘products,’ rather than services,’ there is an emerging concept of ‘co-creating,’ which implies working closely with the end user to arrive at a proof-of-concept (PoC) that can be rigorously evaluated under a variety of scenarios. Going from concept to proof-of-concept is one thing; putting it into production and bringing it to market is a whole different story.

This article was inspired by the fact that an increasing number of intelligent young men and women are eagerly pursuing tech entrepreneurship with unreasonable expectations. While it is admirable to aim to become a great entrepreneur and make a difference in the world, one must proceed with care and prudence along the way. Not every intelligent engineer or scientist is cut out to be an entrepreneur, nor does the ability to solve or crack a difficult technological challenge in new technology ensure that you will become a successful entrepreneur. There is far more to entrepreneurship than mastery of technology. 

Instead of focusing on the technology you believe is your strong suit, focus on your customers instead. This will greatly improve your chances of success.

How Startup may stand out from Big Companies! - By Egniol

How Startup may stand out from Big Companies!

Many startups have a hard time finding a way to stand out from their competitors (other big companies). Their goal is to come up with unique features that their competitors don’t have. This is usually the wrong way to do things in a startup. So how long will it be before the other company notices and adds the same thing to its own product? Features are often easy to copy and don’t stand out in the market long-term.

Small startup, growing startup businesses that haven’t yet made their mark in the business world are worried about the big companies that already have a lot of power. These smaller businesses want to not only get a piece of the market but to eventually dominate it. In the past, we have seen small businesses get pushed around by bigger businesses so much that they have to exit the market or collapse entirely.

Why it’s Important to Stand Out in Business?

It is very important for your business (startup) to stand out from the rest. While the majority of people understand that concept, far too many businesses fail to put it into action.

It’s important to make your business unique if you want to stand out and be seen. Because if you look like everyone else, it will be hard for people to figure out when they should choose your company.

Consumers believe that big companies are safer and more stable during times of economic turbulence, which contributes to their dominance over smaller ones. Because of these problems, small businesses need to come up with ways to fight back against big businesses and take over most of the market.

How Startup may stand out from Big Companies! - By Egniol

What can startups do to tackle these challenges and ensure their survival? Ways Startup can differentiate themselves from other big companies

Look at a narrow niche of the market and focus on it.

In order to serve everyone, you don’t serve anyone. With service-based businesses, this is even more true.

Adapting your model or approach for a wide range of businesses is not cost effective for your startup and makes it more difficult for people to determine if your company is a good fit.

Make a strong offer or guarantee

Guarantees are a great way to make people less afraid to buy your product or service. The more people are willing to buy, the more sales they will make.

If you give a guarantee, your company will look more trustworthy and be more appealing if people trust you.

Hire external consultancy services

Most small companies are susceptible to problems that can cripple their business because they are new in the market. To mitigate this, companies should hire a consultant to work in their office on a regular basis (e.g., one or more days a week). The firm consultants contracted should be senior human resource professionals who have worked on similar projects and with similar companies before. They should also be experienced in employee relations, recruitment, and helping the company’s administration team.

Leave pre-packaged solutions to the competition

Startup should align themselves with the interests of their clients based on the type of customer, population, market, gender, and economic proficiency they are targeting. Small companies may be able to take advantage of cost efficiencies and market contingencies based on government policies that are in place in the country they are operating in. In particular, a country’s economic policies may help to support small companies by providing equal chances to all companies to explore the market; however, these policies may not create the “ideal” situation for a small business.

Pricing, Product and Organization

Product prices are based on income and profit, and they can change a lot based on supply and demand. When attempting to gain market share, small companies can differentiate themselves from larger companies by offering lower prices or offering superior products and services that allow them to charge higher prices.
Small companies can also distinguish themselves from larger companies through the products they offer. For example, they can come up with highly innovative products that meet customer needs.
After all, optimizing customer satisfaction is typically a greater focus for small companies than it is for their larger competitors

Be nimble and flexible with your Digital Marketing Strategy

If you’re running a startup and considering professional search engine optimization (SEO) to get your online presence off to the right start, there are a few critical points you need to be aware of.

Apart from familiarizing yourself with the principles regarding the importance of sustainable good rankings, and how they back up a carefully curated online presence, there are a number of basics to keep in mind right from the start of the campaign. These include, but are not limited to, the initial investment required in your campaign in order to achieve sustainable results, as well as targeting your efforts based on the usage habits of your target market.

It is extremely difficult for large, established companies to be flexible with their strategies. This gives startups a huge advantage when compared to big companies.

Deliver extraordinary customer service.

Many businesses claim that their customer service is what sets them apart. However, simply saying that is insufficient. You must provide an exceptional customer service experience that is not available anywhere else. Consider how you can provide service that is far superior to what your competitors are providing.

Create a cause marketing effort.

Showing that you are a socially responsible and ethical brand is another approach to stand out.

As part of a cause marketing effort, you can achieve this goal. It can take several different forms. Giving campaigns or collaborations with non-profits are one way to accomplish this.

Another approach to cause marketing is to use your voice to promote a social cause.

How Startup may stand out from Big Companies! - By Egniol

There are numerous ways for your company to stand out: deliver extreme value, give something valuable away for free. Additionally create unique partnerships, or build powerful communities.

But this list gives you a great place to start. And hopefully, gives you some inspiration to focus on standing out instead of fitting in.

We’d love to know––how does your business stand out from the crowd? What do you do that makes your business different?

Why do Startups Fail? - By Egniol

Why do Startups Fail?

The dynamic nature of market needs leads to many ups and downs in the functioning of the business. but we are always mocked with the question ‘Why do startups fail?’. Today, there are a large number of startup businesses that are launching IPOs and joining the Unicorn club,  Well don’t worry, we’ve got your back. The market keeps on changing whether in terms of technological improvement, shifts in consumer preferences or entry of new competition in the market or external factors such as political or environmental reasons. The business has to adapt itself to such conditions to survive and grow.

A major reason why start-up companies fail is that they run into the problem of there being little or no market for the product that they have built.

Following are some of the reasons to understand why start-ups fail.

Reasons for Why do Startups Fail?

No Demand

The top reason for Start-up failure is they make products/services that the market simply doesn’t need. At times, the entrepreneur gets sure about his product that he does everything possible, starting from building a website, promotions, etc. But he fails to do the market research. There is no heightening value proposition of the product that will attract customers. Or on the other hand, the world simply didn’t require what they were putting out there. that’s why Why do Startups Fail?

Lack of market research and adaptation for trending technological advancement results in failure of the products.

Hence, do all the market research before starting your start-up to avoid negative falls.

Running out of capital needs

When the business run out of cash, it obliviously fails. Even well-doing companies face the trouble of deficient cash flow. For example, as the business grows it needs more funds. Unavailability of the same in near future can lead to start-up failure.

The government helps the start-ups by providing funds through Government start-up fund schemes to help potential businesses to stand strong in the market.

Poor Management

Human resources are one important factor for any company. The poor team are frequently frail on the procedure, fabricating a product/service that nobody needs to purchase as they neglected to accomplish sufficient work on market research and putting innovations. this is reason for Why do Startups Fail? This can bring through to inadequately thoroughly examined to-advertise systems. They are normally poor at execution, which prompts issues with the product not getting advertised accurately.

A good team will be good enough to avoid mistakes and even if they do, they reconcile it in no more time.

Poor Quality

It is very important to make a product that satisfies customer needs and has some kind of innovation that will attract people. Be precise about the Unique selling proportion for your product to stand highlighted in the market.

For example, the rivalry stories of Apple and Samsung. But due to the USP of Apple about its safety features, it is preferred and liked more in the market and is sold at high prices too.

High Production Cost

Customers look for quality products/services at a reasonable price. If you target just on maximizing profit by charging it from your product without having space for uniqueness in your product, you will lose on your target buyers. Unfortunately, start-ups at times fail to balance the cost of production and the cost of selling and hence result in complete failure.

Inadequate Marketing

What’s a product or service without its promotion?

Logically, nothing.

No matter how great the product/service is, it has to reach its end-user. Poor marketing leads to wastage of business capital investment and also time. It is not necessary to have a professional PR team at the starting of your start-up. One need to take all the promotional techniques to mark their presence in the mind of people.

The first impression is the last doesn’t work in the dynamic business market conditions. The business needs to keep on updating its standards and marketing to attract customers. Know the customer, study their needs and lifestyle and segment the promote the product accordingly.

Lack Of Desire to Succeed

One good reason for a failing start-up is the inconsistency of the efforts into the start-up. It is easy to have motivation in the starting of the business, and do all the functions with at most zeal. But as the time goes up, the entrepreneur loses his charm to hustle hard for its venture. The emotions like hard work, persistence and patience have to be cultivated to take any business on the ladder of success.

These are the reasons for Why do Startups Fail?

Don’t let any such reasons to be a hurdle in your Start-up. Research the prevailing market conditions and strategies the business in a way that it gives long term advantages. For any assistance, reach us at https://egniol.co.in/ 

why start-up is the right choice

Why is a Start-up The Right Choice?

Tired of those 9 to 5 jobs and taking orders from the boss?

Do you think you are capable of handling the dynamic features of the business environment?

You must be thinking that start-up is the right choice for you, why not start your own business? An adaptable, creative, and deft culture has been key when confronting difficulties like far-off work, big industry, and market changes. Start-ups have a better growing and surviving option than other businesses if one keeps in mind the ongoing market conditions and the requirement for innovation. Here are few reasons, why you must choose to start your own venture!

Reasons for start-up is right choice

  • You are the master

Because it is your start-up, you know the A TO Z about your business. One doesn’t have to rely on the decisions of others. You are the master of your business. The start-up idea spreads like a wildfire and so you get an advantage to regulate your business identity in the market.

  • No rigid working hours

One doesn’t have to wake up at 7 in the morning, get stuck in the traffic for an hour before they reach their workplace. Also, there will be no Monday blues once you start working for your own business. This helps in boosting one’s productivity and promotes work-life balance.

  • Government schemes

The government of India is helping start-ups by providing financial support. Various schemes are coving all sectors of business industries. Learn more.

  • It focuses on quality, not quantity

It is the basic nature of any start-up that it focuses on the quality of product and not quantity. Hence, worrying about the production is not a headache in the initial stage of the business. The money follows with the quality of the product you provide.

  • Professional opportunity

A start-up is a young company trying to make its history, and if you fit and believe in the company’s vision, you’ll have career growth opportunities. It will help one grow in a 360-degree perceptive. It comes with great responsibilities. Each step will make a direct impact on the business. So, one needs to be very particular about what one is trying to implement. All of such details will prepare you to sharpen your professional skills and allow growth. you’ll learn self-management to prioritize your work and get things done.

  • First mover’s advantage

If you are leading your mind with fresh and smart innovations, you’ll get a first-mover advantage. In marketing strategy, first-mover advantage is the competitive advantage gained by the initial significant occupant of a market segment. The first-mover advantage enables a company to establish strong brand recognition and product/service loyalty before other entrants to the market.

  • Better than a Master’s degree

Tired of writing all those assignments and keeping a check on deadlines for submissions? Let your mind write your vision with the start-up rather than the thesis you keep on writing. Master’s degrees also is an expensive affair and do not always guarantee placements. Triggering your mind for the business opportunities available is always a good idea than triggering the mind on losing the temper over university routines.

  • Team advantage

Start-up teams are usually very small, which means they’re very close and aligned, working together to achieve the same goals. You’ll be surrounded by highly hardworking, talented, and ambitious people willing to do the impossible. This is a huge motivation to learn from others and also teach and contribute with your knowledge and experience. You’re not all alone! let that sink in with the idea of starting your start-up.