Many of us have a variety of ideas-some may be good and others might have innovative and game-changing brainwaves. But the conversion of ideas into entrepreneurial reality is a mammoth task. This is the age of start-ups. Start-ups are new companies found by young entrepreneurs to develop and launch a unique product or service in the market. Before you start your own business, make a checklist of things that are required for how to run a successful startup:
1. Crack the marketing plan
The success of any small or big business in a digital world is to have the right marketing plan.
There are thought of similar products and services available in the market, find your Unique Selling Point- why should the customer choose you over other competitors?
3. Dedicated workforce
When we talk about how to run a startup company, we have to understand that it’s not only the job of the leader to run it successfully? It is very important that people working in a startup have to be dedicated, as the struggle is extremely real in the initial days. The passionate and committed team makes for a successful business. You can hire remote workers to expand your talent pool.
4. Seek advice
It is not possible to know the entire enchilada for running a business, ask help from experts.
5. Money matters
Get funding and have a steady inflow of cash. Do not be disheartened, if you ‘fail’ or the company doesn’t show a profit within a year.
Gender Disparity in Business
Starting a business is a difficult process, but it gets more arduous if you are a woman. When it comes to running a business, sadly our mindset seems to be stuck in archaic traditionalism. In a survey by BCG, it has been found that female-led start-ups receive less than 3 percent of the Venture Capital Funding, even though they approximately generate 10% more return than their male counterparts. Young men are seen as ‘promising’, while young women are perceived to be ‘inexperienced’. So now it became very important to know how to successfully run a startup.
Gender inequality in regards to salary or leadership roles is a common problem in the corporate sector, even now only 17% of start-ups are being found by women. It might seem like a small group but there has been a 45% rise in the last decade. Things have started to get better post #MeToo.
A Harvard Business Review report has shown that women have shown far greater competency than men in leadership as they are better at empathy, value reciprocal relationships and are more concerned with cooperation, collaboration, and equality.
Challenges Faced By Women Entrepreneurs
· Lack of funding– many female entrepreneurs have rued that they didn’t receive the necessary funding.
· Prejudices- every problem faced by women stems from the prejudices and biases that people have held onto for ages.
· Fewer women have decision making power- in the C-group and in decision making roles, women have only 9 percent presence.
· Lack of mentors- women often lack mentors or the right network who can guide and inspire them.
· Balancing family and work- starting a business requires experience and most entrepreneurs start out in their 30s, an age that is also seen as ideal for women to embrace motherhood and start a family.
When diversity has become the watchword in the Tech world, we are still struggling with gender biases. Here are examples of a few women who have conquered the world with their imagination and innovation and told us how to run a successful startup :
it is the first programming language written for the mobile phone and is available on the iOS platform. Hopscotch teaches kids how to code in an entertaining way and build a software like mini-games, websites, and much more.
It was founded by two dynamic women: Jocelyn Leavitt and Samantha John.
Huge competition for Uber, Grab is extremely popular in Asia. This app has over 19 million downloads and 350,000 drivers. It was founded by Tan Hooi Ling, who used to previously work as a business analyst in McKinsey & Co.
It was founded by Heather Mirjahangir Fernandez, in 2016. It is aimed at improving the patient experience by reducing wait time and increasing their partners’ patient volume. It matches the symptoms of a patient with a local doctor according to their convenient time.
Verge Genomics uses AI to find new drugs for brain diseases like Alzheimer’s and Parkinson’s. It was founded by Alice Zhang in 2015.
While studying at Harvard, friends KJ Miller and Amanda Johnson, realized that like them, women of color worldwide faced a problem of not finding the perfect nude lipstick. They created this luxury beauty brand whose rapid sales garnered the attention of investors.
A business equivalent of Airbnb, Leanne Beesly found this online platform which allows freelancers to book a space and leave a review.
Founded Preethi Kasireddy, it has brought back honesty to the digital world. It checks the authenticity of claims made by people online through blogs, white papers, websites and anything else on the web.
An online magazine that talks about education, health, gender, and innovation are helmed by Sarika Bansal, the editor-in-chief.
A media and tech company that pushes the boundary of culture and status quo was co-founded Morgan DeBaun.
Founded by Rachel Drori it is a subscription meal delivery service that produces customers with unprocessed superfoods in a convenient form.
Miki Agrawal founded this feminine hygiene brand which sells ‘period-proof underwear’.
Eva Goicochea and Dina Epstein wants to sex better for everyone and has created a line of personal lubricants, condoms, and vibrators.
A home fertility test company that helps women to gain knowledge and navigate important hormonal changes. It was found Afton Vechery and Carly Leahy.
Founded by husband-wife duo, David Spector and Heidi Zak, it is a line of bras designed for all body types, with a Fit-Finder quiz and tries before you buy option.
An online travel service provider that helps to discover and book camping experience, founded by Alyssa Ravasio.
A Korean automated investment management platform headed by Jihae Jenna Lee well knows how to run a successful startup.
Chic By Choice
A Portuguese dress rental that allows women to choose the latest designer wears directly from the catwalk.