Blog_Banner_Asset
    Homebreadcumb forward arrow iconBlogbreadcumb forward arrow iconEntrepreneurshipbreadcumb forward arrow icon4 Pillars of Scalable Startup Entrepreneurship & Seed-Funding!

4 Pillars of Scalable Startup Entrepreneurship & Seed-Funding!

Last updated:
3rd Jan, 2020
Views
Read Time
4 Mins
share image icon
In this article
Chevron in toc
View All
4 Pillars of Scalable Startup Entrepreneurship & Seed-Funding!

The startup entrepreneurship landscape in the 21st century is phenomenal. Startup entrepreneurs are working on brilliant ideas in their quest to be the next unicorn. You need not be surprised if we say that the amount of capital invested in startups has drastically increased over the years. More than $171 billion has been invested since 2017, which marks a growth of 231% since 2010.

It is simple to deduce that it is growth and investment that has made the sector so appealing. But behind all that appeal, is the rigour of hard-working founders who sold their cycles, leave aside Ferraris. What we see eventually is the glamour of an enterprise that has had a tough becoming. So, what are those factors that contribute to the success or failure of a startup? In this article, we discuss four major tenets for aspiring entrepreneurs.

4 Pillars of Scalable Startup Entrepreneurship

Startup Incubation

The incubation is an essential phase. There are way too many incredible ideas in the market, ready to compete and shine. But these ideas, despite their inherent brilliance, fail because of inadequate evaluation. Please note it is not necessary to have a unique idea. You are set to attract investment to scale your dream as long as your business fulfils a need in the market. In the case of the later, your focus should be on positioning your product in the market, shadowing the position of your existing competitors.

Get Top MBA Certifications from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

A great way to start on the incubation phase would be to join local startup incubation centres. Through peer and mentor consultation, you will have a better understanding of your proposed product is what your business should take up. An excellent execution strategy is the only way out. Check out 

Team Building

In the 21st century, when you set out to build your empire, people relationship is a significant success factor. Millenials do not work for bosses; they work for businesses. If you come across as an arrogant and exacting person, you’ll lose the opportunity to work with the best people. Without them, you can never build a great team that can materialize your business idea.

Read: Online Education Programs to Transform Your Life

You must understand the psychology with which young people operate, give them responsibilities that commensurate their talent and freedom that gives them the power to face the future head-on. As a technology firm, your hiring influences your business success.

Form an advisory board of experienced businessmen and enthusiastic young people who see value in your mission and are ready to give their best for your success. Be mindful of the money aspect; although necessary, it is the last motivation for any doer.

Pursuit Of Perfection

Of course, a sincere entrepreneur would always be obsessive about the quality of their product. That is the way to go about striving for excellence in cutting out a differentiation. But here’s a challenge; many entrepreneurs with the potential to do great business get stuck at the product perfection phase before entering the market. For example, you may be determined to launch an AI-based app development company. The idea is distinct enough as per your incubation evaluation.

Read: Career Options After Engineering

However, you do not know how much the market is going to accept it until you start and operationalize your product. You will have no fund for marketing your product if you exhaust your capital only in perfecting the product. So, start without obsessing on perfection too much and focus on improving your product as per market response. 

Agility to Adapt

The premise we built above, further branches out to the critical aspect of agility to adapt. One thing is not to overspend on perfecting your product before entering the market. The other is to be ready to amend your original product vision, depending on the market response.

There is absolutely nothing wrong or defeating about a strategic amendment to the original product archetype because your passion must fulfil a requirement to solicit funders. You are set on an epic journey if you notice the market steadily warming up to the new solution your product/service offers. Stay put and keep improving. But if the response is cold, you know due market diligence can help you figure the priority quadrant of your product/service.

Startup Entrepreneurship & Seed-Funding

You may think that the above discussed four simple tips to scale your startup to success aren’t that simple. And if that is so, you are not entirely wrong. The tips discussed may appear like simple chunks of text, but the scope of implementation is enormous. But you are an entrepreneur.

You have the vision to give the best to yourself and the community at large. So, go for them and ensure you have your game plane attuned to those crucial strategies. By the way, it is Ronnie Screwvala at the helm of upGrad’s startup entrepreneurship which is disrupting the space of online education.

If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, 1-week immersion program at University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.

Profile

Dilip Guru

Blog Author
He is a Growth Hacker, Digital Marketer & Blogger. He loves solving problems of scale and long term digital strategy.
Get Free Consultation

Select Coursecaret down icon
Selectcaret down icon
By clicking 'Submit' you Agree to  
UpGrad's Terms & Conditions

Explore Free Courses

Suggested Blogs

5 Simple Ways To Think Like An Entrepreneur: How To Make it Happen
5821
How to think like an entrepreneur? The ‘Entrepreneurial world’ could be a mind-boggling place for a first-time business owner. With the overwhelming v
Read More

by Anirudh Challa

26 Jun 2023

Are ESOPs a Good Option to attract the Best Talent for Startups?
5735
Employee Stock Option Plans (ESOPs) are part of policies to attract, motivate and retain employees by organizations. Thanks to the startup ecosystem,
Read More

by Himanshu Puri

25 Mar 2023

The Future of Jobs – Automation Mimicking Human Intelligence
899117
This is an excerpt from the book ‘The Fuzzy and the Techie – Why the Liberal Arts Will Rule the Digital World’ by Scott Hartley. Scott Hartley f
Read More

by Kechit Goyal

19 Mar 2023

How to Become an Entrepreneur :Steps, Tips and Best Degree
5579
It’s mostly a dream for everyone to become the master of his own business. And why not? The time for following the bosses’ orders has now shown a tren
Read More

by Rohit Sharma

07 Mar 2023

Top 7 Success Tips for First Time Entrepreneurs
5242
Renowned Silicon Valley investor and serial entrepreneur Peter Thiel wrote in his best-selling book, “Going from 0 to 1 is the hardest thing in the wo
Read More

by Dilip Guru

24 Feb 2021

The Emerging Technologies to Watch for 2018 – 2024
6275
A few years back, a research was conducted by Forrester about the progressive behaviour and pattern of the B2B customers. The study revealed that 74%
Read More

by Anshuman Agrahari

08 Jan 2021

Top 10 Essential Tools For Startup Business in India 2024
6161
  In a start-up, absolutely nothing happens till you make it happen. – Marc Andreessen If you are a start-up or nursing the idea of start
Read More

by Anirudh Challa

08 Jan 2021

Startup and Mid-tier business: Can they grow in 2024?
5201
The world is evolving at a rapid rate as new technologies disrupt traditional business practices. Almost every industry has been transformed by new te
Read More

by Helen Cartwright

08 Jan 2021

5 Tips for Budding Leaders on Surviving in the B-game
5089
This is an excerpt from the book ‘Crash: Lessons from the Entry and Exit of CEOs’ written by Ramamoorthy Gopalakrishnan. In this book, the
Read More

by upGrad

01 Feb 2019

Schedule 1:1 free counsellingTalk to Career Expert
icon
footer sticky close icon