Every day new startups are coming up from every corner of the country but only a few of them succeed and the rest are forgotten not before long. In this fierce competition, what is it that makes the top startups stand out of the crowd? We all know about the good values that should exist in doing a job but we hardly incorporate them. Seems like, these start-ups do.
How can one stand out of the crowd, if they are the crowd? To reach the top, one must have something different. Every good startup is born with an idea, a new, innovative idea. Oyo Rooms, one of India’s top start-ups is a great example of innovation. Connecting the dots to create something that people didn’t know they need, is surely the key to step in.
Transparency resulting in trust of customers and employees is the new ladder to success. Without long term support, long term growth is not possible, and transparency is what helps in achieving that. How? Transparency allows trust to form in return and creates loyalty. It is still an evolving concept here in India but highly evolved globally. Nowadays people are smart enough to figure out if a company is doing something shady, so it’s better to not do so at all. Being transparent also gains the interest of investors, which is clearly an important factor. ‘Buffer’ a social media management platform which is transparent with everything from salaries and equity to the books their team reads, is a great example of this value inculcated. It helps them in many ways, by fastening the decision process by avoiding big revelations and by breeding trust and hence teamwork.
Quality over quantity is not just a concept but a significant reality. A user-friendly application, fast service, and obviously, good quality products are more than just necessary to go to the top. The competition is so high, that sacrificing or being even slightly careless on quality can cost the trust of people and subsequently success. Snapdeal and Flipkart are both Indian online start-ups, but why is the later ahead of the former? Repeated cases of wrong products delivered have surely cost the trust of people. Hence proving, the importance of the quality of service.
“All work and no play makes Jack a dull boy”, for how long can a person work without living the life they are earning for? Work is life for many successful people, but at the same time, the life that exists apart from work should be given attention, which in turns motivates one to work hard. In the words of Limeroad’s CEO, Vaishnavi Venkatraman, “Creativity and work-life balance is the key to success.”
Corporate Social Responsibility (CSR) is not just something that’s taught to every commerce student with utmost importance, but something that cannot be neglected anymore. PayTM is a great example of a highly grossing start-up that is putting in a lot of efforts towards CSR. Giving back to the society from which success is extracted in terms of resources, customer’s money and attention; is necessary to maintain their loyalty. It also increases the Goodwill of a company and passively advertises it too.
These are some of the most important values that will elevate a start-up towards success and many more different values are inculcated among different start-ups but it is all about figuring out the right mixture of these.