During an interview when somebody asked Mr. Ratan Tata about young entrepreneurs and Indian startups, he said ”Today, we see young, bright and capable entrepreneurs who risk not being a part of a big company and hope to set up something that they believe in and that will make a difference. Through hard work, ingenuity and faith they are trying to be the best in the market. Young entrepreneurs will make a difference in the Indian ecosystem. Days of seeking protection in the market, through legislation, through other means shouldn’t be seen as the way forward. Don’t take any shortcuts, whatsoever.”
He further said “When things go wrong, people will tell you things like ‘how could you be so stupid’ or ‘I always told you so.’ There isn’t one right way that you can follow, there isn’t a roadmap. When things go wrong just deal with it openly, transparently and honestly.”
Paul Graham (Co-Founder Y Combinator seed capital firm) says that “A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of ‘exit.’ The only essential thing is growth. Everything else we associate with startups follows from growth”. He added that an entrepreneur starting a startup is committing to solve a harder type of problem than ordinary businesses do. “You’re committing to search for one of the rare ideas that generates rapid growth.
Startup business has no hard and fast rule but generally there is a need for three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible. Most startups that fail do it because they fail at one of these. A startup that does all three will probably succeed.
Startup business strategy is tricky and there is no fixed framework to apply, it depends on individual’s time, intelligence and understanding, but to summarize the whole process from start to success, I’m sharing this below diagram: