It’s not surprising that many find it difficult to expect startups to achieve success in the business world, and in fact it is not that easy, but it is possible, especially since we live in a world where technology is rapidly evolving day by day which gives startups a better chance at success.
A recent study issued by Endeavor, entitled "Mapping Technology Companies in Riyadh: Network Analysis of the Entrepreneurial Community", revealed that 50% of technology companies were established in the past five years, while 18% of them succeeded in reaching the stage of growth and expansion after exceeding 50 employees. Endeavor gathered these numbers after meeting with more than 70 Saudi entrepreneurs.
You might be wondering: Can I be one of them? How can a great idea be turned into a successful business?
Of course, you can be a successful business owner and entrepreneur, especially within the business environment supported in the Kingdom within Vision 2030, but you have to know that there is a life cycle that most startups go through to become a leading business, and it is not without challenges.
What is the definition of startups?
Startups are newly established companies with little operating history, established to develop an idea with potential for business opportunities and impact. The development of a startup company, from idea to implementation, is an ongoing process. It can often be difficult to pinpoint your exact position in the startup life cycle due to many factors, and the length of each stage varies greatly depending on the business implementation and your industry.
Let's take a look at the stages most startups go through to reach success:
1) Idea stage
This is the first stage of your startup. You focus on evaluating your idea to expand and test the market, and to see how it will reach the desired results. You can see the work of professionals in your field of interest and interview them, or even talk to those you think are your target audience. You can also bring in consultants and experts to help you evaluate your idea.
2) Launch stage
This stage in the startup life cycle is the point at which you begin to turn your idea into a reality and launch it in the market. In this stage you should:
3) Growth stage
It's all about expanding your business when you reach the growth stage. At this point, you have successfully launched the product or service and increased your user base, so your business should now focus on generating a steady source of revenue while trying to reach new customers. Here, the biggest problem is splitting time between the different demands that need your attention, such as identifying and following up on new customers, managing revenue growth, helping customers, developing your product or service, managing the business, outperforming competitors, etc. You may need people to help run aspects of your business, which may mean hiring consultants or employees, or outsourcing certain tasks.
4) Maturity stage
After going through the three stages, you should look for new opportunities for expansion as the business matures. You may build a larger team or look for new opportunities to develop your product. Knowing the challenges early on is very important in order to overcome common obstacles and successfully move through each stage, you need an experienced team to help you succeed.
As you go through all these stages, your practical experience deepens, and your understanding of all the aspects in which you need to develop increases. Try to enjoy facing these challenges, and of course it gets easier with experience and knowledge.
