The number of startups in Indonesia has reached 992 in 2018, according to a report by the country’s Digital Creative Industry. How many of these startups do you think would succeed?
In general, it’s widely documented online that 90% of startups fail, and only 10% succeed. Why so?
New entrepreneurs today have a tendency to underestimate what it actually takes to build a startup. They think it’s just like a walk in the park. They think they’ve got the next big until it wasn’t.
If you are planning to put up a startup, we’ve got two tips for you.
Develop a Mental Strength
For new entrepreneurs, mental strength has to be the main key to success. Mental strength has been described as the “ability to work hard and respond resiliently to failure and adversity — the inner quality that enables individuals to work hard and stick to their long-term passions and goals.”
Startups are prone to a variety of problems, but leaders who possess mental strength see obstacles and uncertainties as sharpeners that make them smarter, wiser, and more resilient. Their mental strength creates a winning mindset.
Write a Market Analysis
Market analysis, which refers to analyzing the information about the market in which you operate, plays an integral part in improving business growth.
One key component of a market analysis is understanding who your target market is. In determining your target market, you’ll detail the market size, demographics, location, psychographics, and buying habits. This helps you to develop products or services that fit their needs and to create a solid marketing strategy.
Understanding your competition is also an essential part of market analysis. Who are your competitors? What do they offer? What are their strengths and weaknesses? Knowing these can help you to improve your service, products, or offerings.