Strategies for start-ups
Dr. Jordan Sudberg, a specialist in pain management medicine and physiotherapy, talks about the crucial factors for a start-up to succeed in today’s competitive world.
According to Dr. Sudberg, the term “start-up” is used in many ways and comprises different stages.
To discern what type of start-ups we are dealing with at a particular point in time, it is useful to define two types of start-ups.
1) A new concept or product with no success on the market yet
This type of start-up needs a lot of support from investors and has a lot to prove to get the necessary funding. It will often be a challenge to get the product on the market and in full production, and it may take several years before the turnover turns positive. A key success factor is that the start-up has enough knowledge of how to operate a company at an early stage.
2) A new concept or product with good possibilities for success on the market, but where the start-up does not have enough capital to get all of its ideas into production.
In this case, a part of the business development has already been taken care of. The turnover is positive and may even be very high. It requires some extra cash to make more sales, but it does not necessarily require new mottos or big changes. The challenge, in this case, is finding the right investment partner, someone who has enough insight into the needs of the start-up, which will improve its long-term possibilities for success.
It is important to find a partner who shares your vision and is willing to contribute to your business’s growth.
The challenges for a start-up are as varied as the different types of businesses today, and many continue to struggle with where to find investors. However, there has been an increased focus on how good ideas can turn into something bigger. The question is: “How do you prepare yourself and your business idea in order to achieve success?”
First and foremost, it is vital to sell your ideas. Generally speaking, it is enough if one person in a company can develop an idea and make presentations to investors; but it is not enough if the entire team cannot do this. The entrepreneur behind a start-up must have strong communication skills and inspire people when meeting new people.
Dr. Jordan Sudberg believes that the business idea must be clear and well-founded. A new business concept can, of course, take shape within the framework of an already existing company, but then you need to know what you can contribute that is unique or new. As an entrepreneur, there should be clearly defined goals for the company’s growth to achieve success.
As with most things, persistence is inevitable. Occasionally, an entrepreneur can meet many people who are not very enthusiastic or interested in what you have to offer, simply because they do not understand it or cannot see the full potential. If you manage to sell your idea convincingly and supply good arguments, then there is no reason why an investor should decline. You must believe in what you are doing and show that to other people – the investor will then be inspired by your belief.