In the midst of intense competition, only one out of ten survives to the end of the game.
How to secure this marvelous chance? How to avoid falling?
Only 10% of startups pass the establishment period and maintain their position in the market, while 90% exit the market and cannot continue to compete. These figures show the importance of knowing and understanding the dimensions of the past experiences to utilize them in your experience.
The Focus of Attention
The term “startup” is very popular these days. Many governments and institutions have devoted a lot of efforts toward this notion. This reflects the importance of startups in the economy of countries as it lays in the innovative solutions presented in the form of a product or service; creating many Job opportunities, helping GDP growth, and improving the standard of living.
Therefore, at Elm we are very supportive to this important and influential part of the national economy in accordance with Saudi Vision 2030. And as a result of this interest, we have launched a knowledge portal via "Diwan Elm"; hosting Professor Latifa Al-Wallan, who provided valuable information about startups. She also shed light on his career in the world of trade and business, from "Yatouq" until she became the CEO of "Endeavor Saudi Arabia".
What are startups? What is the difference between them and small and medium enterprises?
A startup is a newly established company, which originated from an innovative entrepreneurial idea, and this idea has great potential for growth and prosperity. Startups can be distinguished from small and medium enterprises by their rapid growth, and its their innovative solutions.
How do I start?
There are several aspects that must be considered in order to start your startup on a strong and consistent basis. The most prominent of which are:
Think about a problem that needs to be solved.
Expand your public relations
Create a practical solution to the problem.
Ensure that the solution has the potential for development and growth.
Use technology.
Set and schedule your project objectives.
Find a suitable partner to fund and support your project if your budget is not sufficient.
Ensure that your team members are selected in a manner consistent with your project activities.
Why do some startups fail?
Despite the enthusiasm of the beginnings, many startups may encounter many problems that end their presence in the market. These problems are usually caused by one of the following factors:
The lack of need in the market. Meaning: The idea may be unique, but it does not meet the needs of the market.
Lack of liquidity like starting the project with less capital than necessary.
Competition.
Inefficiency of the work team.
Pricing errors, which can be avoided by researching and estimating the amount that the customer wants to pay for the service or product, and estimating the cost of production, then determining the price.
Poor product quality.
Neglecting customers’ opinions.
Absence of a business model.
Neglecting the marketing aspect.
Inappropriate timing.
The first step to launch
Uber was launched from a small idea in 2008. And today the company has many branches with more than 15,000 employees. Uber App is one of the most popular apps these days.
Taking the path of new experiences and overcoming the difficulties makes you stronger, and makes you feel the joy of victory after every step you take correctly! From the First Time!