KOCHI: The success of startup firms depends on not just the brilliance of ideas, but the prudence in their implementation, said experts at an advisory meeting organised by the Kerala Startup Mission (KSUM) here on Tuesday. The meeting saw speakers providing 'realistic' tips to newbies on starting business ventures, charting ways to success and sustaining their profile in a world marked by increasing competition from bigwigs.
Speakers for the event, which was named ‘Critical success elements for startups’, included KSUM’s CEO Saji Gopinath, God’s Own Food Solutions founder CEO James Joseph, director of Mentorguru Professional Services SR Nair, director of KPMG (India) Anand Sharma, IIM-Kozhikode associate professor (Strategic Management) Rajesh Upadhyayula and SS Consulting CEO Shilen Sagunan. Spread across six sessions, the event also featured a Question-Answer and an interactive segment.
Gopinath said excellent startup products often failed eventually due to “pathetic implementation of ideas”.
“In a state like Kerala, where 80 per cent of startups are in infancy, all its entrepreneurs should eye customers who pay for use of products. They should also be able to bring in buyers outside of the expected crowd in the market,” Gopinath said.
Joseph, as a seller of products made from jackfruits, said it was sometimes by pleasant accident one became a market leader. “It is important to know the real use of a product. One should have a complete idea of it,” said Joseph said, citing his own entrepreneurial experiences. “One should also be careful in choosing investors. Big investors often tend to slacken the progress of startups,” he said.
Upadhyayula stressed the need for going for products or services which could not be easily replicated in the market.
Sagunan said the administration of a startup was as important as the product. “Entrepreneurs should have a clear idea about the taxation and legal aspects of the venture. Starting a business with friends has become common. But it should not be at the cost of definite allocation of responsibilities,” he said.