Nine out of 10 startups fail. And most of them don’t see it coming. Be it an absence of market demand, running out of cash or the wrong team behind a great idea. The reasons can run up to a million. However, there is always one startup out of 10 that turns successful despite all the odds. Carmudi is one such example that set out on a humble trail in October 2013 and has made a grand journey in its debut year with expansion into 18 countries worldwide.
Here are the top five reasons why a startup is bound to succeed:
Look ahead – Convert your Idea into a vision and then reality.
The idea was simple. It used to be a hassle looking for cars or motorcycles through classified sections of newspapers, visiting multiple car dealers or through word of mouth. With increasing incomes and busy lifestyles, people didn’t want to spend days/months looking for a car. A problem well spotted in emerging markets by Carmudi. Solution? A single platform that brings buyers and sellers together with a few clicks of a mouse. Customer feedback? Thumbs up for the convenience and speed that Carmudi has brought into the market by taking the car showrooms and buyers online.
Speed matters – If you don’t do it, your competition will.
Getting things done is in the DNA of every individual that works for Carmudi. What Carmudi has been able to drill in its culture is that you need to move much faster than your competitors. Delaying is a sin in the world of startups. But speed cannot be acquired without having knowledgeable people in-house. And at Carmudi, there is plenty of car experts and enthusiasts. So whenever there is a new idea, it’s tested in a market and if successful, replicated in others too.
Catch the fever – Work more with less.
Touted as the Silicon Valley of Europe, Berlin is a city that buzzes with the spirit of entrepreneurship. Amid a million other young and innovative startups, Carmudi came to life in Berlin in October 2013 with only a handful of resources. A single phone, an erratic internet connection, shared desks and a whole cacophony of noises in the background while the core team tried to put together the most innovative solution for its users in the emerging markets. That’s the first lesson of entrepreneurship: Work more with less! In July, Carmudi HQ moved office and now gets to experience the benefits of a spacious, loft-like, typical Berlin-looking office where the rooms are as open as the ideas floating around.
Manage your cash – Funding is only one part of it.
A successful startup ought to manage its finances efficiently and must operate pretty lean at the outset. Among a few other fundings, Carmudi received a $10M funding in April this year to expand its operations in Asia and has ever since been on a fast-track growth as the company never indulges in unnecessary expenses. But getting funds is just one part of the deal, managing them is altogether another. It’s the management of funds that gets you ahead in the game. One slip-up and the startup can disappear into thin air. Take it from Carmudi that time and management are of essence.
Push for more – Never settle for a second position.
Articulate the goals and motivate your team to reach them in a given timeline. Carmudi endorses a very hands-on and results-oriented approach. That’s the reason that in such a short span of time, Carmudi has managed to become the leading car platform in all its markets with a clear No.1 spot in Bangladesh, Myanmar and the Philippines. Mediocrity is forbidden at Carmudi. Strive for excellence, that’s the mantra of success!
So get started, make mistakes and learn fast!
Image Credit: Captain Startup via Slide Share
