Creating a startup venture can be the best or worst thing in the world depending on the experience of the individual. More than half of these projects in New Zealand will fail inside the first 12 months, outlining how competitive and risky these enterprises can be at any given moment. There are a lot of factors involved that will determine the fate of the concept, but those who have the drive to make it a success can make it work for them.
What will be required is a set of key objectives that allows all parties to work towards the same target. Perhaps this is a blueprint designed around financial goals, business interest or other metrics that demonstrate sustainable growth. Once these objectives have been established, it will be easier to create a path that follows sound principles and a coherent commercial plan.
Research is the bedrock that makes any successful startup venture work for New Zealanders. Founders and owners have to assess their particular niche, understanding what value it brings to the community, what prices are set by the market, what elements impact the fluctuations in price, technology that can make the process more efficient and other components that will be evident in the years to follow. Studying the field is an investment in developing the intellectual property, ensuring that the right people have their finger on the pulse.
The team members that work within the walls of the startup venture will often dictate the trajectory of the enterprise. From the office manager to the sales staff, the engineers, the marketing specialists, developer officers, customer service representatives and those at the top of the hierarchy, the execution of their unique roles have to be aligned to the greater goals and business interests of the organisation. This is a domain that comes down to hiring and talent acquisition, following an instinct that brings aboard talent and hard work.
Establishing local connections and working relationships will allow a startup venture to go to the next level. Suppliers for product components, couriers, commercial investors and website hosts are all part of the project whether they have a direct or indirect footprint. If there are skilled people who can build on those connections and work with trustworthy professionals in the area, then many of the logistical hurdles can be managed down the line. No one can succeed in this environment through individual skill or sheer luck because at some point in time, others have to be trusted outside of the enterprise.
Having investment capital and a sound financial strategy is where a startup venture either thrives or collapses. It is a major factor that outlines why more than half of these projects cannot be sustained beyond the first year of operation, failing to find the funds or leverage their capital in the right departments. Some of this money can be earned through other businesses that are sold outright, or by attracting commercial interests from outside parties, giving them a chance to own a percentage of the brand depending on the size of their generosity.
Anticipating setbacks and disappointments should be part of the equation for Kiwis that want their startup venture to last the distance. This is not about planning to fail, but to have a flexible operating model that takes advantage of contingencies. It could be the removal of an investor, an issue with production of a manufacturing component or a spike in prices with certain couriers. Whatever the case may be, a thriving startup venture on New Zealand shores will follow a strict set of protocols that can quickly switch attention to a sound solution.