Startups are generally very small in terms of their size and need support to grow. Community building is one aspect that startups need to take care of from the very early stage. Here, we will tell you what is the importance and need of community building for the growth and development of startups.
Why do you need a Startup Community?
A startup community is a network of people and institutions that, like any network, contribute value to each other and assist each other's success.
Entrepreneurs' passion and commitment alone aren't enough to make a business successful; every company requires vital resources and advantageous location-specific conditions.
Simple but practical strategies to positively impact your community's startups and entrepreneurs.
1. Innovative ideas-
New ideas don't usually come from a single person's head. You must be stimulated by having easy access to a variety of learning and leadership opportunities. The best ideas are iteratively developed and put to the test by the ecosystem. Many successful business people make it a point to read a lot of books each year.
2. Experienced learning-
Surrounding oneself with individuals who are brighter and more experienced than you is the best way to be successful in business. Building a business from the ground up is a team effort. To make it a win-win situation for everyone involved, you'll need partners, mentors, and investors who can supplement your own resources.
Good entrepreneurs learn how to collect and manage financial capital from one another and from advisors. Friends and family, local angel investors, and venture capital access are all important sources of financial capital for every startup community. Despite the internet's reach and cold calls, cordial introductions are still necessary.
Networking events allow people who are like-minded and supportive to form partnerships. It's not enough to network at a cocktail party. Look for outside speakers and experienced leaders at business and industry conferences, hackathons, and Startup Weekends.
While there may be a lot of money to be made there, it's occasionally worth it to relocate to a friendlier area. If you've already arrived, now is the moment to assist us all by assembling the necessary assets for a thriving startup community.
Following are the 4 Important Cs that are needed to build a Strong Community for Startups
A startup that misses an opportunity to improve its community will have a difficult time in the future. Any company that operates in a vacuum will eventually fail, whether it is a start-up or an established business.
It is the government's responsibility to create and maintain a business-friendly environment, but also of the entrepreneurs themselves. Entrepreneurs must take the lead and work both inside and outside of established channels if they want to see their startup community prosper.
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Here are the four C's we feel a startup ecosystem requires to thrive:
A small business's morale can make or ruin it. Celebrating your startup community might help keep employees from being burnt out. A quarterly community outing, a statement before the city council, or personalized holiday cards are all possibilities. It isn't just about the employees; it is also about their families.
Every entrepreneur should realize that networking is critical to a successful startup. A community must provide forums for people to debate opportunities and share ideas. Entrepreneurs can use one-stop tools to get a sense of the business community and create contacts that can help them expand their chances.
A startup community is a group of volunteer leaders who share common interests and passions to assist entrepreneurs. When things don't go as planned, a strong attitude of charity will help bring the community together. To help your community develop, connect with and collaborate with other communities.
A community's culture sets the tone for the businesses that settle there. The neighbourhood must accept that startups are now occupying shops. Everyone requires a place to unwind and enjoy their work, whether it is at the office or at home. Startups benefit from communities that make leisure and quality of life a part of their culture.
Startup Stats of India
Let’s learn some interesting facts about startups:-
1. According to the economic times poll, a sum total of 44 Indian firms earned a unicorn status in 2021, bringing the total number of unicorn startups in India to 83, the majority of which belong to the services sector.
2. The Indian startup scene has exploded over the past 6 years. From 733 in 2016-17 to over 14,000 in 2021-22, the number of new recognised companies has surged dramatically.
3. India has approximately 61,400 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), with at least 14,000 recognised during fiscal 2022. The Economic Survey 2021-22 is an annual economic report card that assesses the performance of many sectors.
4. Delhi has surpassed Bengaluru as India's startup capital. Maharashtra has the most recognised startups, according to a report. There will be 47 space tech businesses in India by 2021, up from 11 in 2019, an industry survey predicts.
5. India has overtaken the United States and China as the world's third-largest startup ecosystem, according to a new report.
Problems faced and solutions
Today, the globe has 150 million startups, with 50 million new ones debuting each year. Each day, on average, close to 137,000 new businesses are founded. By any measure, these are enormous figures. Challenges are everywhere and here are the problems faced by startups.
1. Qualified Candidated-
A team is made up of people who have comparable skills and a similar focus. Using services like Indeed, you can verify that you're only interviewing candidates who meet your requirements. The site has a proven track record of connecting qualified applicants with new startups and existing businesses.
Many entrepreneurs struggle to get funds, and some are forced to settle for subpar goods or services. In order to deal with this, startups must play it conservatively and cautiously. Using the services of a financial consulting firm can be beneficial in navigating the financial challenges that today's fledgling enterprises
A common blunder made by novice business owners is to believe they can handle everything on their own. The success of your company is inextricably related to your personal success. Trusting someone else with your personal vision is, to say the least, challenging.
One of the most difficult issues that organisations confront is gaining a customer's trust. Startups can always scale and then move toward greatness if they have both a satisfied and a devoted consumer base. Startups must strive aggressively to develop a customer-centric working attitude in order to earn customers' trust and loyalty.
Don't hire too many new staff before you've assigned them an adequate job. Don't fritter too much money on stuff such as advertising and marketing. Growing, or scaling, your company is a good thing to do, but only when the time is right. Entrepreneurs need to have high but controlled expectations.
Do’s and Don’ts
For all intents and purposes, starting a business is one of the most difficult things you'll ever accomplish. It's a huge leap of faith that will require ongoing learning for the duration of your company's existence.
There are a few things that would need your attention.
1. Investment in Tools- Even in their early phases, startups must make many investments. This includes servers, marketing SaaS, CMS, software, and other such products. Tools will cost a hefty fortune, as you might expect, but it will be money well spent. If you cut corners on these tools, such as analytics and SEO software, the difficulties that result could cost your company thousands of dollars.
2. Listen to your customers- When you share your knowledge, enthusiasm, and experience to assist others, people are much more interested in what you have to say. People are more likely to buy from people they like, trust, and identify with. Concentrate on being interested in them rather than on being intriguing.
3. Be ready to face failure-Accept the possibility that your startup will fail. Startups fail at a rate of up to 90%, or 9 out of 10, so the odds aren't in your favour. It's always preferable to fail fast than to fail gradually over time. Remember that starting a business is all about trial and error. The best thing you can do for your startup is to take all you've learned and apply it to your next project.
4. Do some research- The thing that takes a great idea and turns it into a great company is execution. You cannot make reliable forecasts of market readiness if you haven’t researched well. You can't develop credible market readiness estimates without thorough research, which might lead to disaster in the first few months of your startup's existence.
5. Partnership- Getting finance as a single entrepreneur is virtually always impossible. A business partner is a logical solution because it allows you to split the workload without having to worry about payment. Keep in mind that partnerships can be fickle and frequently fail for a variety of reasons, like personal differences and conflict.
1. Ignoring team strength- A group of people can get the job done quickly and efficiently. Excellent online teamwork can be done with the use of Enterprise Collaboration software. The software organises daily tasks, measures productivity, and provides CRM capabilities.
2. Being invisible- Invisibility is not a good business strategy. You must be involved in the communities you serve so that people know where to find you. Find imaginative ways to utilise your contacts and databases to double your outreach if there are other firms that target the same client base as you.
3. Ignoring legal assistance- A legal battle is probably the most disastrous thing that could happen to a startup. Having a good lawyer on your side pays off. Even if you don't think you need one right now, get one now. Costs are expensive, time-consuming, and emotionally and mentally exhausting.
4. Seeking innovations- There's no reason to be concerned if you're creative, but if you're not, there's no way to improve. All those who advocate for innovation are simply shifting their workstations. Instead, look for ways to stand out. Recognize your distinct qualities and invest in those things that will help you stand out from the crowd.
5. Rushing for office- The cost-to-benefit ratio of an office shows that it isn't necessary if you make the correct improvements to your organisation. Of course, whether or not you should close your office depends on the type of your firm and its specific requirements.
Community isn't something that happens once to help you get from zero to a hundred thousand or more followers. A true community exists for the long haul. They are the ones you can rely on in good times and bad. They are the ones who will encourage you, give you the truth even if it hurts, and celebrate your accomplishments because they were instrumental in your success.
Community is a backbone that your startup needs to grow.