While the number of startups is hiking by day, many founders are ignorant regarding how to scale up. Former Strategy General Manager of BPCL, Arvind Krishnaswamy points out things which startup aspirants should keep in mind. Earning money through digital media is a problem. He has found that entities like Google and Facebook are minting money off bulk media. But bulk media is a good environment for people to realize their potential and grow accordingly. You should be able to provide well curated ideas. Giving one story a day is a good example, said Arvind Krishnaswamy to channeliam.com.
We look at startups from different perspectives. If you have an idea, you need money to execute it. Next stage is to pave way to the prototype. From prototype, you should graduate to pilot and from pilot to scaling. Every startups should go through these four stages. Only very few startups follow all the four strategies regularly. You should think differently at all stages. Earlier, businesses took time to adjust to changes happening. But today, business adapt easily. Thus, the changes are happening at a rapid pace, added Krishnaswamy.
People related to startups should have a thorough understanding about the startup. Many people lose touch with their startups halfway. A fresh entrepreneurs cannot behave like an experienced one. Such immature traits will be a problem later on. Every startups should look into these two aspects: How to find people and how to retain them. Money alone can never make your people happy. There is no clear cut answer for this question from entrepreneurs even now.
The next factor is how to manage money. Finance is a complicated area for many startups. Finance sector requires money at various stages. You should have a thorough understanding about money matters. Who provides you money; how they provide you money; how do you finance; how do you grow and more. The last aspect is regarding scaling. You should realize your potential and plan your future. If you have a strong desire for people to invest in you, if you want more money, you need to grow, said Arvind Krishnaswamy.
