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Having a successful startup is the greatest objective of those who dream of undertaking in the technology and innovation sector. A great idea and hard work are essential, but they are not enough. Making the business grow, prosper and, mainly, survive in the middle of the competition requires planning.

The obstacles to a successful startup

25% of startups in India before the first year of life and half in less than four years, according to a study by the Don Cabral Foundation in that country.

In Mexico, for example, 75% of new companies conclude their activities after two years in the market, according to the Center for the Development of Business Competitiveness. In the failure rate reaches 85%, according to Startup India.

The Don Cabral Foundation study indicates three factors that explain this phenomenon:

– Number of partners: for each new partner who works full-time in the company, the risk of discontinuity of the startup increases by 1.24. In other words, the more founders there are in charge of the startup, the greater the risk of failure.

– Volume of capital invested: the study shows that startups that have capital to cover operational costs for a period of 2 months to a year are 3.2 times more likely to disappear than companies with enough capital to cover costs for a month.

– Place of installation: when the company is in an accelerator or incubator, its risk of disappearing is 3.45 times lower than that of startups installed in their own office or in a rented room.

3 tips to have a successful startup

1. Recognize your strengths and weaknesses

Don't think that just one great idea is enough to have a successful startup India. Perform self-assessments, identifying your strengths and weaknesses. “Seeking professional mentors or talking to more expert entrepreneurs helps a lot to those who are starting to develop a project,” explains the incubation coordinator of Porto Digital, 

2. Find incubators and accelerators

The ideal institutions to promote those who want to develop their startup are incubators or accelerators, which exist exactly for that: to transform incubated or accelerated companies into successful startups.

3. A good pitch for investors

Specialized companies and groups of investors hold events almost every month for beginning entrepreneurs to present their pitch (oral presentation of their idea). Bet on a short and direct presentation of your business idea, product or company.

Read also: auditors in UAE

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