The story of Facebook is quite well-known; there has even been a Hollywood movie based on how the social networking site came into being. As is known, Mark Zuckerberg, together with his college roommates and fellow Harvard University students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes, had launched Facebook from Harvard’s dormitory rooms. Today, Facebook has around 1.15 billion users across the world and is considered to be the most successful digital business in the world.
It is a fact that the Next Gen is actually building the digital ecosystem, of which marketing is an integral part. The youth today are far more bullish on new media than a generation earlier and are ready to venture into various businesses in this vertical of communication. But are they taking the right route? Or, are they blindly getting into entrepreneurship without knowing the integrities of it?
exchange4media pens down a few things that digital start-ups need to keep in mind while navigating the space and build up a successful business model.
Proof of concept is a must
It is essential that start-ups take their line of thought seriously. Once that is taken care of, it is necessary that newbies work aiming for stability. Setting up a work station and the right working environment then becomes important as well.
Always remember what Tom Sawyer did...
In Mark Twain’s classic novel ‘Tom Sawyer’, Sawyer projects an interesting lesson. The lesson is as simple as being confident and this confidence will then transfer to all the business dealings and also to all the people involved in the start-up.
Keep your overheads low
Entrepreneurship brings in a lot of ambitions along with it. But, as in the case of all businesses, it is necessary to skip the not-so-necessary luxuries to keep costs in check. Investments in human resource and accountancy are some of the things that agencies should focus on instead.
Start-ups need to remember that the first pitch might not fetch a client. Taking it slow yet with ambition and focus is important. Taking up odd projects is a part of the game, but once things are in gear, then there is no looking back.
Get founder dynamics clear
Everyone cannot to be mastering on a particular vertical of operations in a start-up. Dividing roles is the foremost thing that agencies need to keep in mind from day one. This will define responsibilities and will lead in generating successful results from the very beginning.
Aim to get the dream team on board
Start-ups need to rope in eager learners. Agencies should keep in mind the fact that along with the start-up, these individuals will also grow to become their representatives. Agencies also need to invest in training these resources in the right manner and make sure that they are in sync with the agency’s mission.
Success comes with dealing with a lot of hardships. Taking chances and getting it right may not always lead to positive results. Determination with sincerity is what gets success in place. Start-ups need to keep their cool, lower their aggression when needed and most importantly, never get diverted from its focus.
The report is based on a presentation given by Harshil Karia, Paritosh Ajmera, Suveer Bajaj, Pratik Gupta, Founders of FoxyMoron at the Social Media Week held in Mumbai.