How to run a successful Start-up

Establishing a start-up of any kind isn't easy and managing it is an altogether daunting task. Here are a few tips to lead a new venture competitively.

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A vital quality for successful entrepreneurs, leadership skills are important while being at the helm of a start-up. It is niche since holding the reins of anew venture entails effectively managing employees who leave the allure of big organisations to work in a different environment and take up opportunities that wouldn't usually come their way.

Shubhra Bhardwaj, CEO, founder and director, Ferriswheel (an event management firm) says that styles of leadership change depending upon the size of the company and its employee base.Talking about the distinguishing features of a start-up, he says, "The driving force behind a successful start-up is thinking out-of-the-box. The environment in such a company is also homegrown and informal as opposed to a large company where employees are bound by weil laid out codes of conduct."

According to Andrew Warren Smith, managing director, DDI India, the largest issue confronting start-ups is the risk of failure. "With a 90% failure rate amongst start-ups, leaders must be aware that the odds are stacked against them. Large corporates thrive by maintaining their status quo repeating successes of the past and leveraging scale to remain competitive. Hence, it is important for leaders to back their desire to succeed with innovations that can not only disrupt the status quo, but also carve aniche for the organisation.”