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Growth 2016-02-06

What fundamentals require starting a start-up?

A restaurant with a grand food can be expensive, crowded, out of the reach for some people and even bad service, but still people will keep coming.

What fundamentals require starting a start-up?

To become a successful start-up, one has to look at many things like building a good team, to make something innovative and interesting, which customers want to see and the budget. On the same note, Kalpit Gandhi, CFO, Melt In said, “Our approach is three tiered. A continuous look out for new ideas; archiving ideas and filtering the ones, which are good and are in line with what our brand stands for; ensuring a process that sustainable product execution is possible with minimum possible variation”.

Today, funding is not an issue for start-ups. Moreover, starting a home based business is within the reach of everyone and low risk than a proper restaurant. According to founders, it's more important to serve a customer, than to build a product. And, that is the reason most entrepreneurs are building their product, than to solve problems for customers.

Mindset for a start-up

These days’ start-ups have completely different approach for their business. Start-up usually tries to pitch, which interests them or helps to make more profit out of it. After that they take new projects and build a smart team accordingly, which includes hiring those people who have a fresh approach and can handle challenges.

“Our learning from our past successes and failures have been the key to our approach. In depth market research, trend analysis, detailed projections (P & L), process documentation, marketing plan and brand communication strategy have kept us occupied, for over nine months. Over a period of time we built a team of SMEs (Subject Matter Experts) – social media, legal, financial, media, food & beverages, website development, portal development, PR, etc, pointed Abhijeet Goswami, Co-Founder, Cook'dIn.

Start-up restaurants generally focus on food. A restaurant with a grand food can be expensive, crowded, out of the reach for some people and even bad service, but still people will keep coming. That is why many restaurants even with average food attract customers through music, band performance, gimmicks and many such things.

“A mindset always starts with a goal; once you have the aim with you; it's easier to put the plan together. The method is simple-have a goal, plan it on paper and work towards achieving it”, shared Bunty Arora, MD, Doppio Bar & Brasserie.

Tech Approach

The new innovation of “food with tech” is all because of advancement of technology, social media and also online ordering. This is changing the overall mindset, product offerings, food supply and communication process.

“I'm very tech savvy. I love computers and its power. Life today is much simpler with apps, cloud drives etc. You can access your files, images and documents from where ever you are. It also helps to create team tasks, which can be monitored remotely. I feel technology if used correctly can create wonders for your organization. A simple app like Google calendar can help your entire team to schedule events and create team tasks. A startup I feel is something like a newborn baby, if nurtured correctly, it can turn into a full fledged business”, stated Arora.

Hence, there are many such strategies to start a start-up that would vary considerably from person to person.

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