ABSTRACT
The entrepreneur has to focus on the development of a product which distinguishes itself from others in the market with respect to its key features and performance to give a very valid reason for the target customers to buy. Cost is a very powerful differentiator, and better quality and functionalities with lesser cost can be a significant competitive advantage. Most start-ups begin bootstrapping the project or with borrowed funds until they can show some working model or proof of concept. If some small success story of consumer acceptance can be demonstrated, getting funding becomes easier. Start-ups are small companies with very limited resources, and resource utilisation is therefore very critical for their success. Entrepreneurs have to utilise funds for business development and growth. All activities should be closely monitored for their defined performance criteria to ensure that resources are utilised to deliver expected performance. The chapter discusses the critical and key lessons that are required to succeed with a start-up.
