Asia might be one of the best places to build your startup. Rapidly expanding markets, innovation, and available capital make Asia an ideal hub for any business. While many try their luck at starting their own business, few companies survive the first year. To increase your chance of successfully building up your startup in Asia, we’ve put together a list of 6 essential keys for startup success in Asia.
Start with a solid plan
While many see the startup life as idyllic and action-filled, the reality is quite the opposite. Setting up a business plan, mapping out the user experience, and planning the user flow is among the most important parts of launching a startup. While formalities such as business plans and flowcharts might seem daunting, they can differentiate between launching a successful startup and a failure.
Surprisingly this is where many great ideas stop. While the founders have an idea with great potential, they fail to implement it into an actionable business plan. Whereas many new entrepreneurs are starting out with a solid idea and the knowledge to turn it into a great UX, they often get lost along the way due to the lack of control during the process.
Live in the clouds
One of the most significant benefits of launching a startup in Asia is a robust digital infrastructure. Digital cloud systems have been developing for many years, with local companies going overseas to compete with the established giants such as Amazon AWS and Microsoft Azure.
Keeping track of expenses while setting up your company for growth is essential. Launch your company directly in the cloud infrastructure, allowing improved remote work, less expensive inventory, and better collaboration opportunities.
Play to win (together)
A startup requires various roles to be covered: Search engine optimization (SEO), marketing, coding, finance, and user experience. While all the different parts execute their tasks in multiple ways, they all need to be on the same team. Make sure all team members have the same goal at hand and play to win together.
Use regularly scheduled meetings to ensure that everyone is briefed on the ultimate goal and individual parts; lay down plans going in the same direction.
Start networking and accelerate your growth
Networking plays an essential role in any business. Networking can be as simple as signing up for LinkedIn and connecting with professionals you meet in your industry. Building up your own authority as part of a strong network will help your startup with legitimacy too. Launching a startup is partly the same as being an influencer. Until you have something else to show, you have to be both the brand and business behind the name.
Set boundaries between life and work
The startup scene in Asia is one of the most valuable but also most demanding. The competition to gain traction as a new business and accelerate growth is more challenging than elsewhere.
Why? – Because the Asian market has accelerated digitalization and growth at a much faster pace than any other. The startups that succeed in the Asian startup region have a much better starting point when scaling outside APAC and entering foreign markets. This requires astonishing amounts of work, but not setting clear boundaries might hurt your business and prevent growth. Make sure to set clear boundaries, make room for recharging, and let the creativity flourish.
Turn disruption into your business
The most substantial benefit any startup has is disruption — the ability to adjust to new technology with swift movements. In contrast, large companies need to integrate new technology over time by changing already well-established routines.
Startup hubs in Asia are well integrated into established networks, connecting investors with disruptive technology. Asia has the benefit of vast size, creating ideal conditions for growth. That makes it possible for Asian startups to grow into strong positions in their home market before moving overseas as established enterprises.
This is one of the most incredible benefits startups in Asia hold than their peers in North America and Europe. While those in Europe have to get a foothold in several markets before acquiring sheer size, Asian startups get this in their locale market.
The competitive startup scene in Asia
The startup scene in Asia is one of the most competitive places for success anywhere in the world. These are some of the most valuable tips for startup companies to succeed.
The incredible digitalization in APAC has created a unique market open for innovative and disruptive solutions in the last decade. Robust and complex ideas often come to an end because of the urge to rush into production rather than paying attention to the process of planning.