Like most people, I wanted to suggest him to choose big corporate but my experience was telling me to do otherwise.
This is the reason, I suggested him to choose a startup.
I know the answer might rub some people the wrong way, but I have an explanation for that.
Hear me out, I know you might think this a bad advice, a hasty decision that will eventually land him nowhere. But I have nearly 10 years of experience under my belt. I have worked in three big tech companies and two startups as well. There is no doubt that big corporates offer much better perks and stability but learning is never their forte. Moreover, 2024 is the year of business.
Top 5 Reasons 2024 Is the Golden Time for Running a Startup
Just a few years ago, the failure rate of a startup was 90%. Within this 90%, almost 10% of the businesses failed in their first year, and first-time start-up founders have a failure rate of nearly 82%.
These numbers are scary, I know because I have seen startup owners talking about these numbers on a daily basis. However, on the flip side things are changing and this is a prime time for executing the startup idea or the side hustle that has been keeping you awake at night.
Even if you have a good idea and no capital at all, starting a solo business is now easier than ever. Since technology is now more accessible than ever, AI is now helping to replace big teams and boost productivity not to forget that good reliable internet is now more affordable than ever, so running a business has become easier.
After working for more than 10 years in the industry, here are my two cents on why 2024 will be a pivotal year for startups.
1- AI For Everything
Remember the time when everything was manual, and companies had to hire people for repetitive tasks? Well, not anymore. From creative tasks to mundane tasks, nearly everything can now be done via AI.
For instance, customer support is considered a big part of retaining customers and improving their customer journey. However, investing in customer service can be expensive especially when you are running a small business. Big tech companies like Spectrum take it one step further by offering inclusive numero de Spectrum for their Spanish customers.
Now, this is possible even if you have a limited budget. Most of the customer support AI tools come with chat automation. From minimizing the overall response time to translating text in real-time from other languages to English, these AI tools are now offering a level playing field for small businesses.
2- Subscription over Hiring
Hiring and team building has always been an issue for small business owners. When you have a limited budget, hiring might seem like a burden. In most cases when startup owners hire people, this puts strain on the operational budget limit and eventually this causes the project to collapse. This is not just common in startups; instead, it is even common in big tech companies. This means that big companies are not as stable as most of us thought previously.
To make matters interesting, more subscription-based tools have entered the market that can easily replace the need for staffing. Instead, these tools boost productivity by keeping things transparent and assisting the workers. Most of these tools cost peanuts compared to hiring experienced people, yet they offer similar results if they are used properly.
3- Execution over Idea
Just a few years ago, presenting a unique idea or addressing a pain point was considered a certificate of successful startup. From Uber to Facebook, nearly all the billion-dollar tech startups we see today are built on a unique idea. However, the market is now so concentrated that there are hardly any unique ideas left. For every issue that you might face in real life, there are a plethora of apps available in the market.
However, the only way you can ensure that your startup takes the lead is via seamless execution. Even if your idea is already available in the market but you have refined the product, added more features or you are addressing the major concerns of the customers, your startup will become successful.
4- Big Data Informed Marketing
Marketing is a data-driven task. While most of the people previously relied on creativity and big budgets, they had an upper hand in brand awareness and marketing in general. Most of the big brands that we see today, invest billions in gathering data online and conducting surveys to understand the expectations of the customers.
However, thanks to open data libraries and affordable big data access, small companies can now use the data to market their product. Big ad companies like Google and Facebook specifically offer access to big data for users who want to run ads via their platforms. This helps in ensuring that the marketing budget is affordable yet ROI is substantial.
5- Awareness Is Easier Than Retention
Currently marketing for awareness is not just easier but also much more affordable all thanks to the digital marketing platforms. With a good knowledge of your product and audience, you can easily work on satisfying the needs of your customers.
However, once you have the customer on board, retention is out of your hands. Retention post-buying depends on the quality of the product as well as the customer journey and customer experience. In most cases, companies invest heavily in marketing but their product fails to meet the expectations of the customers. On the contrary, if small businesses are able to bring a refined product to the table, this instantly gives them a much better place within the market.
Warp Up
Simply put, a good idea and a good strategy for business execution will never fail you and since 2024 is offering better technology, this is high time for you to turn your side hustle into business.
