Successful Startup Business Management

Abstract

Startup business is one of the important parts in driving Thailand 4.0 to achieve the goals set. Because startups have different business models from traditional business operations by applying technology or innovations that can respond to the needs or the expectations of today's consumers to drive business. It was also found that startups can be replicated at low cost and also a business that has the potential to expand the market quickly. Another important strength of a startup business is that it is a business that can deliver real value that meets the needs of consumers and improves the consumers’ quality of life, for example, receiving faster service or having a lower price, etc. Even though startups are small businesses but they can grow rapidly in a leap forward by designing a repeatable and scalable business without too much time or cost by applying technology to be innovative that is conducive to business operations and beneficial to their own products or services. Therefore, the startup business can continue to be an important foundation for the country's economy in the future from the important characteristics of the startup business mentioned above.

Managing a startup business to be successful, entrepreneurs play an important role in driving startup businesses to be successful, so they should have the following basic qualifications: 1) passionate, 2) creative, 3) strategist, 4) leadership and courage to make decisions, and 5) risk taking. As for the factors that make a startup business successful, it consists of 5 main factors: 1) timing, 2) team, 3) new ideas or concepts, 4) business plan, and 5) funding. Finally, the main factor that makes the startup successful is the ability to meet the needs and solve problems of consumers. At the same time, startups must also be able to generate income from such businesses to be able to say that startup businesses are successful.