Niche, Innovation and Network: Concepts for Success of Startups Entrepreneurs in 4.0 Era
Small and medium sized enterprises have been regarded as main mechanism for driving country’s economy especially in a period that entrepreneurism and startups have been substantially promoted and supported by the government agents. This has resulted in an increasing number of startups. Unfortunately, more than 40 per cent of them folded within their first two years of operation. Because of this circumstance, this article focuses on the three concepts for success of startups entrepreneurs: 1. Niche market strategy that helps avoiding competitions with big brand names in mass market while creating brand loyalty among target customers, leading to a much clearer marketing development plan and lowering operating costs; 2. Product and service innovation which can create commercial values for both existing and new ventures. Such innovation can enable a great deal in problem solving, generating more profits, securing more market shares and creating distinctive competitive advantages; 3. Business networking which is very essential for startups with limited resources. By building such network, entrepreneurs can easily access resources, gain partnerships as well as customers and new business opportunities including stronger negotiation power and competitive strengths.
Keywords - Business Strategy, Niche, Innovation, Network