Startups are companies initiated by entrepreneurs or individual founders to search for a scalable business model and start new businesses that intend to grow beyond the solo founder and have employees and work at a large scale. Startups face high uncertainty and do have high rates of failure, but the minority that goes on to be successful companies have the potential to become large and influential. Some startups become unicorns, i.e. privately held startup companies valued at over US$1 billion. Startups usually begin by problem interviews, solution interviews, and building a prototype, to develop their business models.
Using heuristics and biases in startups by founders and co-founders is quite common as due to lack of information and high uncertainty the need to make quick decisions arises of and on. They also end up becoming overconfident in making decisions and reach conclusions about the larger population using a limited sample. Since they are nascent entrepreneurs and new in the business world, they may have less experience due to which they even try to seek feedback from their mentors who guide them but to a certain extent. To become attractive business partners and highlight their existence, startups need to align their internal features including their products and services with the market situation. The failure rate of startup companies is very high. A 2014 article in Fortune estimated that 90% of startups ultimately fail. In a sample of 101 unsuccessful startups, the top five factors in failure were lack of consumer interest in the product or service (42% of failures); funding or cash problems (29%); personnel or staffing problems (23%); competition from rival companies (19%); and problems with pricing of the product or service (18%).
Startups typically operate under a lack of resources, have little or no operating history and consist of individuals with little practical experience and therefore it is possible to simulate startups in a classroom setting with reasonable accuracy. Many institutions and universities provide training on startups. Some of them are entrepreneurship courses that also deal with the topic of startups, while other courses are specifically dedicated to startups. The knowledge of Lean Six Sigma and its application can help the startups and small businesses overcome their shortcomings and if its methodologies are applied from the very beginning it could result in high savings, especially in a business that produces a high volume of standard products or services every day. The first step to start implementing Six-Sigma is to train the management team and all the employees on the basics of Six Sigma and the DMAIC methodology. This will help the company in improving the project by project and implementing theory right away.
Lean Six Sigma is a continuous improvement technique that can boost any organization’s profit and productivity by its integrating processes. It can decrease an organization’s cost in several ways and help in eliminating needless actions from any process. Also, it allows an organization to divide resources or revenue to create efficient processes. With so many advantages it is evident that lean six sigma application can help any startup and small business to flourish and make its mark.
For KPMG Lean Six Sigma Training registrations mail to [email protected] or call at +91 9555688555 or +91 9022033666.
Considering the current market scenario where customers have plenty of options, it becomes obvious, ‘why they are more appealed by quality than ever before?’.
What can help an organization stand out from the crowd & be in the good books of its customers?
Image the pull if you manage to serve your customers better, that too charging them less.
Lean Six Sigma helps you reach there.
Lean & Six Sigma are two different concepts; where the former aims at eliminating waste while the later at reducing variations.
Being able to eliminate waste saves cost, which helps you gain edge from the price perspective.
Lean Six Sigma training and certification helps companies, businesses and organisations reach their true potential by helping them achieve their strategic goals and missions.
The training builds continual improvement methodologies in the organisation’s culture, redefining their mindsets and by providing the right infrastructure to serve their customers efficiently.
Lean Six Sigma has different levels depending on the level of expertise a professional wants to attain.
First level to start with is Lean Six Sigma Green Belt certification One of the most common certifications that organisations go for is the Lean certification.
Regardless of the size, the industry, the sector, or the country of origin, every individual and organisation can benefit from the Lean Six Sigma green belt training.
Moreover, this benefit is then trickled down to consumers too.I wrote this for my company and the original link to the blog is, https://www.tuvsud.com/en-in/resource-centre/blogs/top-10-reasons-to-go-for-lean-six-sigma-training-and-certification
