Effective Business Strategies to Improve Startup Sustainability and Competitiveness in an Era of Tight Competition
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Abstract
This study aims to identify effective business strategies to improve the sustainability and competitiveness of startups amidst increasingly tight market competition. Startups, as the main drivers of innovation in various sectors, face major challenges in maintaining their existence and growing in a dynamic and competitive business ecosystem. This study uses a descriptive qualitative approach by combining three main data sources, namely in-depth interviews with startup founders and CEOs, direct observation of startup operations, and documentation analysis covering annual reports, financial data, and implemented business strategies. Through data triangulation, this study successfully identified several key factors that influence the sustainability and competitiveness of startups, including product innovation, funding, human resource management, and marketing and expansion strategies. The results of the study show that product innovation is a key factor in maintaining startup competitiveness, with many startups focusing on developing products that can adapt to changing market needs. Funding is also a major challenge faced by many startups, with difficulties in obtaining sufficient funds to support development and expansion. In addition, effective human resource management and an inclusive corporate culture play a role in maintaining the sustainability and competitiveness of startups.
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