Startup businesses are a major player in today’s economy. These exciting businesses are changing the way we do business and interact with technology. While running a startup may be one of the most exhilarating things in the workplace there are many mistakes made by startup beginners.
Here are 3 things every startup should know (and established startups wish the had known!):
Focus Your Product.
They key to a successful startup is a lean, focused product. Often new startups make the mistake of trying to do everything. Having your finger in too many pots leads to bloat and most startups don’t have the capitol or workforce to maintain this. Decide on the one thing your startup wants to do and stick to that, don’t get tempted by too many side ventures. Your branding and advertising should also match the focus of your product, ensuring your product standouts in the marketplace is hard enough already, so keeping your brand focused is key. Staying small and having your message reflect your sole purpose until your company really takes off will limit your risks and give your startup the highest chance of success in this competitive climate.
Don’t be Scared of Failure.
Startups are designed to fail. I know that sounds bleak but the small size of startups allows them to take risks bigger companies can’t take. It is important see your company’s goal all the way through regardless of the risks. Be smart but keep your confidence. Also, when your startup does fail (and it will) don’t call it quits or panic, slow down, evaluate and learn from your mistakes. Startups are perfect places to learn from mistakes and this goes for your as well as your team, failure both big and small is a perfect way to grow your company and its team members. The importance of embracing failure is something every startup should know.
Build a Team that Fits your Startup.
With a small team at a startup, each member’s skills and personality are critical. When you are building your startup make sure you hand pick each team member to ensure they are a good fit with your company’s culture (on tops of their skills.) A harmonious small team that pushes each other creatively is at the core of any successful startup. A leader such as Charles E Phillips, Infor CEO had this to say about the team at his company (which is called one of the industry’s biggest startups) “Everyone is energetic and we’re having fun making changes.” Regardless of the size of your team every startup should know the importance of each employee in sustaining a culture of innovation and creativity.
Many entrepreneurs dream of building the next great company from a humble startup, and while some do, even more won’t succeed. It is important not to get discouraged though and hopefully these tips can help your startup beat the odds and maybe you and your team can be the next great startup to change the world!
Excellent article. Good to read.
Brilliant read and as a budding entrepreneur, this article was very helpful to me. I would also like to emphasize on the power of research and case studies. I have closely being following Mr Varun Manian because my business aspiration matches his. It is always safer to walk or rather know what one is signing up for. For those of you don’t know about Mr Varun: https://www.crunchbase.com/person/varun-manian#/entity
I hope this helps 🙂
Everything you said correct, but startup business people also should know about management. I lack in management skills, one of my clients suggest CRM software Apptivo, it helps to manage business and customers.
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