Dreaming of building a big empire like Amazon or Uber? Working for a startup company will be an incredibly exciting and fulfilling experience, except for those coming straight out of corporate life, it may also require a change of perspective. Here is how you can succeed at a startup.
Expect to figure (constantly)
The biggest drawback to working for a startup is the difficulty of maintaining a healthy work-life balance. Startups often can’t afford to hire enough people, which suggests you’ll likely be doing most of the work yourself. This means that most of your time will be spent setting up a system to run things smoothly. But don’t worry, technology is here for your rescue. With tools like Slack, it becomes much easier to work with people, delegate tasks, and form a system that helps smooth functioning. It’s true that you would possibly be working 12 to 14 hours a day but the advantage is that you can do the work in your fuzzy pajamas and bunny slippers.
Good ideas are good.
Ideas are the game-changers. Got an idea? Don’t just share it, implement it. When you are bursting with great ideas, execution and follow-through will make you a success as a startup. When thinking of your past achievements, remember the days when you implemented your ideas and used to oversee new initiatives. This will show you, that you have got what it takes to achieve. When starting a startup, it’s valuable to spot your top three ideas and come up with a fully-baked plan before sharing it with your team. Instead of rattling off half-a-dozen ideas that aren’t well-thought-out, it’s much easier to achieve success when you’ve come up with solutions for all the potential situations that you might face.
Do something you’re keen about
If your heart isn’t in something, the temptation to bail during difficult times are going to be high. If you’re ready to do something that you simply love, you’ll be more motivated to stay to work and won’t easily give up. Startups require over a 40-hour of work per week—make sure this is something you’re willing to try and can do. Plan the short- and long-term goals and align your values with these goals. The fastest way to grow your organization is to contribute to the company’s present goals, keeping in mind the long-term goals.
Begin networking as soon as possible
Networking is the way forward. Good connections are very important to make a startup or any business successful because they help push the company forward. Word-of-mouth marketing has never been stronger. About 88% of the population trust reviews from online consumers even more than they trust recommendations from family and friends. For a new company or business, networking can do wonders.
You should also start networking because this may help your startup to attract great talent. Big companies tend to attract and acquire the most talented people and that talent never reaches the open market. They headhunt the talent and claim it before anyone else can. So, proper networking can not only help you acquire the talent you need for running the startup but it also builds trust in the minds of people which will be very beneficial in the long run.
Don’t dwell over your failures.
Failures can be your greatest teacher. The only way in which you can learn from your failures is by acknowledging your mistakes. After that, you need to try and figure out a way to correct it. Taking action means analyzing things, dissecting them, and questioning everything about your ideas and decisions. This helps you recognize a pattern and prevents you from going down the road. Negativity does no good, but thoughtful criticism may be very valuable. Any opportunity to boost or improve your business should be warmly welcomed. As you grow and gain more traction, more ideas will flow in. Let your idea evolve and alter.
Find the mentors you would like
As you begin to develop your business, you’ll want a planning board to assist, offer advice and guidance, and to help you navigate the entrepreneurial labyrinth. Don’t be afraid to ask people to mentor you. They’ll glad to help guide you as they were once guided by their own mentors.
Secure appropriate funding
You’ll need adequate capital to lay the foundation. There’s no fixed number or formula that applies to all businesses. The cost of starting a startup will obviously vary from industry to industry, so how much funding a company needs will only be clear once you have laid down a detailed plan.
Evaluate Your Idea
If your business idea is about a product or service (or even an enhancement to an existing product or service), it has to be evaluated. This is often technically called marketing research. Old or new, firms should concentrate on doing research on brand new products. But if you have a decent budget, you can do that yourself. First, you should build a prototype, that people can use, touch, and look at. If your startup is providing a service, then offer a highly descriptive presentation of the business plan, complete with its unique benefits and the way it’s different from the competition. Research gives you insight into how successful your business can be and how many people are actually interested in the product. Take notes, when someone tells you what feature or aspect of your product or service they liked or didn’t like.