What most entrepreneurs don’t know about startups?
There are some companies that are so successful that they have pretty much embedded themselves into human culture. For example, an individual doesn’t need to be familiar with the finance or technology sectors to recognize companies such as Uber, Facebook, Google, and others.
However, there are many startups that never make it. There are many reasons for this – they may run out of funding, target the wrong demographic, or simply take too long to create a viable product. Here are ten ways that might improve your chances, and prevent your company from falling behind.
1. Examine Your Flaws
The first thing that you should do is predict that you will completely fail in your venture. While you might feel that this is extreme or unproductive – the truth is that you may begin to articulate why your company would fail. This can help you identify key flaws that need to be addressed before your company grows. This is a great first step to success.
2. Product Pipeline
If you are constantly dabbling in various niches and markets, the law of large numbers suggests that you will have some level of success. You should think “big picture” when it comes to ideas, so that you constantly have a variety of products in the pipeline. This is also a great way to make sure that your organization has some kind of risk management with respect to their portfolio.
3. Where’s The Market?
There are plenty of business analysts that argue that there are certain products that are “saturating” the market. Here’s the truth of the situation: a saturated product also means a product that is in-demand. Never be afraid to enter a saturated market – you might end up gaining more market share than you thought. It also means that you are already creating a product that consumers are willing to pay for.
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4. Imitation Is Flattery
We all know that many companies study each other’s strategies, and they might even try to copy the competition as long as it is legal. There’s nothing wrong with being original, but you should always open your mind to the possibility of improving on an existing product. You may find that you are solving a problem that many consumers are already thinking about, and it can mean real revenue.
5. Forget Your Reputation
There are many quotes that discuss how important reputation is to people. Yes, there are plenty of misconceptions that might happen as you grow your business. However, if you are scared of what other people think of you; there’s a good chance that it will impede your own success. Motivated people are focused on their goals, and not the opinions of others. You should learn to selectively “forget about” your reputation to some extent, if it means being more productive.
6. Consider Ethics, Then Add Money
There are some products that are simply unsafe, and that can mean real harm to families. One notable example is when Samsung smartphones began exploding because of a battery issue. It is obvious that the product was unsafe, and cost the company billions of dollars.
However, if it’s safe, and it makes money without creating any real emotional harm, consider investing! This should be something you consider constantly.
7. Have Fun
Your work isn’t your life. Yes, you obviously want to make sure that your startup or company is successful. However, your life is about more than your startup. You should make sure that you are connecting with family and friends, enjoying your hobbies, traveling, or whatever you enjoy doing in your free time. It can help your mental health, which can increase your productivity, as well.
8. Delegate Well
If you are successful, your company will be growing. It then logically follows that you will have to hire more employees as your company grows. However, it’s also easy to imagine your company running into issues if you hire the wrong people. For example, if you end up investing in the wrong people – it might end up being what derails your entire organization. You should hire the right people, and place them in the right roles, for the best chances at success.
9. Need For Speed
Often times, the most successful startups are ones that took risks and experimented to find out what works and what doesn’t. The motto at Facebook early on was “move fast and break things”. The idea was to continually revamp features in order to find out more about user feedback and interaction.
If a product is clearly on a profitable path, find the next product. Your company will grow more than ever if you are constantly focusing on new profitable opportunities, rather than simply staying idle.
10. Take Care Of Yourself
You might have certain revenue goals that you are worried about hitting, or a number in your bank account that you always wanted to reach. However, what good is money if you find out that your lifestyle might lead to an early death?
You have to make sure that you take care of yourself as much as possible, which means the right diet and regular exercise. This way, you can actually enjoy your success and health at the same time.
It’s well-known that running a startup or having it reach a certain level isn’t easy. There are many obstacles on the way to the top, and there are plenty of companies that are ready to compete with you. It’s important to create the best product possible for a market where there is no shortage of consumers. In addition, all startup founders should make sure to take care of themselves and understand the power of delegation.