How to Make Your Startup a Success-Part 1
Startups have been in vogue these days. There is so much buzz about startups. Sometime back the idea of building your own start-ups sounded a bit weird to the ears. People were not much aware of the start-up trend. Hence, they thought start-ups as an alien concept.
Sooner or later, people started executing their business ideas into actions and so the trend of startups begun.
The idea of building the startup is comparatively easy than the execution. The probability of failure was much higher than that of the success of a startup. Young entrepreneurs usually lacked in expertise and hence faced failure. But this is the end result of every startup. Startups take a pretty long time to get settled but once they achieve recognition, then the sky becomes the limit for them.
Although, there is no precise formula for building a successful startup, yet there are certain tips and tricks that will make your startup a success.
1. Know your purpose
This is the very first thing that you need to understand while planning to build your startup. Why do you want to start a startup? What is the need that your startup will fulfil? Why should people care about your startup?
Remember, just for the sake of starting a startup, do not do it. You should have a clear cut vision or the road map that you are going to follow in order to build your startup.
2. Believe in Yourself
This is highly required. It doesn’t really matter if other people do not believe you or lack trust in you. The thing that really matters is that your self-believe and self-trust. If you start to doubt yourself, you lose half the battle there and then. Whereas if you have complete faith and trust in yourself, you can do wonders. If you yourself are not sure of the things that you are going to build a startup, there is no way that you can succeed in that. On the other hand, if you know that you are putting in your best effort in making your startup a success, you will see that you inculcate self-confidence in yourself and will even get the motivation to perform difficult tasks.
3. Surround yourself with supportive people
Keep yourself away from the people who are constantly looking forward to pulling you and your business down. Stay away from all the negative people. Being a startup entrepreneur, you might have witnessed some kind of people who are always doubting you and your work. Some people might have even laughed when you disclosed your idea of building a startup. These are the people who will never support you. Hence, you should part your ways from these people and seek the guidance of those people who always stood by your side and supported you throughout.
4. Pick the right startup name
Picking the right name for your startup is quite essential as well as important. Usually, the name is the most overlooked factors that have huge potential to make your startup a success. Not only your business but your domain also needs a specific name.
Although naming your startup business can be one of the difficult challenges in the early stage because it requires a lot of time, patience and effort. But it is ultimately worth the effort.
When you tell the people about your company, the name is the first thing that is talked about. When you choose the best name for your business, it represents that you are mature and have the capability of building and leading a startup. On the other hand, if your choice of the name is poor, it will indicate that you have lack of vision and creativity.
The name of the business is also very important when it comes to having a brand identity and online presence.
Since the name of your startup matters a lot, so you should take a little extra time to give your business the best kind of name it deserves.
5. Have a business plan
A business is a formal statement of business goals, reasons why they are attainable and plans to reach them. It is not just a single page with few financial projections but it is a roadmap that embarks on a journey from startup to success. A Business Plan allows you to communicate your vision to others and entice them to help you to meet the business goals.
There are a lot of advertisers who differ on the importance of a business plan. Some take it too seriously while the others simply ignore it.
Business plans give you a sense of clarity about what are the measures you should take and when should you execute the plans. With business plans, you get a deeper understanding of your market. You become more organized and can even establish benchmarks.
6. Be Flexible
Since you are beginning to build a startup, you have to be highly flexible as on a regular basis you will have to face difficult circumstances. By being flexible you will be able to adjust to the unfamiliar environment. Even if things are really difficult for you, you should not let them go. Rather work constantly and flexible to create solutions.
Don’t be rigid in your approach, instead be willing to adjust in order to preserve the potential success of your business. Look for more opportunities to improve yourself and get out from your comfort zone.
7. Focus on growth
Many startups tend to fail because they are not serious and disciplined enough about growth. You need to think about the growth perspectiv e seriously and look into the insights from where growth can enter. The best possible way to find where the growth is going to come in is to analyze the companies and industries that are similar to you. In the early stage of building a startup, you should focus more on growth rather than making profits. Growth is the initial step that is ultimately going to lead you towards profits.
8. Hire people according to their work ethics
Having an efficient workforce is one of the main cause of the success of the startups. As a startup, it is quite difficult to hire highly qualified people. Reason being the highly qualified people are more inclined towards joining a bigger brand or an already established industry.
Also, just because you have to hire people doesn’t mean that you will compromise on the quality of the people. Just for the sake of hiring people, do not hire under qualified workforce. Be very diligent and have lots of patience. Remember, to make your workforce a startup success you need a combination of people who work hard as well as work smart. Hire people who have strong work ethics and not the ones who just fool around during the office hours.
9. Give importance to your customers
The customers are the core part of your startup. They are the reason that you took the initiative of building a startup. They are the resource upon which the success of your startup depends. Like every other business, your startup also depends on the customers. Hence, if you do not develop customer loyalty and satisfaction, you could lose a lot of your customers. Without the customers, there is no chance for your startup to survive. Also, customers make it easy for you to achieve your business goals, for this reason, you should look forward to fulfilling the needs and demands of the customers.
10. Be a good leader
If you want to become a successful entrepreneur, do not think yourself to be another executive thinking that you know everything. Rather, you should be a leader who should surround yourself with other capable people. You should be open to taking suggestions and feedbacks and treat all your employees as a part of your business family. Don’t just boss around telling people to do all the stuff by themselves. Rather you should work with them as a team to achieve your business goals and make your startup a success.
Though the idea of building a startup is quite challenging. But this is not the reason for you to quit your decision from creating your own startup. Everything in business incorporates risk. You need to be the risk taker here. In this post, I have included some tips that will help you to make your startup a success. Moreover, I will provide you with the another set of techniques in the next part of this post.
Dinesh has helped hundred of businesses to grow their revenue through PPC. He has expertise skills in Google AdWords and is passionate about Pay Per Click Marketing.
Laser focused on ROI w/ Adwords for our clients.
Originally published at https://www.linkedin.com on September 11, 2017.