When we talk of Startups, we talk on getting a business on, starting a journey into an unknown, uncertain direction. Young entrepreneurs today rush into starting up a business. They may have a brilliant idea, good motives but they usually lack that skill to keep it running. Unfortunately, 8 out of 10 Startups do clash out of business in their early stages and those that do survive and succeed are those that apply the following guide lines listed below. Here I’m going to give your 10 secretes to keep your Startup and business on and running.
For success to take place, determination is always necessary. Remember successful people are those who never quit even when the road gets bumpy and scary, they hold on in the business. The road to the top is never a bed of roses, challenges shall arise and only a determined team startup needs to overcome these challenges. If one can get the right people seated in the right seats of the bus, the startup will eventually find its direction towards success, I mean determination and persistence is the key component to making this fact happen.
Vision is the road may, motivation force every entrepreneur need to get from the very beginning. In order to succeed, in order to cross the finish line, a well-defined vision is vital and every entrepreneur needs to possess this skill or gift. It is often said that, the people perish for lack of vision. Vision is the major force that drives every entrepreneur to success and serves as a compass in difficult, rough and tough times. Remember, the first dollar counts therefore every startup needs to envision how to manage their finances from the very beginning.
3) Social/Networking Skill
Networking is one very important reason for startup success. Great startups have outstanding CEO who is able to work his or her way into any organization. Startup entrepreneurs need to inspire people, enlighten them about their vision and give them reasons to accompany them via the uncertain journey, where team members are expected to make many sacrifices such as salary cuts, limited or no health insurance and so forth. A founding team that knows powerful and influential people in the business is priceless and can open the doors to partnerships.
4) Budget Master
Budgeting is another key to a successful business. Startups that succeed are efficient in managing its finances. Every task should have its own budget assigned and unnecessary expenses avoided. It is very common to run out of budget especially when ones budget is limited. The startup leader needs to master how to manage its budget, how to do more with less especially when resources are limited and time is essence.
Getting things done at the right time and in a quick manner is one of the reasons startups are able to reach their target, their goals and milestones. In order to conquer the market and move ahead of competitors, startups should be able to launch on time, server its product faster. Successful startups never delay when getting things done, and have to work relentlessly until something is complete. Time management is the key that keeps successful people on top, it makes the different and most productive people master it. Speed is added advantage in our daily life, and having knowledgeable and experience people in-house really helps achieve things faster. You can make mistakes but the faster you can learn from them and improve the better. Remember, having things to do shall never be an issue, but carefully picking what to focus on and what to prioritize will be your business challenge. “Time is money” my people usually say.
Discipline we talk self-control, strong self-imposed personal standard. Without discipline, without self-control, startups fail, businesses goes bankrupt even if in best economic situations. Discipline leads to positive work ethic; positive work ethic leads to getting things done effectively and efficiently. Having all team members aligned and working together to get to the goal, finish line. Self-discipline is the forces that help you keep your vision burning in your heart and will keep you on track.
A startup can be ruined, bankrupt without adequate capital or funds. Sufficient capital is needed to get a business idea, a startup into operation. Therefore, the preoccupation of any startup is to be able to do fundraising.
8) Risk Management
Risk taking is the task for all startups. Successful startups revolve around taking risk and are prepared to take risk. As it is often said, “the higher the risk the higher the profit”. Risk should therefore be manage diligently in order to avoid as much as possible the downfall in event things don’t turn out as they should or as expected, which is sometimes the case.
Successful startups are always willing to adapt to new technologies and market changes which can lead to major breakthroughs in the business. Today, they are millions of new technologies by which the same thing can be done effectively and efficiently. It’s a matter of choice for startups to decide which to put into used.
Having an idea is good but executing the idea to give required results determines the success of the business. This is where experience plays a vital role and an experience team is critical. The team should be able to make good decision in time and quickly.
In my many years in business, one of the question people have asked me is why do most startups fail and how they can start a business without money. In the next articles, I will drill you these subjects.
To summarised, successful startups always look for opportunities to get things done better by thinking out of the box and constantly questioning the status quo. They learn from their mistakes and fix them quickly, are determine to take the bull by the horn, discipline, easily adapt to new technologies, are better in networking as they continue their long, challenging and soon-to-be successful journey.