Getting a new business off the ground is no easy task. From arranging the capital, to looking for new clients, every process feels stretched exhausting and unfruitful. However, everything pales into comparison, once your startup tastes success.
Every successful startup owner vividly remembers all the challenges, problems and issues, which took place at the beginning of the startup journey. This is something, which is common to all startups.
However, what is not common is the steps and approached startups have taken when faced with such challenges. The ones whose approached were right are now successful. The other ones who failed in the face of adversities have been relegated to history books.
In this article, we discuss five key ways, business owners and entrepreneurs can take to make their startups a success. We spoke to some very successful million-dollar startups as to how they succeeded when faced with challenges.
5 Ways to make your Startup a Success: The List
- Build a Solid and Well-Structured Team-
Every startup, which can count itself to be a success, was built upon a great foundation. The team is the one asset every entrepreneur should invest time to create from the ground up. This means getting the best scrum master from a reputed International Scrum Institute.
By streamlining the work across teams, every startup improves efficiency, cuts down on costs and fosters a cohesive team building exercise. You need to have the best scrum as your first and only line of defence. This is why most of the startups are working with scrum institutes to set their teams in the right fashion.
- Start building a Savings/Emergency Fund-
For every dollar of revenue the startup earns, a percentage of the same should be allocated to an emergency fund. It the Coronavirus pandemic has shown us anything, it has been the ill preparedness, businesses have, in the face of disasters.
This emergency fund is not only useful, but also multi-dimensional. It can be used for sudden acquisitions, improving balance sheets, and presenting a great face in front of the investors. Startup founders also come across as responsible and dependable if they have an emergency fund.
- Adopting the right Staffing Principle-
When it comes to hiring, there are two kinds of philosophies, which dominate business and growth in the startup ecosystem. One of them states that you should only hire more people when there is a need for it.
The other one states that you should first hire people and then create the need (more people will be able to get more business or deliver it well). While it is difficult to pass a judgment on which is best, successful start-up owners hire only when it becomes necessary to do so.
- Foundation your Startup on having a Societal Impact-
It has been found that startups, which are able to have a string connect with societal issues, perform better than the ones, which do not. In other words, you need to tie your startup when it comes to branding, publicity, promotion and advertising to a cause.
This helps in putting across a string message to consumers. It also aids all your future marketing and advertising activities. More importantly, it also aligns your team to be a part of something, which is not an outright commercial project or business.
- Always have the Big Picture in mind-
What am I doing in the next five years, is as important a question as what am I doing now. A startup founder/entrepreneur should always have the big picture. He or she needs to set a roadmap for the company and all the teams working there.
Without a vision, every startup gets too preoccupied with doing the daily and mundane things. While I am not decrying the importance of daily things, it is only an outlook for the future, which is going to define the growth of the business.
Startups and their entrepreneurs are flexible and can change tracks quickly. By following the above five ways, startups and their business owners can hope to lead the business on the correct path of success. Can you think of other ways, which can guarantee startup success? Let us know in the comments section below.