Are you an entrepreneur? Have you set up your startup but struggling with how to grow and achieve more? Well here are 5 useful tips that will come in handy and help you overcome a few of your initial hurdles.
- Adapt and Evolve
Rome wasn’t built in a day. The same applies to your startup as well. You will not and cannot hope to achieve everything overnight. Be patient. Observe carefully. No matter what presumptions, preconceived notions or old school techniques you swear by, you have to keep adapting to the dynamic business environment. You have to evolve according to the time and situation. You need to keep a check on all changes that take place on legal, judicial or political fronts. So pull up your socks and be on your toes the whole time.
- Team and Culture are Everything
These are the main ingredients of the recipe of a successful start up. Their absence or lacunae will directly amount to downfall of the organization. Remember it’s not only about keeping the customers happy, but also the employees. They need to be inspired and motivated at each and every step. Remove politics and manipulative practices completely from your work environment. Your culture must include recognition and rewards for top employees. You must aim to create a creative environment rather than making it look like a monotonous desk job. After all, we don’t want to make Jack a dull boy, do we?
Partnerships with well established organizations give you the required spring in the nascent stages of your start up. They bring along not only revenue generating opportunities but also an established brand name, trust and goodwill among the customers. Balfour says of successful partnerships that, “When you sell to other companies, integrate your product into their product, in order to reach consumers who are generating the revenue. Most of these relationships involve a revenue share between the two companies.” Examples of such partnerships include Uber with NFL, TaskRabbit with Gap and Square with Starbucks.
- Focus on Established Revenue Sources and Customer Success
Losing weight is important but maintaining it that way is even more so. The same way a startup not only needs to acquire and build a customer base but also maintain it in order to get a stable source of revenue generation. Keeping the customers happy should be the main focus. Customer service and feedback should be given as much importance as sales. A customer’s perception is not only shaped by a good quality product but also by efficient provision of after-sales services.
- Deadlines and Delegation
An entrepreneur needs to set deadlines and goals for himself. There is so much to do in the initial stages that we forget to set schedules and decide on goals and targets. Also initially there might not be adequate staff or the entrepreneur might not trust them enough to hand over some duties. But delegation is an important part to avoid overburdening the entrepreneur and making the organization function smoothly. The 2 D’s-Deadlines and Delegation play an important role and cannot be overlooked.
Do keep all these suggestions in mind as you go about your daily struggles. I sincerely hope these tips will be of use to all the entrepreneurs out there and help make the process easier. Best of Luck !