31 October 2016
Tips for Entrepreneurs to be Successful
As with most things in life, it pays to pick up a few tips from the people who have been there and done it. In terms of startup successes, there have been plenty of them in recent years to inspire and motivate you.
So what can be learned from listening to the lessons that other people have learned the hard way?
Find the Right Team Quickly
There will probably be a moment in your startup when you realize that it is time to look for some help. No matter how good you are at what you do, there is no way that you can expect to do it all alone.
Clearly, getting the right team is crucial but you also need to be aware of the need to do this quickly and effectively. If you leave it too late then you could end up wasting a lot of time trying to do things that someone else could have done more easily.
Having a strong team around you will also help to inspire you to keep going when the going gets tough.
Take Criticism On Board
It is easy to treat your startup as your baby but this can lead to you being overly sensitive to any criticism that comes its way. Just as we don’t like people saying that our babies have big ears or a funny nose; so we don’t like to hear that our new businesses are less than perfect.
If we turn this on its head then we can see that the criticism you receive could be among the most valuable insights that comes your way. Instead of blithely ignoring it you can use it to make your idea better and stronger.
The more criticism that you listen to and react to early on then the less chance there is of nasty surprises cropping up later on.
Focus on One Thing at a Time
When you start a new business you soon find that your time becomes an ever more valuable commodity. Having a solid team working with you is essential but you will also want to make sure that you focus on one thing at a time.
It can be a massive temptation to jump from one task to another in order to try and get more done. However, it is usually a far more productive approach to try and completely finish each task before moving on to the next one.
Of course, to do this well it helps to have a well-worked out plan that shows you in what order you need to do things and what your important milestone dates are.
Don’t Give Massive Discounts Just to Get Your First Clients
Can you imagine the wonderful feeling when you get your first clients? This is sure to be a very special moment no matter what you sell or offer.
Having said that, you should avoid the idea of giving big discounts in order to get the first clients onboard. It may seem vitally important to get new customers signed up quickly but you don’t want to start off by seriously undervaluing your product.
You will have put a lot of effort into getting to this stage and you don’t want it to be poorly rewarded. If you don’t charge what your work deserves then you run the risk of losing enthusiasm or simply running out of funds to carry on in the long term.
Be Better Than Your Rivals (In At Least One Aspect)
Why should people choose you rather than one of the other companies that operate in the same marketplace? This is one of the questions that you simply can’t avoid answering at some point in your venture.
The ideal answer is that you are the better option in at least one aspect. Maybe you are cheaper, quicker or give a more polished end product.
If you can’t find at least one thing that you do better than everyone else then it is time to rack your brains in order to find a way of adding extra value. Give people a good reason to choose you and the chances are that they will do so.
Be Proud of What You Do
There is no denying that getting involved in a start-up business is something that takes over your life. Like me, you are sure to wake up in the night when great new ideas strike you or find that your mind wanders to work when you are watching a movie.
All of this means that you really need to do something that you enjoy and are proud of. If the business idea isn’t something that gets you excited then how can you expect to dedicate so much time and effort to it?
On the other hand, if you do something that you are proud of then the rest will come a lot more naturally. It is worth going the extra mile to have a business that you can be truly proud of both now and in the long term.
Stick to What You Know and Are Good At
A startup business is sure to move you out of your comfort zone in so many ways. With a lot of new skills to be learned every step of the way this is a huge challenge for anyone to undertake.
This means that it is important that you have a solid base to build from. If you are doing something that you know well and are good at then you will always have the confidence of this to fall back on.
If you have a great idea then start off by considering whether you are the right person with the right skills to turn it into reality. If not, then is it really worth giving it a try or could you do something more suited to your skills instead?
Be Flexible As Circumstances Change
You may very well start off with a clear vision of how you want this idea to take shape. This is fantastic but there is no guarantee that everything will fall into place exactly as you initially imagine it happening.
In fact, the most likely scenario is that you need to change your ideas over and over again as time goes on. This makes planning ahead more difficult and it also means that you need to be highly flexible.
There is simply no way to stick rigidly to a plan when the marketplace is changing, new technology appears regularly and your own knowledge grows. Instead, you need to embrace this need for flexibility and try to enjoy it. Here project management tool like Kanbanchi may help your team support flexibility.