23 August 2017
Managing a business is no easy task for anyone. It takes time, passion and a lot of determination. According to Statistic Brains, 25% startups failed during their first year in the business, and the cause varies depending on the industry. However, if you know the strategies to prevent them, you will find that your journey will worth the effort. You can sit back and relax, enjoying your startup’s success emerge in the right path.
Below are five steps that will make you reevaluate your startup strategies:
1.No clear vision
A clear and defined vision of your startup is the embodiment of your brand, and the reason your company exist. Pick a time frame for your company’s development, whether it’s 1 year or 5 years ahead, then share your vision with your coworkers, and make a strategic planning that will lay the path for helping you reach that vision.
Reid Hoffman, founder of LinkedIn, knew his vision before he started the company. He believed in the importance of building and leveraging network will reach millions of people around the world. And in just six years, LinkedIn raised nearly $80 million from investors, valuing it at $1 billion.
2. Learn & Progress
All successful startups have made several mistakes in the beginning. Start by determining your ways of thinking to prevent them, such as making positive habitual actions, improving creative ideas and avoid poor judgments. From there you can discern the bigger lessons in order to make you improve.
Before Amazon became a big name, CEO Jeff Bezos, had several failed ideas. One of them was an online auction site that ultimately failed. Still, he would repurpose the idea into what would eventually become the Amazon Marketplace.
3. Bond with your team
You can’t manage your business alone, because a great team, it will directly impact a company’s success. It is important to build a strong relationship with your team. Have a weekly meeting to hear how everyone is feeling, celebrate an accomplishment from the day before, and layout everyone’s one key goal for the day ahead.
4. Balance your funding
Be careful in the amount of money you spend to get your business moving. Stick to a certain budget as much as possible. Because too much money can lead to over-investing in areas that don’t provide a good return, and under-funding may prevent your business from emerging at all.
5. Push the Online Sales
Because we are currently living around the era of technology, we have to focus primarily in promoting online. First, identify your target market, then find out which social platform will highly promote your brand, and check out your potential competitors by visiting their sites and taking note of what they're doing to fill the demand.
The path of operating a startup is not easy. There are boundaries at each and every corner, and can be hard in affecting your life in ways you didn’t expect it to be. But if you follow the above points, honestly, you will be able to prosper in the world of startups!
TOP 5 ESSENTIALS STRATEGIES FOR YOUR STARTUP