Startup is where you need to build a new market while the world around you is constantly changing. For this reason, most startups can’t even survive beyond five years.
Usually, it boils down to the inability to anticipate and plan for recovery moves when the going gets tough. As the famous adage says, “Prevention is better than cure.” Here are some factors that can affect the success of your startup. Read on and learn to save yourself from losing precious time and money.
Build a team, you can’t run it on your own.
Are you planning to be a single startup founder? Don’t pursue the idea because you cannot possibly handle all startup matters single-handedly. No matter how much confidence you have in your skills, you need a team to support and complement you, given the unpredictable nature of a startup. One of the tools that can help you big time during the startup is the Time Doctor. This tool can monitor the time and work performance of your team without exerting too much effort on keeping in track what they did during their shifts.
As you build your team, implement flat management where everyone has ownership for his/her work and that what they do makes a big difference to your final output. Watch out for people who will try to dominate discussions. Remember, in a team, there is no individual superstar who receives special perks apart from the rest.
Your startup requires your 100% attention.
Startups require calculated risks and one of this is to devote all your time to it. This requires sacrifice, but without pain, your startup will not be as profitable as you hoped it would be. Time is of the essence when doing detailed planning for your product and business and an initial goal which you can’t focus on will not lead you and your team to build recovery plans. You cannot successfully buffer new developments if you’re not quite familiar with the total process and function of your startup.
Approach funded startup founders to help you find the right investors.
Never make the mistake of underestimating the costs because you will find it difficult to manage your cash-flow in the future. When it comes to investors, don’t just consider the money that they can get into your startup. Assess the value that they can add to your startup. Not all filthy rich investors share your vision and interest. So, get connected to well-funded startup founders instead. They can introduce you to trusted investors who’ll be one with your vision and interests
Hire carefully and slowly, even though it takes time.
Of course, you don’t have that much money to burn at the initial stage of your startup that it becomes an irresistible temptation to hire anyone who agrees with the paycheck. Make no mistake in doing this because it will cost you more in the long-run. Although friends, family and interns can be a convenient help for you, nothing beats hiring competent people who understand your vision and not only in it for the job or paycheck. Focus on the person’s skills, experience and commitment rather than his/her willingness to work under the paycheck you can afford.
Startup means innovation, not imitation.
Focus on what needs to be done on some daily problems and struggles that everyday life brings. Do not just copy someone else’s idea and come up with a better version of it. Authenticity will always win the day, so don’t build your startup on an imitated idea.
Along with your dedicated team, you’ll learn to weather unpleasant surprises that come along in building your startup. Your startup’s potential won’t be fully realized unless you hit the perfect storm with your innovative plan instead of just sailing around the edges for comfort and safety.