5 Things every Startup must do
Success doesn’t come easy and overnight. It is a mission where you need to give all your efforts and be patient for a long time. A successful start-up business is like producing a car, where you need to assemble parts that are being made by different producers. If a single part goes wrong, then the whole car will become trash. Numerous cases have come up where giant motor companies have recalled their cars to fix some glitch. One example can be taken of Toyota Motors recalling millions of cars to fix a variety of problems in 2009-11. This incident simply tarnished Toyota’s image. But for a start-up, this will be their worst slip-up that could easily lead to failure. As important as it is for carmakers to carefully invigilate each component of their cars, for start-ups taking cautious and measured steps is even more crucial. This article aims to uncover the 5 utmost important things that every start-up must do in order to sustain, let alone succeed.
- Develop passion:
Doing any business without a passion is like constructing a building without a staircase. Entrepreneurs should develop a strong passion to create a success bound venture. It should not be like “Let’s give it a try, it seems like a money-making idea”, rather it should be “I know how to do it and I would love doing it“. Passion is a very important tool for your business’s success.
- Start small but with a plan and strategy:
Be smart, learn while you start. You should expect to make mistakes at the beginning. The mistakes will give you valuable lessons. A small organization will have small resources so if some errors occur, then there will be less impact and can be fixed quickly. But when you start big then your mistake will surely not be a lesson but a sign of incompetence. Most importantly of all, when you do start remember you should have tailored plans with ultimate strategies to reach your goal. Plans work like maps. It is only with plans and strategies that you would eventually meet your destination and embrace success.
- Build a strong team:
Is the soccer game played alone? Is Microsoft what it is today only due to Bill Gates’s contribution? What about Google, is it only about Larry Page and Sergey Brin? All the answers are “no”. No company is about individuals. In the case of Microsoft, Bill Gates and Paul Allen did a team to make a multi-billion dollar company, but the entire teams working in Microsoft have contributed equally to make the company the brand it is today. The same applies to “Google”, the pioneering search engine, which is everyone’s best friend today. Strong teams help the company to drive towards the safer zone and success. As soon as you initiate your plans the second most important thing would be to look for and build a strong team.
- Plan to reward and motivate your team:
We have already uncovered why the team is an integral part to achieve success but, it’s even more important to keep them engaged and motivated. When you are starting, the capital available will most likely be limited and you may not have enough funds to invest in your business. So, how you are supposed to reward and motivate your team then? You should strongly consider creating a plan to reward and motivate your team. Whether it is by offering a share out of the profit to your team members, showing growth potential of the company and the team member, celebrating success together or even offering equity but never miss out on rewarding and motivating your team. It’s just that important.
- Treat your company with love:
We, humans love to love. One best thing you could do for your company is, love it. Treat your company as you would treat your dear one. Being in love with what you do and your company helps you to remain focused and thrive for the better.
We, Clock b Business Innovations team wish you all the success for your business. We hope these five keys unlock your chapter of success.
If you tend to have any queries about starting up, drop us an email at email@example.com or visit our Startup focused events and programs like Monday Morning Coffee Queries, Skill Share, Startup Huddle, etc.
Contributor: Nischal Acharya
Edited by Clock b Business Innovations