There’s no handbook out there that lays out rigid guidelines on how to come up with or sustain your startup. It all begins with an instinct, followed by passion towards the idea which is then led by setting up other financial and physical requirements to sustain it. Depending on the success or failure, every startup has a different story and each thereby follows different rules to create breakthrough solutions. However, despite individual differences, there are some generic rules that all startups follow and vouch for. What are they?
Build a Stellar Team
Never compromise on the quality of the team. Hire talented, committed and passionate people because the idea in itself is nothing without those people who share the vision and contribute towards its success. Constantly seek for the right people who can fit into an organization and give life to your idea, even if you cannot afford them sometimes. For that you may need to do some bit of extra networking. Mozilla, Barclays Capital, Gillette are some examples that made it big because they never compromised on the quality of their employees.
Know Your Competitors and Keep an Eye on Them
Always be on the lookout of what your competitors are up to. That will keep you on your toes to exceed beyond what is planned. Initial ideas often evolve into something much better and useful—always be open to change. That will help you stay ahead.
Keep your Customers Happy
Understand the pulse of the customer and deliver what you promise. That way they will spread the word about you that can help your business scale great heights. Use the Internet to network and market your products on a regular basis. That will make sure you don’t fade away from their memory and will help you sustain for a long time.
Even if you have the necessary funding to sustain your business, spend carefully. Remember you must focus your attention completely towards generating revenue. However, to achieve that don’t obsess over esoteric spreadsheets and spend more than required on networking. Spend to make a difference in the life of your customers rather than on swanky office spaces or facilities.
Don’t give up!
Success doesn’t come overnight. It only comes over time with perseverance and focus. If your business isn’t heading the way you intended it to, don’t get demoralized and give up. Try the SWOT analysis to identify your strengths and weaknesses to come up with strategies to help you rise. Rope in your entire team to come up with solutions.
Every startup has a different mantra for sustenance. But most successful ones would vouch for recruiting and building a team aligned to the company’s goal as the most crucial one. You must always have your eye on your mission and effectively communicate it to your team. Once you have these in place, your customer needs are automatically taken care of and if that it done, your startup clock will never stop ticking!