Best Startups generally come from somebody needing to scratch an itch – Michael Arrington, TechCrunch
Startup isn’t a cuppa tea for everyone. Besides, ideas and commitment, you need the courage to bring about a change in the world. It is supposed that everyone who is
courageous can startup business successfully even without having any business plan; all you need is the passion to deal with the initial challenges and the will to surrender your life to your business idea. Being profoundly different from enterprises, startups need an absolutely different game plan to succeed. You need to be unconventional in your approach, and this ain’t easy. But if you keep a few fundamentals in mind, you can chart your path of success over the time. So, here we list 10 golden rules or commandments that you can practice to grow and make your startup successful.
Thou shalt be Ready Embrace Change – Change is the norm of life. You must change in order to evolve. And no matter how hard it is to believe, change is indeed the only constant thing. Starting up a venture doesn’t suit the faint hearted. If you are accustomed of living in a safe atmosphere, drop the idea of owing a startup, because it is an adventure which is full of changes and uncertainties. This could be a change in technology, a change in the market scenario, or a change in the needs of your customers. You need to address these changes and devise a plan to cope with them.
Thou shalt keep Your Users Happy – Users, clients, or customers have the ultimate power to make your business successful or unsuccessful. It is very important for any startup that it keeps its users happy and satisfied. To win the heart of the users, put yourself in their shoes and think. This will help you in better understanding their needs and challenges, and thus address them with your services. But that’s not enough to please your users. As a business, while offering high grade services, you must also be prompt in receiving feedback and working on it. This makes your customers feel valued.
Thou Can’t Be Everything For Everyone – There is no way that someone or something can be loved or liked by everyone. Accept it that everyone has their own taste and thus, you cannot satisfy everyone with your services. As a new entrepreneur, it is important to identify the target market where your services are perceived well, and not think about rest.
Thou Shalt Spend Little – Size of the startup can never be the determent of how much profit it will make. If someone is planning to launch a business at a large scale, but it is not well managed, balanced, and focused, it cannot guarantee you huge profit. Contrary to it, a small but balanced business can bring in good revenue, and methodically, it can be developed into a big sized business. So, it best to spend little and start with smaller milestones in mind that invest big and go around with the burden of a fractured big business.
Thou Must Keep Enough Funds Aside – Almost all businesses cannot start making money instantly. It may take rather long than you’d have expected. In fact, it may be the case that you run out of money in the mid of setting up your venture. In fact, only 50% of businesses survive the first year of operation, because of the monetary demands of the business.
Reason – insufficient funds. Funds fade out before the business stabilizes itself. And then commitment exits from the same door as money! Before you even think of starting your own business, make sure you commit yourself for at least five years. And have funds enough to sail you through at least the grumpy early twelve months of the startup life. You can either take a loan or save something from your day job. The first twelve months are crucial for the success of your business.
Know Thy Core Competencies And Focus On Them – Core competence is your key arsenal against your competitors. It is a quality that makes you different from others, so you can offer your users what none of your competitors can. So, it is very essential for you to know your core competencies and focus on them. Leave out everything else for a while, clear the haze and focus.
Thou Shalt Not Get Demoralized – Starting anything new puts you through a turmoil of hopes and dreams but when things do not go as planned, people get demoralized. It is a common human behavior. But as we said, you need to think, and in this case, behave unconventionally if you are a startup entrepreneur. Being demoralized isn’t an option for you. Startups are full of uncertainties, and there is no guarantee of success. But, it is also true, that failure is the best teacher. So if things aren’t working out, do not get demoralize. Success and failure are part of this game.
Thou Shalt Not Get Distracted – Distraction is one of the greatest hurdles for any business person. Those who remain focused, become successful while those who are distracted might even loose an already-won game. People who get distracted from temporary benefits cannot be successful. Focus on long term goals. Don’t let a small success get to your head. You must use your will power to cope with distractions.
Thou Must Keep Thee Employees Happy – Employees are the driving force of your business. You must always make sure that your employees are happy because losing dedicated employees, who give their best to help your organization grow, is unaffordable. Establishing any business is a stressful task, so you need such employees who can relate to the vision of your organization and work with 100% dedication. Don’t pressurize them. Offer perks and reward them for their hard work. Give feedback and help them do better in their area of work. Take feedback and implement it. Value the opinion of your employees. They are the building blocks of your organization.
Detach Thee Emotional Fear Of Losing – It’s true that no one likes to lose. But, when you think about a startup, you must not think about the success or failure of it. You should focus on best possible result. The success of any new business depends on the capacity of your losing. Success and failure are facets of the same coin. How long can you keep flipping it determines how successful you are. And in case you fail, you always have a learning with you.