Over the years, we see a lot of businesses rise and fall. Many startups have set up their stage to flourish for some time but then goes downhill towards the end. It happens due to a lot of reasons like a financial crisis, bad publicity, incompetent service and so on. Lapses in the management can also be a big factor in any business game. Whatever the reason is, the blame will always fall to the owner/CEO.
Certainly, it is a challenging journey, especially for startup entrepreneurs. Starting a business from scratch and keeping it on the success streak is easier said than done. Every kind of company or organization, especially the startups, have to face serious kinds of challenges and those who are well-prepared with proper research work and strategies can get through these easily; whereas some have to face failures, which could be the result of many entrepreneurial mistakes (Methew, 2018).
So what are the do’s and don’ts every startup entrepreneur should know? Let us count the ways.
1. Do Make Quick (Yet Well Thought Of) Decisions
The simple rule is to know what you want. Plan things out so when the time comes that you have to make decisions (both big and small), you can drop quick ones because you have your strategy in place.
It is also important to note that in this fast-paced technology world, you have to keep up with the changes. Respond to challenges imposed by competitors, address concerns quickly to avoid rumors and prepare your Plans B and C ahead of time.
2. Do Network
In any business, networking is key.
Try and meet as many new people as you can. The whole intention is not to gain something from them but mainly to learn something from them and their experiences.
As what Postfold Founders Ashish Gurnani and Aashray Thatai (2017) have mentioned, chances are that you don’t know everything. An added advantage of connecting with new people is their network becomes a part of your network and you never know, one person’s contact can impact your venture in a big way. It’s a small world and one dot connects another.
3. Don’t Forget Where You Came From
Know your roots. Know the people who helped you out in your business journey and consider them when you make big leaps in your business. As a substatement, don’t allow fame and wealth change you because they will lead you nowhere.
4. Don’t Fall into Bad Habits
You make mistakes and it’s all fine but please, don’t make it a habit. Get rid of the bad norms and make it to a point to improve and innovate for the better. Take note of what worked for you and what didn’t and devise plans to make sure that you’ll never commit the same errors again.
Bad habits can be dangerous especially if you’re used to these tricks already so always find time to assess your progress and identify your pain points.
5. Don’t Stop Learning
Keep your senses open. Learn new things related to the business to ensure that you are always ahead of the industry game. If this means getting a mentor, a post-grad diploma or traveling across the globe, do it. You can’t get stagnant and let yourself rut in one place because this will impede your business growth as well.
6. Do Consider Your People
Your business is not just about you and your customers, it is also about your people. Consider what they need, what they want in their employment and how you can help them progress as working individuals. Having good and happy employees make all kinds of businesses thrive so always make sure that you consider them when making decisions for the company.
7. Do Appreciate Feedback
Know that you are not perfect and feedback from shareholders (customers, internal employees, business partners, etc.) are business treasures. In general, feedback is important because they provide quick and handy analysis of the business and give you ideas in what you’re next move should be.
8. Don’t Become Complacent
Innovate and Move out of your comfortable box. Celebrate your little successes but never be too complacent about things.
Don’t be afraid to try new ideas and jump on opportunities. Explore different ways you can spread awareness about your product or service. Chances are this won’t be your last rodeo, if you fail this time you will come out smarter and better than you were before going in (Gurnani & Thatai, 2017).
9. Don’t Let Fear of Failure and Rejection Get in the Way
Running a startup can be uncomfortable and a lot of challenges will certainly block you from reaching your goals. There will be a lot of rejections from people. Remember to not give up.
If you know your plans and you are sure that you are contributing something valuable to the world, stick to it. Don’t fear the future and work towards making things happen for the business.
10. Don’t Expect it to be an Overnight Success
You know it is never an easy journey and it cannot happen in just a snap. Create sustainable plans, hire competent individuals who see and can work with you in your vision and always stick to your guts.
At the end of the day, remember that good things take time and a startup’s success is one of them.