Establishing a so-called ‘startup’ company is hard work, that’s a given. It won’t be a 9-to-5 profession with a steady, stable income, and you’ll potentially endure many failures before you enjoy success. But in the event of it being successful and self-sustaining, you’ll have a sense of accomplishment that you won’t believe!
But how best to ensure as much as possible that your new commercial venture will be a success?
There’s an old military adage that says “plan in inches, miss by miles.” So the name of the game in setting up a startup is: planning, planning, and planning. If you don’t prepare and/or plan accordingly, you’re setting yourself up for failure. But it’s difficult to plan ahead of time when the nature and form of the startup landscape changes and evolves so quickly. Technology has shifted the paradigm away from traditional face-to-face meetings, while the rise of ‘woke’ culture and the emergence of the ‘outrage brigade’ online has created issues over engagement and message.
It’s a real challenge in establishing a new startup to know beforehand all the obstacles you will face, but fear not, as we’ve consulted experts in startups and compiled what we believe to be 5 vital tips in helping your startup become a success.
So, without further adieu, let’s go…
1. NO MORE LONE RANGER
In short, the days of a singular visionary establishing and leading a startup to massive success are all but over. In the brave new world of 2023 startup culture, it’s teamwork, collaboration, and cooperation that are now paramount. The challenges that exist for any burgeoning new startup are such that it’s nigh-on impossible for any single person to overcome all problems and hurdles that arise, no matter how driven or visionary they may be. Hedging your bets around one person is less a recipe for success than establishing a good team, prudent placements of key personnel in that team, defining your central objectives (so everyone is on the same page from the outset), and empowering creativity, inventiveness, and innovation. The best part of teamwork is when you encounter obstacles, you won’t be left alone in shouldering the burden and finding solutions.
2. DARWINISM IS EXTINCT
‘Survival of the fittest’ may be okay for the animal kingdom, but we’re not animals so leave it aside when it comes to your approach of business. The strongest and fittest are not guaranteed to succeed in the cutthroat arena of commerce, but rather those who can adapt, evolve, and change course when necessary are those with a much greater chance of not just survival but success.
The article “7 Key Traits Shared By The World’s Top Entrepreneurs” might also be of interest to you. We recommend giving it a read.
3. QUESTIONS AND ANSWERS
Being the person with answers may have been considered a virtue in the old model of doing business. But with the rise of technology, especially in the emergence of AI software like ChatGPT, creative ambiguity is a useful trait to have in a team. In other words, it’s the questions that perhaps matter more than the answers. An entrepreneur establishing a new startup would be wise to seek out those with inquisitive minds and abundant creativity who can search out not just solutions but are ambiguous enough to see when course changes and/or opportunities for growth are imminent and to be seized upon when needed.
4. KEEP ALL YOUR CARDS ON THE TABLE
Having a clear, single-minded vision for your startup is a good thing, and communicating that vision to your team so everyone understands it is equally useful. However, flexibility is as important, if not more so, than vision. The ability to change course, to adapt to evolving circumstances is vital in your startup succeeding. Don’t automatically rule anything out in advance, ideological purity is the quickest route to failure in business. Instead, allow yourself and your team freedom to assess, analyze, and thus overcome any hurdles that are placed in your path.
The article “Silicon Valley Startups Consider Selling Up As Funding Dries Out” might also be of interest to you. We recommend giving it a read.
5. ALL THINGS TO ALL PEOPLE
Whatever a business is, whatever service it provides, and to what market(s) it operates in, the days of being known for and producing primarily a single product and/or service have gone the way of the dinosaurs. The key word here is ‘customization’. People no longer are content with simply purchasing what is offered to them; they want it their way, in their time, and in their location. Diversifying your startup to take account of changing markets and tastes is a good way to stay vital in the world of commerce, and having a good team behind you adept in recognizing such changes and expanding business opportunities for the startup could well be the difference between success and failure.
In conclusion, setting up a business such as a startup is hard work that comes with both risk and reward. But with good planning, wise management, and prudent team building, you can go far and achieve great things.
