Some people tend to believe we are just witnesses of the fast speed in which technology innovation makes its path towards higher efficiency and a more comfortable lifestyle. The truth is, though, that there are many teams involved in this scheme worldwide, and your team can also take an active part in building a better tomorrow. The answer to this? Startups.
Startups are tools for making entrepreneurial innovation a reality, and besides the drive and mindset you need to have, there are also some implicit rules that guarantee the success of our venture, plus the tools that can make your path easier. Let’s get started with some facts.
The Awkward Truth About Startups
Just like some exciting television series face the crude reality of cancellation after building a cult audience for a couple of years, the truth is that over 75% are doomed to failure due to multi-causal scenarios.
In this study made by Statistic Brain, Startup Business Failure Rate by Industry, numbers dramatically change from IT-geared startups to Finance, Health, or Education Startups. One can say that’s due to the lack of innovative approach, although we can state the main causes of startup failure as:
- Lacking motivation and commitment to the business’ goals
- Losing your way after raising too much money too soon
- Not inspiring your team to be active members of the business
- Lacking proper mentorship
- Poor marketing strategies
- Running out of cash
- Not building a good team
- Ignoring the potential value our product/service can give to community
- Ignoring customers
Thus, we can say many of these points are team-related issues, though the blame ends up being directly pointed at the CEOs of those unsuccessful startups for not having enough skills to manage a business properly.
First Step: The Mindset
Committing to our goals is certainly easier said than done. Thus that’s the reason why the whole 'entrepreneurial mindset' becomes a key element in the successful startup equation.
From the CEO to every single one of your team members, rules need to be clear for guaranteeing the revenue of our efforts. That being said, you need to make a list of all the elements you consider your emerging company should consider their 'code', as 'putting client’s interests above our personal earnings', 'continuous learning', 'thrive for innovation', etc. After that, you can significantly reduce the list of potential employees to join your team to those whose attitude match those points mentioned in the list.
Since your business does not have a name, a reputation, and probably no good economic backup, it all depends on what you and your team put on the market for achieving your dream goals. Thus, tailoring your working crew to have the same approach to business and life becomes essential, not just for getting in good numbers in a short amount of time but also for making that process a smoother one. Yes, patience is a must-have virtue you need to practice to see good results out of your projects; hence having team members who don’t understand the amount of time required to build a respectable brand won’t do any good for the brand’s growth process.
References from your team members and attitude can be quickly checked thanks to social media, but in case you don’t trust that source of information you can always do the old-fashioned method of checking their previous employers to get familiarized with the attitude of the employee itself and also its capabilities to meet up with the tasks assigned.
Second Step: The Resources
Once goals prove to be clear and your team is ready for the challenge, then it’s time to speed up the brand’s growth process by getting a clear picture of the financial resources needed and the tools that can help us to reduce the time to complete tasks.
Some inspiring stories of people who used their savings to ditch office work and join the entrepreneurial lifestyle can be found on the internet, as is the case of Sam Ovens, though reality tells us that people who seek to start a business need help from banking entities to make those goals a reality. This naturally takes us to one frequently asked question: what can I do if I have a bad credit score?
Though the logical way to face this issue would be to take the required steps for healing your credit report, there are also some bad credit loans available nowadays that can make the process way easier, helping us to set up a business and allowing the new income to cover up for all the current debts you may have acquired to date.
When money isn’t the problem any longer, then it’s time to consider which tasks we can be sped up for not only making our employees’ work a lot easier but also to accomplish goals in half the time they used to take. The bigger the team, the most natural it seems to lose track of what’s going on in different areas of our business, so we can keep our feet on the ground thanks to this excellent collection of tools for startups by ReviewsXP.
As you can see, some process can be implemented in the fashion of workflows, allowing team members to quickly exchange data but also giving us room to grow every single aspect of the business we are making. For some of us, several tools showcased in that infographic may seem familiar, it’s all about your current knowledge of marketing and the advantages of technology for making our life easier.
Of course, we can also mention many other tools available in the market to help us to complete our job. Keep in mind that in case you need to make considerable investments in software because your branch of business requires it (as proves to be the case of most IT-geared startups), software vendors might go out of business, so that’s where software escrows are the best tool we can count for protecting our company’s investment in technology.
Third Step: Extra Measures to Take
Now that we have a business running, we need to be confident that all our effort doesn’t go to waste, not just by implementing security measures for every single aspect of our company, but also for spotting unique opportunities when presented.
Emerging startups are often the target of hackers who desire to practice their skills prior to taking on big corporations, thus investing some money in hack-prevention services is a must-have strategy to apply. Start by acquiring the services of DDoS shields as CloudFlare, to then move on extra protection layers when needed.
In terms of passwords, you need to teach your team members not only to build strong passwords for your social media accounts and accounts for the tools bought, but also how to separate personal life from business. This instantly refers us to social logins, an ever-growing trend among many users these days to which you grant access to many websites or apps to your social media accounts just to save minutes of setting up individual accounts for each site you visit. If your employees use these tactics for access to websites, tell them to avoid this practice, and from now on in everything that refers to the company, as a potential data leak in social media networks can do way more damage than you imagine if you linked all those accounts to social media profiles.
Don’t neglect the importance of a proper marketing strategy through social media services; they are the tools of the trade to maximise the reach of our brand outside our local borders!
To Sum Up
As we saw in this guide, many aspects can shape the outcome of a startup, so it’s easy to make a mistake in case we are beginners to this side of business-making. The most important thing to consider is that you are allowed to make mistakes, we are all humans after all.
By making mistakes you are learning valuable lessons in the process, but not just that, you are also teaching your team members that everything in life is gained through hard-work, commitment to your goals, and patience. Start by inspiring your team and don’t lose your focus in case you start raising money too soon: life is unpredictable, and who knows if conditions are going to be so blissfully in a close-by future. Good luck!