Launching a startup is easy; it’s keeping it afloat in a competitive market that is hard. There is no definitive guidebook on how to run a startup, unfortunately. Therefore, new entrepreneurs are encouraged to learn from past success stories, and also from their own mistakes. Needless to say, running a startup and trying to make it successful as you go is daunting to say the least. So, here are several tips that will make your startup much more resistant to failure:
1. Know Thy Enemy
Let’s say running a startup is a lot like preparing for war. The market is your battleground. As a newbie in your field, you will end up directly or indirectly competing with the established elite in your industry. That is, of course, no easy task. The bigger companies and corporations will have more resources at hand to win the hearts and minds of consumers. You should be prepared to face such stiff competition head on. The only way to do this is to know who your competition is. You might already be familiar with the big names in your industry, but you should also be aware of the smaller companies and other startups that could end up vying for the same target customer base as you. Therefore, before you set up shop, thoroughly research the market and industry in general. Learn everything you can about your competition and determine what their weaknesses are.
2. Learn from Failure
Startups are taught to learn from success stories like Google and Facebook. However, startups can learn a lot more about being successful from the ventures that failed. As an entrepreneur, you should be prepared to face failure and to learn from it. As Robert Kiyosaki, the self-help guru, once said, “nine out of ten businesses fail.” Instead of looking only at that one business that succeeded, it’s also important to look at the nine that failed, and not end up repeating the same mistakes.
3. Hire Outside Perspective
You won’t always spot the flaws in your startup from the inside. To truly thrive, you also need feedback from an outside perspective. Therefore, do not hesitate to hire specialists, like Corporate Business Solutions, that conducts professional business analyses and provides consultations. The more feedback your startup gets, the easier it will be for you to spot weaknesses and eliminate them.
4. Understand Your Core Competencies
Here’s a common mistake many new startups tend to make: trying to do everything that looks interesting. You may look at Google, which now sells their own computers and researches self-driving cars. When Google first started as two guys trying to make websites easy to search for, do you think the company would have succeeded if they had focused on these other things as well? Probably not. Google succeeded because they understood what their core competency was (the search engine), and made it their core business. At your own startup, you should first understand what your company is really good at, and try to improve on that first. Afterwards, when you have plenty of revenue to do whatever you want with, you can expand into other areas.
The secret to success is to never stop learning. Learn from your mistakes and the mistakes of others, and you will soon be well-versed in the business of success.