The Only Piece of Guidance You Need Before Starting Your Own

Have you ever drove your car on a heavy foggy day? Remember how difficult you find it to predict what’s ahead of you until it comes closer to you. Well, starting a startup is somewhat same.

You feel exhilarating, depressed, stressed, content and scared at the same time. You love the idea of starting your own business and be your own BOSS, but fear how to manage everything, what to do if your startup fails. Relax! It’s fine. While working in a startup and interacting with entrepreneurs on daily basis, I have learnt that everything seems okay with experience. The more you drive through the fog in the world of entrepreneurship, the more comfortable you get with the hazy nature and make better strategies.

Anyway, I’ve boiled down the following best lessons from the experiences of the business leaders who have established their startup over the past decade. Go through these tips and shine beyond:

Don’t Listen to Statistics

If you go through the statistics, you will be disappointed to know that 75% of the startups failed within 3 years of their establishment. Don’t listen to statistics. Just ask yourself, “Do you want to do this?” Is yes, then go for it, start your own startup and get counted among the successful ones. But yes, you can turn to the stats to find out the factors that prevent these companies from flourishing and avoid making the same mistakes.

Study Your Market and Validate Your Idea

For you, your idea might be innovative and just the best. But what if you later find that your idea is already existing or there’s no market for such ideas? All your efforts will go in vain. So, it is better to study your market first. This will help you to validate your idea as well as gain useful insights for building better strategy.

Analyze your Competition

Evaluating your competition is also useful to ensure startup success. Keeping an eye on your competitor’s products/services and marketing strategy helps you to better prepare for the market. And surpass the competition by determining your USP. According to the experts, using their weakness as your strongest point is the best way to rule the market. So, consider this point for starting your startups.

Seek Advice from Mentors and Advisors

A mentor can be one of your powerful assets for ensuring success. You can seek advice from them, learn from their mistakes and challenges they discovered, grow your knowledge and act more wisely in the market.

Refine Your Idea

From the insights gained from all the above factors, you can refine your idea and make it more market-centric. You can get a clarity of what your app will exactly do, which user’s pain point will it cater, and how will it make a difference in their lives.

Funding

You need to invest heavily to start your own business. So, create a plan of how will you gather fund and utilize it. There’s nothing wrong to have a backup plan as well.

In case you are thinking of reaching an investor, make sure that you have a co-founder and well-detailed copy of your idea, because of which he couldn’t resist from saying yes.

Hone Your Marketing Skills

Marketing is one of the most important tools for startups to become successful. Understand your target audience, your niche industry and invest in marketing. If you are into e-commerce business, it’s better to connect the best app developers for startups and launch a mobile app for your brand. This will increase your brand awareness and boost your profit.

Remember, marketing is not a waste of money; it’s an investment for a brighter future. The earlier you begin, the better outcomes you will see.

Focus on Customer

Always, always, always keep your target audience the core of your plans. This is one of the most crucial points to be considered by startups, if you are entering in an unfamiliar industry. Get into their shoes, learn their pain point, connect them emotionally and make a better business out of it.

Hire Talented Resources

To rise up, you need to build a perfect team of skilled and passionate employees and provide a healthy and sustainable company culture to them so that they put their best efforts in assisting you in achieving the goals. It might be typical to hire skilled people in-house in the beginning due to one or the other reasons. So, hiring remote and contract workers is a great idea. So, look forward to it.

Don’t focus on Money

While many entrepreneurs count their success by the money they earned in short-term, the true success and startup growth can be determined based on different factors, including the market reputation, customer loyalty, etc. and their long-term response.

Besides, keep in mind not to quit. There will be highs and lows in this process of starting your own business. Just remain calm, passionate, keen to learn, and act with double power.

After going through these points, what’s your plan? Is there something more you wish to know for concreting your decision to become an entrepreneur?