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Having the best support staff matters
The best team has always been talked about. Also, the value- addition through A- players who are considered more viable and productive, as compared to B-players or even C- players is stressed upon too often. However, keep room for the support staff- accountants, bookkeepers, janitorial staff, etc. This section of the staff is capable of bringing about a massive variation to the way your business operates, and one should also remember that they prove their worth at the time of startup milestones like financings and acquisitions.
Give your comfort zone a miss:
One of the most important lessons of startup entrepreneurs is leaving the comfort space and treading a new path. Rather than doing what one is good at, entrepreneurship advocates doing something that has not been done by the entrepreneur before. Break free from the cosy comfort levels of the mind and try doing the untried! Even, more important, make it a habit !!
Decide on your values & beliefs
Determining the basic values and ideological framework at the very start is an essential step so as to strike a fine balance amongst the viewpoints amongst the co- founders. A startup culture requires conditioning and maintenance.
Do your homework:
One can never really figure out what it is like starting a company till he attempts to do so. However, one can never afford to miss doing the groundwork that offers safety and security for a whole lot of obvious reasons. And the good news is there are a wide variety of resources available which include books, blogs, advisors, other successful entrepreneurs. And then again, the homework about the industry, market, competitors, etc. forms the other half of the homework. The key is to get out ‘there’ and interact with the to-be customers even before you actually develop an offering. Do your homework please or else you land up being an example of a failed start-up.
Iterate quickly and pivot nearly as fast:
One of the very critical aspects of working on a startup is to accept the case when what you have been working on tirelessly doesn’t really seem to be working. You have to gather the courage to keep it all aside and begin afresh when you know something just isn’t worth the effort. And, if you still continue with it, it is as good as banging your head against the wall and the evident show of immaturity to accept and change.
Understand metrics and how to optimize them:
The key metrics are a critical tool to assess success or failure for your startup. It could a little thing or even a combination of small & big things, depending on the startup. It might be repeat visitors. It might be some form of engagement. It might be lifetime value of the customer. It might be all of those things. In any case, you need to know them specifically to measure them constantly and work on optimizing them. You would be in for a surprise to see how small things can influence the impact of your overall offering & brand image!
Know what milestones you need to hit:
Focus is an inseparable aspect of a startup. You just need it anywhere & everywhere. And while being focused, you need everyone in your team to be as focused as they need to be. This is needed as milestones are ‘gates’, if you put it simply. You either go through these gates because of your accomplishments or gates that are just closed to you. If they are closed, you give it another shot or stop. This warrants an entirely separate post…
Build a personal brand:
In many varied situations, having one’s own strong personal brand works wonders! The point- in- question is it provides future social leverage in your life, irrespective of the success or failure of your startup. Not only this, but it can also help drive your existing startup in many ways.
Get your ass out of X:
This world today has become a global village. The era of globalization has brought up the concept of knowing the real customer and thus giving a personal touch to the services on offer and also make sure that you reach them effectively. The message is: Get out of there & discover the world! It is you who needs to expand your markets and to ensure effective reach to the customers spread far and wide.
Don’t raise money … until you’re ready:
Raising money requires an unsaid understanding about the ‘ends’ and also lowering the risk enough to the point that you’ll be able to raise more money at a better valuation. The longer it takes to raise funds as you’re making progress on your offering and acquiring customers, etc. the better.
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