- 5 Rules For A Successful Startup.
Just now·5 min read
To start a new business requires more than passion and money.
To become an entrepreneur means freedom to the work you want to do at your own pace. I know a lot of people who are starting their own business, and the reason is they have a new and demanding business idea.
So, after reading a dozen of articles on how to start a new startup business, from these articles, I find five common rules for a successful startup.
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Here are the five most important rules for a successful startup.
Rule #5. Use the web as free marketing of your business.
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Social media platforms like Twitter, Facebook, and blogs are the best place to market your business for free.
Until your business starts generating revenue, don’t sign up for outside search-engine optimization, public relations, or other experts.
Use your personal network for startup companies with no real footing within the industry; it’s harder to build a customer or user base.
Whatever the idea of your business, you will find your customers online. Because every customer turns to the internet, to find the solutions of their problems.
Here is what you need to stop and think! How often did you actually read an advertisement?
No! people don’t read.
The most click ads are the most graphical ones with different vibrant colors. Always consider when thinking about making a brand promotion.
Will I click on this ad?
It’s a fast world, and everything is changing rapidly. So keep things short and use a lot of photos.
Rule #4. Surround yourself with the best advice.
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Once you start your journey, look for advice from experienced people in the field, those who have done what you are trying to do; first-time entrepreneurs should aim to learn from the failures and successes of these people.
Articles and books can only reveal how this person starts the business and running it, find those entrepreneurs who work in the same field.
Try to meet them in person to take out the first-hand experience.
The key to approach these entrepreneurs is to admire their work; it is better to show yourself as a learner, not as a competitor.
Surround yourself with the best.
Being around positive energy helps you overcome obstacles. You can succeed; if you surround yourself with inspiring mentors and the best team.
Rule #3. Keep a check on your finance.
Once you start your business, you need to estimate double the time and money than you think. Keeping a check on your finance is a crucial part when you start.
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Once you received a check, think about how you’ll manage your payables and expenses. Take advice from your mentors to find investors who can have a better relationship with you, and it will take time.
The best way to find an investor is to put your plan online; it’ll save your time and efforts.
Again, only find investors if you absolutely need them.
The best investment you do in your business is your time and effort.
Many companies started with an idea and with a personal effort. Investing your time, energy, and talent in your idea of the product is called sweat equity.
Remember, life is short so invest your time accordingly in your projects; since time is your valuable resource.
Rule #2. Separate your dream from reality.
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Remember, there is no shortcut to success.
Yes, there are some stories about people becoming rich overnight, become a sensation over the internet, but miracles don’t happen. Everything takes time and an effort to get big.
Entrepreneurs like to get right to work.
You need to take time to develop a business plan which is vital for success and survival. Think through the fundamentals of your company, market, and competition.
You need to think about, what your customer wants, what are their needs, what your customers will pay for, what are their problems.
The market needs it; this happened to many startups offering visionary solutions to the problems.
It may take a while for the customer to realize their needs, so be ready when they will.
Rule #1. Find the need for the Idea.
The first and most important rule for a successful startup is the need for your idea. Successful entrepreneurs believe that there is always a need for constant innovation.
The entrepreneur needs to have a hypothesis of where the market is going, foresee the new market needs, and aim to build a solution for these future needs — Forbes (2020)
A different article was written in 2004; shares the story of Ross Perot of how he finds the need of his business idea, which later sold for $2.8 billion,
When Ross Perot was working for IBM, he saw that his customers who were buying IBM computers needed help processing their data. He went to IBM with this idea, and they said they weren’t interested, so he started his own business. He eventually sold it out for $2.8 billion dollars — entrepreneur (2004)
The writer was Brian Tracy, who is a Chairman and CEO of Brian Tracy International, Speaker, and Author.
So you see, finding the need for the idea is the main driving force of your business; it will also drive your workforce towards the goal, and only then you can have a successful startup.
Because always remember one is the loneliest number.
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- Date of publication:
- Thu, 04/22/2021 - 21:59
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