The 5 Habits Of Great Early Stage Startups
Whether you are looking for the newest product or service to offer or want to take your passion to the next level and follow your dreams into the world of entrepreneurship, there are some very basic habits you must have in order to achieve success on startups. You may already possess some to these desired skills, and some you may have to learn along the way. Either way, before the end of the process, you’ll quickly become an expert.
Before you embark on this venture, there are few things you will really want to consider at first. There are some demands that can be too much for a first time business owner to deal with. First at the top of the list is time. Any business owner will tell you for the first few years, they had no spare time, free time, time off, personal days, vacations or even sick days. In the beginning you will hold down all major and important positions within your fledgling company. With that being said it is of the upmost importance to take care of your personal health, suffering burn out can be difficult to recover from. Learning to manage stress will ensure you stay focused, excited and engaged in your project. After all this is your dream and you wouldn’t want it to be the end of you.
These are the Top Five Habits a novice business owner must have to be successful. Not in order of precedence.
No matter where you’re at in the first beginning stages, you will be consistently and constantly dealing with people. Vendors, clients, recruiting employees, marketing and so on. At the start you will be your own marketing strategists, so promoting your service or product to attract clients will help build your future. Building an excellent rapport with your vendors will also ensure your shipments will be on time not to mention you need to communicate your specifications effectively so you are getting the right product to meet your needs and your client’s.
As you will also be networking with the leaders in your industry, having clear and concise communication skills will convey competence and present an aura of confidence. As you’re getting your feet off the ground, and building a support team, in person meetings as well as e-communication will be frequent. It’s more than a little necessary to be able to convey your vision clearly in text as well so your team members are not left with incomplete information. The ability to be thorough will also save you and your staff time, nothing is more frustrating that having to field questions due to lack of clear definition.
Taking a Trial-Run on Startups
This should be your very first step. Very few business have been successfully launched without knowing what to expect or without having a full grasp of the industry. There are several ways you can test the waters. If you can and if it’s possible, volunteer. Find an organization as close to your target as possible. Or better yet, find a fledgling organization that’s trying to get its feet off the ground. This will give you a close idea to what it will be like in the early stages with your start-up. If don’t have the spare time, consider quitting your day job and get the best of both worlds by working for a start-up. Not only will you get something that is close to a practice run, but you will be getting the experience, making contacts and networking at the same time.
You will learn firsthand how and what needs to be invested in to starting a business. You may be taking a pay cut, but the education you will be receiving will be priceless. In a start-up you’ll be given the most responsibility and multi-tasking you will ever receive compared to working for a corporation or established business. You can also take advantage of small but informational-packed business courses/classes offered in community college. These are often taught by professionals and business owners and are offered as continuing education or community courses.
Sharpening your problem solving skills adds to and will only help further enhance other skills like discipline and focus. All three are like a trifecta, a winning combination. Perfecting all three, will help give you the drive you’ll need to get your dream off the ground. And getting your startups company off the ground is no small feat, it’s a bumpy road and being able to fix issues in a timely and efficient manner will help you further down the road.
There will always be a problem to fix or solve in the business world, whether it’s yours or your clients’. It also takes great discipline starting a business, so prioritizing tasks is a must in order to meet deadlines. Some tedious tasks can feel daunting and tempting to procrastinate. However, as the owner, it is your investment on the line, so honing in on these skills early, before development will help pay off.
Being Selective About Your Team
While you are dipping your toes in water, now would be a good time to find a mentor. There are some non-profit organizations that are willing to pair you up with an experienced advisor. Having a mentor is an invaluable asset to add to your team. It should be your first step in establishing a foundational team. While organizing and building your team is essential, you also need to have persons who will see your vision, share it, and be willing to work towards making it a reality.
They must be invested in your company just as much as you are (or as close as possible) and be willing to work as a team, cohesively. In the first stages of any new company, building a collaborative and competent team is especially vital prior to breaking ground. It will be a test run, before long you’ll be needing to expand your staff and the ability to both recruit talented employees and manage in a simplified way will save you time. There is nothing more stressing and frustrating to a novice owner than having to rehire after time and energy was wasted on new hires who didn’t fit in with the startups company culture.
Some of the world’s best inventions happened by accident, some were developed while searching for solutions to other problems. The point? Company and industry leaders know the importance to innovation. Lack of vision can ruin a startups company, no matter how long it’s been in business. The ability to change with trends will be just the pivotal point that can launch a business into a new level of success. Not to mention you will be relying on working around other schedules, you’ll need patience. And as your company is being run by human beings, probably all with their own outside life, you need to allow for meeting their needs too. If you’re too stubborn, you will find it difficult to keep your company staffed. Those who do not bend, break.