There’s a reason why 9 out of 10 startups end in failure and the competitiveness of the market is just one of the reasons. After all, competition isn’t necessarily a bad thing and if your offer is clearly superior, your competitors will merely serve as a reference point to make you look even more impressive. However, in order to have a fighting chance and triumph against such odds, you need to know what the conditions of your success are. With that in mind, there are five factors that could make a difference.
1.Start small
The smaller your business is, the less costly the errors you make are, even though this implies smaller profit, as well. Nonetheless, due to the nature of experience and inexperience, the initial stage of your business is the time where you’re expected to make the most of your mistakes. This is why, early on, you shouldn’t focus that hard on growth and expansion. For the time being, you can just focus on learning the ropes. On the other hand, you shouldn’t be afraid of being ambitious either. Set some milestones and some long-term goals in order to triumph.
2.Time is a resource
The problem that a lot of entrepreneurs have is believing that they have a finite amount of money, yet, an infinite amount of time on their hands. Therefore, they waste time doing meaningless or menial tasks, just so they can save some money. What they fail to realize is the fact that they end up losing a lot more. Time is a finite resource and, within your company, your time is essential due to the fact that you’re the only irreplaceable member of the team. This means that the amount of free time and focus that you have makes all the difference.
3.It’s all up to you
No matter how reliable your team is, early on, it all comes down to your own ability to juggle between tasks, parties and factors that are affecting your success. Proper education on the nature and principles of the business world can help you get a competitive edge, as well as provide you with an advantage against other entrepreneurs in a similar position. Still, there’s no course that can prepare you for what is to come, which is why you need to tailor your own curriculum, consisting of all those skills and knowledge that you find essential. Other than this, you also need to find a platform like Thinkswap for learning resources and materials.
4.Fundraising will determine the course of your company
Every time you take money from an individual or an organization, you’re making a certain commitment. You either have to pay them back (with interest) or forsake a share of ownership within a company. Either way, this is a decision that will impact your business model and even your business structure. For instance, if you’re on your own, you can run your business as a sole proprietorship, while with a partner, you’re more likely to run as a partnership or a limited liability c
ompany. This affects the decision-making mechanism, the scheme under which you pay taxes and so much more.
5.Focus on the hiring process
The very last thing you need to consider is the fact that you can’t do it all on your own and that you’ll soon have to start bringing people in. Hiring the right team is quite hard, due to the fact that you’re not just looking for individual characteristics but team compatibility, as wel
l. Moreover, just because someone lacks experience, doesn’t mean that they won’t eventually become an expert in this field. Other than loo
king at performance and experience, you need to find people who are a great cultural fit but for this to work, your company needs a well-defined corporate culture, to begin with.
The risks are great but the rewards are more than worth it. With the right organizational abilities, willingness to do research and work on yourself, as well as the right mindset, there’s no obstacle that an ambitious and aspiring entrepreneur can’t overcome.