Posted on July 24, 2015
Founding startup is your way to start a new life journey. You’ve got an idea, knowledge and enthusiasm. But are you sure that’s enough? There are a lot of traps for young entrepreneurs in business world. Check out our advices to know how to reduce failure risk.
Be master of hiring
Success of your startup depends on the team. With qualified and engaged people you can achieve much more than you think – they care for value and quality of end product. So who should be in your team? For sure a developer with experience and good expertise in your area, graphic designer interested in new trends and a marketing specialist who knows how to generate buzz about your product. Thanks to them, your business will be doing great since the very beginning.
Listen to your consumers
First of all, you should build a minimum viable product in short time. Thanks to that, you can quickly gather feedback from users and change further versions of your product. This means you have to be agile. New trends in design, changes in API’s – everything has influence on your product. Keep in touch with all of that.
Know your competition
I bet, that before launching a startup you made market research, but sadly it’s not enough. Your competition doesn’t’ sleep and you shouldn’t as well 🙂 Do they have new services? What other products or features are now available? Every time your competitors publish something new, you need to know how to surprise your customers with offering them easier, cheaper and more innovative solution.
As a founder you’re not only an employee. You are face of your brand. If you don’t have any experience in that role, you should quickly take a network lesson. Meetings are meaningful part of business, so don’t hesitate to spread your spider web connections. Make an asks to get introduced on LinkedIn, go to startup events, invite people to discussion on your social media profile. Remember, open and communicative people are usually more successful in business.
Find a mentor
If you are beginner, you truly need a mentor. Don’t treat that person as an unwanted necessity. Good advices with experienced support are great value. Don’t hesitate to join the network of quality-assured mentoring organisations. Remember, look for mentor who could be directly related with your brand or do similar things. And what is important, find someone who is likely to have time for you and your business.
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