Are you planning to launch a startup? If so, this blog post is for you.
Millions of startups surface every year worldwide, but only a small percentage out of these last. Many are forced to close because keeping a new business afloat is not easy.
There is no single formula for success in business that you can apply to your venture too. It is a lot of trial and error and finding your way through unpredictable circumstances.
While it is true that all people don’t have the same amount of entrepreneurial creativity and genius, it is also true that what you don’t know can be learnt.
So, in the spirit of learning and improving we are listing 5 things that all small business owners and aspiring entrepreneurs should know.
1. Learn from mistakes
This is quite an obvious one but hear us out.
Everyone makes mistakes. No matter how successful a business is now, if you ask them how they got there and if there were any mistakes along the way, they will surely tell you about many.
It is really how you deal with it once a mistake has been made that makes all the difference.
To hold yourself and your business to unrealistic standards and to hope to never get anything wrong will only hurt you in the long run.
So use your mistakes as a learning curve and teach yourself how to be a good entrepreneur through them.
2. Build a good team
This makes all the difference.
A team in which all the members see eye to eye and are clear on their vision for the brand and the steps they need to take in order to get where they need to be, will go far.
You need to surround yourself with teammates who are positive and who have it in them to take the dips in their stride. People who lack motivation tend to bring others down too. And in order to get a new business off the ground, one needs to power through a lot of failures and to do that you have to stay motivated.
So make sure that the people you choose to run your business with you are not only good at their job but also have the right mindset.
3. Put on a brave face
The one who is in charge sets the mood for the whole team. It might seem like it’s a lot to handle but if you look like you are unsure about your venture or are crumbling under the pressure, the whole team will become demoralized.
So even if you aren’t fully sure about what you are doing, don’t let investors or your team, see it. Truth is no one is fully sure in the start about what they are doing.
Even the most confident people are mostly just putting on a brave face.
Knowing people in the industry and developing relevant contacts is very important.
You never know where a great opportunity or even an investor might be coming from. Doing work silently in a corner will only provide you with so much outreach. As a business, the pitching process never stops. Businesses are always looking to grow. In order to be able to take advantage of good opportunities at the right time, you need the help of others and networking will get you there.
5. Create and stick to your brand’s ethos
At the start there is no clear blueprint for what you are supposed to do and even if you do have a plan, there is always the possibility of things going wrong.
Where there are humans involved there are always variables.
What will help you make the right decision in such moments of uncertainty is your brand culture and ethos.
We hope that these will help you give your startup the success it deserves.
Good luck!Read this post