In the process of starting a business, before the company enters a stable operating orbit, there are hundreds of things you have to do from finding partners, turning investment capital, finding customers to smaller things like maintaining spirit, not letting the will waver…
Here are 12 very important bullet points that Malu wants to pay attention to for those who are and will start a business, based on the experiences of many founders.
Co-founders in startups are like the concept of “location” in real estate. You can change anything about a house except its location.
Similarly, in a startup, you can change ideas easily, but changing co-founders is difficult. And the role of the founders is the key to the success of a startup company.
2. Get to work as quickly as possible
The reason why you should get to work right away isn’t necessarily because you’ll have to launch your product as quickly as possible; It’s because you won’t be considered starting a business until you’ve officially got your hands on everything from small to large.
Starting your own small company teaches you what to do to raise your brainchild. Until you really know that, any other thinking is a waste of time.
You can think of the value a startup generates as a rectangle, with one dimension being the number of customers and the other the degree to which you satisfy their needs. You have almost any control with the second dimension.
And in fact, an increase in the quality of the product/service you provide will lead to an increase in the other dimension of the rectangle – the number of customers. In science, the hardest part is not answering the questions but how you ask them: the hardest part in entrepreneurship is finding something new that the market is missing.
The better you understand your users, the better you can do it. That’s why there are so many successful companies that started with the needs of the founders themselves.
5. Make a group of customers fall in love with you
Of course you want to make a large number of users love your product, but you cannot expect to get there immediately. It is better to make a small number of customers fall in love with your product/service than to try to attract a subset of consumers who both like and hate you.
In the first stage, you have to choose between satisfying all the needs of a group of potential customers or satisfying a set of needs of all potential consumers.
Please choose the first one. Increasing customer base is a lot easier than increasing consumer satisfaction. And most importantly, it will be hard to deceive yourself.
If you think you’re on the way to 85% completion of a great product, what makes you know that it’s not just 70% or even 10%. Obviously it’s a lot easier to know how many users there are.
6. Provide good customer service
Customers are often mistreated. Most companies give very bad customer service. You will have to do something to change this perception.
Try to give consumers customer service that is not only good, but perfect. In the early stages of your startup, it’s good to provide good customer service because you can learn a lot from your customers.
I learned this from Joe Kraus – founder of the Excite portal and the Google Sites app. Merely quantifying what you are going to do has an amazing effect. If you want to increase your user base, post a large sheet of paper on your wall and update the customer count daily.
You will be happy when this number goes up and disappointed when it goes down. You’ll start to realize pretty soon what makes that number go up, and you’ll start to do it more. Conclusion: Be careful what you measure.
8. Cost savings
I cannot stress enough how important it is for a startup to be cost-effective. Most startups fail before it creates what people want, and the common path to failure is financial exhaustion. So saving costs is a way for you to quickly redo.
Not only that, but a culture of frugal spending will keep a company alive in the long run, in the same way that daily exercise will keep people young.
Nothing is more dangerous for startups than distraction. The worst distractions come from the people who invest your money: daily reports, consulting, side profit projects.
Startups can have a lot of potential in the long run, but you will always have to stop working to answer calls from your investors. Paradoxically, fundraising is a form of distraction, try to minimize it.
10. Shouldn’t be demoralized
While financial exhaustion can be seen as the direct cause of the downfall of startups, another, deeper cause of a startup failure is a lack of focus.
A company run by a dissident leader has the same results as a company run by an intelligent but demoralized leader.
Starting a business requires a great deal of perseverance. Understand this and never let your efforts down, it’s like having to carefully lower your knees when trying to lift something heavy.
11. Never give up
Never give up, even if you are demoralized. That is a note for those who are about to start a business that every expert mentions. Just don’t give up and you can go amazingly far. This is not true in all areas.
There are many people who cannot become mathematicians no matter how long they persist. But with startups, it’s different. Just sheer effort is enough, as long as you keep your idea going.
Transactions are one of the most useful things that we need to keep in mind and should not expect too much.
It is dangerous when our work ethic depends on expectations, dangerous not because we often fall short of expectations but because this way of thinking makes us feel that expectations are something very important. distant.