Thursday, February 25, 2016, PM | Leave Comment
What does it take to start a successful business? Although there is no definitive answer to this question, there are a number of key features possessed by successful startups.
Establishing a startup without any proper guidelines or rules can be a suicide mission.
So here you have a couple of elements that need to be woven into the fabric of your company, and no matter what your branch of business is, you will be ahead of the curve if your startup follows these five rules.
The advantages of having a network of people have been well documented in the past, and maintaining that network is probably more important than anything else for your startup’s overall growth.
Moreover, according to research from Stanford Graduate School of Business, having extroverts in that network is equally important.
The research shows that having people with particular traits (extroversion and openness) produces better ideas, and ultimately makes the networking easier for the companies.
Good Artist Copy – Great Artists Steal
Most startups are usually only focused on their own product and the immediate road ahead – but others have traveled down that road already.
Therefore, it is crucial not only to learn from the mistakes of your competitors, but from their successes as well.
You should never be above using and modifying a good idea someone else invented, so study your competition closely to understand their messaging, content plan strategy and keyword strategy.
The Sutton’s Test
While we are on the subject of “borrowing”, make sure that you follow in the footsteps of corporate giants like Warren Buffet’s Berkshire Hathaway, and adopt this policy to build a remarkable team of workers.
In his brilliant book, Bob Sutton makes a compelling argument that these kinds of people are generally bad for the individuals who work for them and with them.
People often use the late, great Steve Jobs as one of the counterexamples to disprove the validity of Sutton’s theory.
While Jobs would certainly fail Sutton’s tests, Sutton argues that Jobs made it despite of his negative traits, and not because of them.
A great number of companies have adopted this rule, and every startup should strive to join this group.
Don’t Waste Dollars on a PR Firm
In a blog post he wrote for the Business Insider, Mark Cuban, the outspoken entrepreneur and the Dallas Mavericks owner stated that a startup should almost never hire a PR firm.
He argues that you could do the job all by yourself – so whenever you consume some information related to your field, you should immediately get the email of the person publishing it and contact them to introduce yourself and your company.
He maintains that this person will appreciate hearing from the founder instead of some PR person. You could accomplish much more with direct relationships, leaving out the intermediary altogether.
In addition, the money you can save by doing this makes a difference between staying afloat as a small company, or not.
Invest in Your Employees
Each and every one of your employees works differently and uniquely, so creating a work environment that stimulates the flow state in your workers is essential.
In the early stages of your venture, you cannot always offer competitive salaries, so you have to structure your company so that your employees have a different reason to be excited and motivated to perform on their job.
Utilize their work places, invest automation, in remote server monitoring, allow them to learn and pick up new skills.
In the modern age of technological progress, every employee will appreciate if you provide them with advanced education and tools that will help them grow as professionals.
The minute your crew is connected to their work and your startup’s mission through applications and powerful tools, the productivity will go through the ceiling.
It does not matter how excited you are to start your business, you cannot bypass the important steps to lay the foundation for your business.
You have to take control of your company from the very beginning; 90% of startups fail, that is the harsh reality, and you need to learn from those 10% that have been able to do something different and succeed.
Nate Vickery is a business consultant and blogger. He is mostly engaged in company management and finding best technology solutions for specific SME needs.