If you are looking to establish a startup based on a stellar idea in your mind, there are certain aspects you need to keep an eye on. Read the following quotation from Tim Ferriss, the host of The Tim Ferriss Show so that you have an idea about what lies ahead for you after you have started your business.
“To be a good leader, you cannot major in minor things and you must be less distracted than your competitors.”
Apart from keeping the focus, I have compiled a list of top 20 tips so that you can make your startup a success in the year 2017.
- Start with a Mission and Purpose
In addition to having a stellar product, you need to have a clear goal and purpose to start a venture. In this manner you will be able to find a competitive advantage over your rival firms and compete with a lot of vigor.
- Do Something you Love
If you are starting a business, try to market a product or service which you can relate to. Don’t follow the crowd or the latest market trend as after some time you won’t be handle the stress so follow your heart.
- Believe in Yourself
Have a firm belief in yourself. It is the basic pillar on which your business will stand as you need to put your 100 % in your business. The self-confidence will take you places otherwise you will lack the energy or enthusiasm to work.
- Working with the Team
You need to know how to manage your team in order to make the full use of their capabilities. If you underestimate or overestimate their skills, in both cases you will not be able to get the results you need or use them efficiently.
- Make Plan about the Future
You need to act on your initial plan but try to change it according to the changing scenarios. Don’t think of a plan as the Bible; everything can be molded according to a situation so that you can have the best plan of action according to a particular situation.
- Launching the Business
Try to launch the business as soon as get the capital and have the necessary resources. Don’t delay the launch because you always need to be one step ahead of your rivals and without formally launching your venture, you will be not even in the race.
- Learn from your Mistakes
Always try take the positives from any failure and learn from your mistakes. Take the mistake as a positive and use it as a catalyst to make your future free from any such mistake.
- Learn from Criticism
While too much negativity can kill you, constructive criticism can be good for your business. Try to ask a friend or relative to tell you whatever he thinks about your venture and learn from the criticism and take it positively.
- Naming your Company
You need to take this aspect seriously as the name will speak for itself. Don’t try to be too innovative or unique but choose a name that reflects your product or the business you are in. In this way, you can be sure to attract the potential customers.
- The Right Logo
After the name, your logo is one thing that can etched in the minds of your target market. A trendy and contemporary style is one way to attract more people in less time.
- Serve Your Customer
While you should feel ownership of your startup, ultimately it is the customers you need to serve, not yourself. So you need to put customers in mind before taking any decision or changing the plan of action so that your business can flourish.
- What your Customers Want
You need to find out what your customer really want from your product. Just assuming that you are on the right track can be disastrous for your venture.
- Anticipate the Future
Nobody can foresee the future perfectly but you can certainly anticipate what’s coming towards you in the near or distant future so that you can plan accordingly.
- Tracking the Performance
It is imperative to regularly track the performance of your team in order to make sure that you are on track to achieve your goals. The use of a task tracking software for startups like TaskQue is a good choice.
Adapt to the changing times, especially in case of a government regulation or when the business environment changes dramatically as a result of several new entrants.
- Online Presence
Be sure to create a dynamic website so that you can boost of online presence. Be sure to use content design, and layout keeping your product in mind for optimum results.
- Be Dedicated to the Work
Own your business completely and make every effort to avoid failure. Don’t treat it as a 9-5 job but instead dedicate as much time and efforts possible.
- Be Flexible
Try to be flexible in your approach towards the business including dealing with clients, competitors, government officials, etc.
Exemplary marketing techniques and strategies should be used in order to gain maximum foothold in the market as compared to your competitors.
- Don’t Give Up
Most important aspect; never give up no matter how hopeless the situation is. Instead look for the positives and wait for the situation to improve.
Still looking for more reasons? Got something to share with us? Use the comments section below and share your thoughts with us.