A startup isn’t just a business, it’s a dream of an entrepreneur, it’s an idea of an amateur who wants to change the world. So now when you are on your journey upwards, what should be your top priority? The answer is pretty simple, to keep going against all odds.
But is survival easy? Here’s what facts have to say, 90 percent of the startups fail. We are not making that up. You can check out the research done by the Startup Genome Project. Well, what explains that? Lack of planning, lack of skill, wrong choices, or poor leadership. All of that, but here’s the most surprising reason – stats suggest that 70% of the startups fail because of premature scaling!
Scaling basically means to try and expand in a profitable way. So why is it so dangerous? Because, it can be too much too soon, which leads to organizational problems. The life of a startup in the early days is not so easy, it’s difficult to survive, let alone sustain. The reason why I have put together the best of 6 tips to accelerate growth in your startup:
Start preserving your online heritage
In today’s world of digitization, your online presence holds immense value. But what’s more important is to keep evolving with the recent trends. The reason why it is always advisable to preserve your online activities, just like you keep a record of your physical activities. Your past helps you understand the present and prepare for the future. You cannot afford to have an attitude of post once and forget about it. Yes, there is Wayback machine but we all know how reliable that is. Instead, focus on Wayback machine alternatives like Stillio.
Focus on building a Scalable startup
Investors are, if not the most, then surely one of the most important people in your inner circle. The goal behind every entrepreneur is to convince them to invest funds in your idea. But how do you do that? Give them what they are looking for, and they are surely looking for scalable startups. In the long run, they want returns for a long period of time, instead of some trending success. But remember, do not emphasize on premature scaling, or else you will also be in the outfall of failed startups like many others.
Map out a strong business plan
Apart from the fact that a strong business plan will help you to pitch with confidence in front of investors and attract potential investors. It also demonstrates the scalability of your idea. Wait, there’s more – a business plan that has been drafted with considerable research and immense effort helps you lay a strong solid foundation and build on it. But having said that, remember you are operating in a dynamic world. So always be prepared to make necessary changes to adapt to the outside world. Don’t be rigid at one thought, or else it can lead to the collapse of your brain-child.
Learn to Invest in people
‘The founder of the startup is practically the GOD of the company!’ – If you think that way, the day isn’t far when you will be left alone with literally no possibility of your dream turning into reality. Startups fail to scale and one of the major reasons why is that the ideas of the employees do not align with that of the founder of the startup. But as a leader, you need to learn how to invest in people. Prepare proper training programs, or schedule brainstorming sessions, employee appreciation programs – It would never go in vain. Remember, your people are your best investment and trust me, they will bring you the best returns.
Employ the best technology
Today’s era is all about technology. Technology has been upgrading and updating itself every now and then. it might seem to be ‘not-required’ investment in the beginning, but you have no clue how far it can place you from your competitors. That does not mean, you have to buy every new technology that has hit the market. In the initial days, start with what you need and then follow step by step. Invest wisely and segment your budget according to your niche, in both hardware and software.
Before I wrap up, here’s one final statement – hard work has magic, it can beat everything. So, don’t stop, no matter what – that’s the best you can do to ensure success for your startup!