In this new digital age, a multitude of students fresh out of college are planning to foray into entrepreneurship and the opportunities are umpteen. .A move that exudes daredevilry for sure, millennials are not shying away from their desire to be the CEO of their own lives. However, if you are among the ones to set out on the entrepreneurial sojourn sooner than later, always remember that well begun is half done. The below listed imperatives will enable you to harness the highs and sail through the lows of start-up life while maintaining a profit – yielding business.
Keep market intelligence handy
Research is important –both in the initial phase of a start-up and the sustenance phase. Be privy to the market, know your competitors’ next moves, map consumer behavior, identify gaps and action accordingly. From getting to know your target customers to identifying possible rivals, market research offers companies a strategic advantage enabling them to have a laser – sharp approach.
If you have a vision, a supporting mission, and the appropriate goals, you've already paved the way for the baby steps of your start-up
Build a great team
Any business, whether start-up or a well-established organization, always needs an efficient core team. The success of the business depends on the team because although you may be the show-runner, the team will help you realize your goals and ambitions. The team brings alive the founder’s vision and form the backbone of the organization. Their experience and efficiency is directly proportionate to the pace of the growth of the organization.
Be a problem solver and not a magnifier
Quite frequently, the first thing we do when distress appears is to concentrate on negatives and other concerns. Large businesses that are able to resolve immense setbacks and actually expand because of them are the ones that concentrate on solutions, not more problems. It is important to start thinking of ‘what next’ than ‘why me’? Be flexible to make alterations basis real time learnings. Focus on fixing the problem, make a manual and take note so that you are prepared to face similar instances in future. Precision only comes with practice and practice involves problem – facing and resolving. This kind of thought can be a complete game-changer for you and your company.
Self- Care is as important for the sake of your overall wellbeing
Anxiety, self-doubt and a sense of not doing enough are part and parcel of the process. It might seem unlikely and difficult, but try to arrange a moment to relax and vent your thoughts. In the long run, your start-up and your body will be thankful to you. So put your blinders on and keep trying, you're not the first or the last one to get through!
Find your mentor & advisors
Finally, build great mentors around you. These could either be your investors or advisors. Finding those who have experienced this before will help you towards your success journey. Additionally, network with other experts in your field, attend industry-specific conferences and seminars, and reach out to opinion leaders in your sector and hear about their strategy and methods. Alternatively, you may want to consider hiring a coach who can give you advice.
If you have a vision, a supporting mission, and the appropriate goals, you've already paved the way for the baby steps of your start-up. Launching a startup although not a piece of cake, can be quite rewarding in the long run. There are several ups and downs, but with proper analysis, thought-provoking and detailed preparation, you can lay the groundwork for making an empire out of your startup. So all the best and don’t forget that good followers but great leaders make more leaders!
