Startups are a hit. There are currently 28.8 million startups in the United States this year according to the U.S. Small Business Administration. At the homefront, the Manila startup industry has emerged at the top five of the Global Startup Ecosystem Report 2019 with more than 500 businesses in activity and more are expected to flourish in the coming years. However, working for a startup company is not all rainbows and butterflies. Startup is a self-explanatory word, which means it is just beginning and is on a test run. People often assume that startups are well-established companies already, but in reality, they are not.
If you’re planning to venture into startups and want to succeed, it’s equally important to break down some of the worst startup tips you shouldn’t follow.
Create goals along the way
Most startups are rooted on good ideas and profitable goals that’s why it’s important that you come up with a stable marketing and financial plan rather than make up goals along the way.
Establishing clear-cut goals and a sound business model will help you determine how much you are willing to stake for your company for the long-term.
Find lots of people to work for you
Hiring the right people for your startup is a skill that’s developed. Some startups hire a lot of professionals in their fold because they think it would help them earn bigger profits but that notion rarely plays out smoothly. Most successful startups develop an eye for talents who can be efficient as well as effective; so hire those that are more quality-oriented than those who merely look good on paper.
Follow the hype
In the age of social media, following the hype may lead to futile results for startups. Simply relying on what most people are talking about is not enough to get your business up from the ground. Seek facts and numbers so you can gauge your business plans and review current trends in a way that you can make feasible decisions and help your target market regarding their most pressing concerns.
It’s okay to be a control freak
A lot of bosses, supervisors, and managers want to be in control of everything but micromanaging can sometimes lead to higher attrition rates. Refrain from trying to oversee how everything flows and trust in your staff’s capabilities. At least give your employees some space to deliver the best they can. That’s why you hired them for anyway.
Do only what you love to do and don’t do it for money
Doing what you love is not as easy as people make it out to be. If you love what you are doing, the more pressure you may feel in delivering results. Avoid limiting yourself and try to branch out on broader aspects of the business. Do things out of your comfort zone if it means more profit for you.
Work to the bone
Rest is a must and you can’t work long hours and expect brilliant results every time. While some people are good at pulling off all-nighters, there is a difference in being productive and grinding yourself to the point of exhaustion. Balance your time for work and R & R. There’s plenty of chance to work on a flourishing business that will last on for years.
Base your business decisions on how you feel
This myth in the realm of startups just won’t do you any good. Merely basing your decisions on gut feel is as close to being superstitious regarding the most important matters. While there’s nothing wrong in consulting your emotions on important matters, the truth is that companies succeed on sound decision-making that’s based on facts and critical analysis.
Be a fierce competitor
This may be one of the best bits of advice for startup founders as they launch their businesses but being fair and a healthy competitor also has their own benefits. Set your perspective in a way that you can learn from others and share good insights without giving away your trade secrets.
Pretend you’re a winner
Don’t pretend, be one. Your investors and target market can detect pretentiousness smoke on a burning building and it won’t sit well with either. You have to stop making false affirmations and claims when venturing into startups because when you fake something and are found out, it will only mean that either you’re not really reliable or your product is flawed.
Trust what’s traditional
Don’t be afraid to innovate because this is what most consumers and investors are really looking for in a product or service. Challenge yourself to break the norm and offer solutions in a different perspective. You get to create novelty and recall by introducing new things for your customers.
Try to think outside of the box and get out of your comfort zone from time to time so you can end up creating something that has never been done before.
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