Many people with good business ideas fail to put them into action because of fear. After all, getting a startup on its feet can be hazardous. If your idea is not watertight, you could end up making losses and wasting your time. And you also have to worry about gathering capital from investors or a partner.
However, while of these fears may be valid, they should never keep you from your dream of becoming an entrepreneur. By following a simple set of rules, you can significantly reduce the chances of your startup failing. In this article, we’re going to give you 7 simple tips startup owners should follow if they want their startup to start on the right foot.
1) Just Start
This may sound obvious, but a startup remains just another good idea in your head until you actually start it. Craig Lockwood, the founder of Besquare, which lets you watch conferences at a distance, agrees. He suggests getting to work on an idea immediately if you fully believe in it. In his case, he writes down the first lines of code on a text editor.
To Craig, jumping straight into an idea is a sign of passion. In contrast, procrastination means you do not have enough faith in your idea. He further adds that making money should not be your primary goal. Instead, focus on making a good product or service. The money will then follow.
2) Work on Something You Are Passionate About
A successful startup revolves around something you believe in and are passionate about. According to Lockwood, it should also be something that does not yet exist, but that would make a difference in your life and that of others.
For instance, imagine you love motorcycles. But every time you want to sell one, you first have to take it to a dealership so that they can sell it on your behalf. In addition, once you get it there, you must also haggle with salespersons on a price. This is anything but a painless process.
What if someone could pick your motorcycle, give you an instance haggle free cash offer, and let you sit back while they do all the legwork for you? This was the idea behind the startup RumbleON. It combines something the founders are passionate about – motorcycles – and allows owners to sell their vehicle seamlessly and in a fast process. The founders were able to identify a need in a market they were passionate about and provided a simple solution for it.
3) Create Momentum
Coming up with an idea and getting started is the easy part. The tough part is to get it going. Paul McKeever, co-founder of Typecast, likens this phase to pushing a boulder up a hill without any success only to do it all over again the next day. He says that developing a new product or service takes determination. But over time, you build momentum, and things get much easier. He adds that the thought that you are making a difference in the world is what keeps you moving, not money or fame.
4) Learn From the Competition
A good idea, passion, and momentum will not shield you from competitors. No business can avoid them. But instead of viewing them in a negative light, you should embrace them and learn from them. This is according to Jared Erondu, the co-founder of Evomail and creative director at Teespring. He adds that having many competitors means you are doing the right thing, and are in the right place.
5) Work With the Right People
Christian Reber co-founded Wunderlist, a task manager that had amassed over a million users 7 months after its launch. He attributes this success to having the right team, listening to valuable criticism, and ignoring naysayers.
6) Capital and Partners are Not Necessary
John Roa of AKTA, a world renowned design agency, claims that you do not necessarily need partners, business plans, or capital to run a successful startup. He adds that over-reliance on these factors prevents many would-be entrepreneurs from actually starting a business. To John, all you need to do is start with what you have and then keep moving. If you fail, learn from your mistakes and start again.
7) Do Not Over-Plan
Putting your business idea into action is a leap of faith. For this reason, you might be tempted to spend too much time planning before getting your startup up and going. To Clare Sutcliffe, CEO of Code Club, this can be a major mistake. To her, you should do your research then make a plan and get on with it. While your decisions should always be informed, you should always make them quickly, so you don’t stall your startup’s progress.
Do not dwell on the difficulties you will face when starting a business. Just start and keep moving if your startup involves something you love. This will allow you to maintain momentum. Also, learn from the competition and surround yourself with the right people.
Also, do not fall into the trap of planning too much. After doing your research, stop thinking and simply put your idea into action. Finally, remember that capital, business plans, and partners are not necessarily essential for you to be successful.
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