Being a part of a startup is always an exciting experience. Whether you have an idea or join a venture, it is something that is hard to describe to anyone that hasn’t experienced it for themselves. There is a fun energy, interesting challenges, and the exciting possibility of the whole project becoming huge.
However, there are some things that are good to understand before you start. This kind of business is known for its fast pace and adaptivity, but there are some lessons that are better learned the easy way. After all, many startups fail too. So, let’s take a look at how we can make a successful venture more of a possibility:
Set up a good team
There is an urgency about startups and you certainly can’t take forever creating the team. However, it is important to consider the team member as part of a unit. You are not only looking for someone that is the best in their field. Instead, it is better to look for people whose personalities will gell, who can work together, and who will be flexible. Having the best programmer sounds good, but if they can’t accept new ideas or criticism and don’t listen to input from others, then they could cause the project to fail.
It is also important to make job roles clear and to assign the related tasks at an early stage. Often assuming that someone knows their job should include a task, will lead to that task not being completed. By defining these things early, friction can be avoided and work completed more efficiently.
If you don’t ask, you won’t get
Although it’s an old saying, it still rings true in the modern world of startups. To be successful, startups need to aim high. Probably higher than the founder thought possible. By asking for more, approaching bigger companies, and setting up bigger deals, the startup itself has far more potential for success.
Find the right finance fast
The idea may be one that could revolutionize an industry, but the startup won’t get far without funding. That said, it also needs to be the right kind of funding. It may be that finance can be found within the company, applying for an auto title loan to obtain fast cash, via capital investment and/or free labor. This can work if the team is careful with money (finding ways to reduce costs, such as by sharing expenses with similar companies and using cost-effective marketing, etc.) and also works hard towards launching as soon as feasible to bring in a fast ROI. Alternatively, a venture capitalist may be needed to inject the kind of cash required to get things to the next level. Wherever the money comes from, it is important that the terms of the investments and the people investments are going to be good for the startup and its founding team.
Delegate; don’t try to do it all
Startups can be overpowering. There is so much to get done, and almost no time to do it. Many people involved in a startup will at some point feel overwhelmed. This is the time delegation is needed, otherwise, they will likely burn out. It is far better to share the burden as a team than to try and keep everything to yourself. This also works well to increase teamwork, demonstrate trust, and build loyalties. Those members that help one person, will also then feel more comfortable to ask for help when needed.
Don’t be scared to change the plan!
Be prepared to learn and grow as a team. Startups evolve like living creatures and sometimes surprises occur. What started as a small aspect of the business, may become the key to its survival. Equally, what was the entire purpose originally, could cause its demise. Startups need to be flexible and sometimes what was planned isn’t going to be what grows into a successful company. In this sense, it is important to adjust, to sometimes hack together a workable product that will lead to the next level of success. Don’t be afraid to change the plan, keep looking at what develops, as sometimes the smaller ‘side products’ of the original idea are what can actually lead to a dream startup success.
These tips should help in avoiding some major issues. Startups are exciting because they are new and fast. However, sometimes the key to success is the building of a strong and flexible foundation.