How to Build a Successful Startup
Starting a business is no easy task. It takes a lot of commitment in terms of time, energy and even cash. It’s easy to slack off once you get going too, so here are some tips to help keep you productive and in the right frame of mind.
1. Keep Like-Minded People Around You
One of the most important things is to have other people around you are headed in a similar direction. This way you can bounce off each other, and even learn from each other! Having a mentor is the ideal situation, somebody who has already achieved what you are attempting. Failing that, surround yourself with other students.
The boost to motivation alone is huge when your social circle consists of budding entrepreneurs, all pushing each other, but imagine how much bigger it is when you carry that over to work too. Working in an environment with like-minded people, even if they’re strangers, can also help keep you motivated and productive. Plus this might be a good networking opportunity. Take a look at some coworking spaces Bangalore, or other cities, have available if you’re interested.
2. Limit Your Expenses
Staying mean and lean is golden advice. Lean applies to your business and your personal life, because you are obviously funding your own start up. The less expenses your business has, the more resources are available for growth. Why upgrade to an office and pay rent if your garage is doing a good enough job?
The money could instead be used for inventory and growth, bringing more income by holding off the move until it’s truly necessary. All kinds of giant global companies have started in garages!
3. Invest in Yourself & Your Business
When staying lean, a mistake many people make is failing to invest in themselves or their business. If you want success, you have to be hungry for it. Sometimes it’s worth paying to learn a skill, or get a qualification, because it will boost your ability to earn. Other times you need to invest in marketing to make a business successful.
You can’t be afraid to put cash in to the business. Remember to keep personal expenses lean and you’ll be able to do this more easily.
4. Be Aggressive
Alongside having funds to invest, staying lean means you can be more aggressive with your growth. You can push for extra inventory or marketing, or maybe even new products and into new areas.
Growth is important in keeping your business successful. If you aren’t growing, what stops somebody from copying your idea and making one tiny tweak to get ahead? Or from simply out-pacing you if you don’t grow fast enough and leverage your success? Even the giants sometimes lose their edge and suffer for it.
5. Maintain Balance & Consistency
Consistency is the key to success. It takes many small steps forwards, and avoiding steps backwards, to reach the top. This is tough to do if you’re always at 100%, because by definition you will burn out. Instead the way to be successful in business is to maintain a good, steady work-rate.
Keeping a balance between work and personal life, being sure to have some rest and relaxation time (and even a little fun!) are terribly overlooked. A happy and well rested person is much more creative and productive than a tired, bored and frustrated one. It isn’t all about how much time you spend working, it’s about the quality of work you do and what you accomplish with your time.