“The road to success and the road to failure are almost exactly the same.” – Colin R. Davis
Some people start their own business to fulfill a dream or to realize their vision for success. While startups or new businesses may have quite a lot of room for improvement, it also nestles within it more opportunities to encounter different perspectives and innovative ideas.
Startups also provide a thrill and a challenge, something that may not be as enticing for people who are used to the more automated and highly demanding atmosphere of the corporate world.
It is not a secret that running a startup also entails different strategies and tons of risks. At times, new businesses encounter hurdles that are simply too much to handle with limited resources, preparation and background on how to navigate through large-scale challenges.
On the brighter side, there are certain qualities that new entrepreneurs can develop in order to gear themselves better for their goal.
These are action-oriented qualities that, regardless of startup owners’ experience, can aid them in boosting their business and be closer to success.
1. Be realistic
Everyone who starts a business has probably fantasized about making it big, achieving high amount of sales for their products and gaining an equally ROI.
It is to be expected that startup owners aim highly for their company. But, too much optimism can sometimes be unpleasant and even crippling for a startup.
Business owners may have foreseen their enterprises reaching the top of its sales, however, that is not always the case. Unfortunately, most startups do not actually reach the level of success that was originally expected or aimed for.
In other cases, success was a long, winding journey full of ups and downs. Some also just end up as another typical mid-level company.
In fact, there are only a small number of startups that actually undergoes full development and blossoms into a successful company that can join the ranks of today’s biggest brands.
To avoid this circumstance, owners and startup workers must be able recognize fantasy from reality. Focusing on more achievable ideas is a healthier habit. Setting realistic goals should not be mistaken for possessing a negative outlook.
Rather, it is about ensuring that goals can be broken down into practical steps and a clear game plan.
2. Work extra harder
Multitasking is a common sight among startups. People in startups are required to do extra work to achieve sustenance and growth for the company.
One of the realistic yet unsavory truths about startups is that an employee can take on more than 2 or 3 roles all at the same time. Compared to a corporate work setup, employees usually have their job descriptions and roles clearly defined.
Employees are also made to concentrate on the role or job assigned to them. They have a superior that shows them the ropes and most importantly, the boundaries of each employee’s duties are usually defined in a clear and concise manner.
In startups, the job description is often blurry and indistinct because members are the first persons to handle the job in that particular company. They are yet to define and set boundaries depending on their capabilities and preferences.
Also, given that manpower is often limited, some employees are asked to go beyond their respective roles and take on tasks that exceed the position that they originally applied for.
This aspect is sometimes branded as the “Roll-up-your-sleeves mentality” because of the extra effort it requires.
As a member of a small team, employees must also be passionate about the product of the company. Everyone’s contribution is crucial for the company’s success. Since there is only a number of workers, one weak member may lead to the fall of the business.
“That’s not my job mentality” should never be present inside new and small enterprises. Everyone starting from the owners down to their employees need to exert extra effort in fulfilling their job.
Others may see this as a sign of disorganization or lack of proper authority and direction. However, this also shows how teamwork can help achieve big milestones.
In other words, the success of the startup depends heavily on the cooperation and flexibility of the owner and their respective staff.
3. Be consistent
Maintaining a healthy work-life balance is very hard and sometimes unattainable especially for startup owners. Startups have little resources to hire additional workers, which implies that current workers will be working beyond their supposed job.
Luckily, there are cheaper yet efficient alternatives available that help startups double their workforce without having to spend much.
Remote hiring, or more commonly known as hiring virtual assistants leverages the scarcity of resources and manpower in startups. Virtual assistant services are all over the internet nowadays, and there are also those that offer their services at a lower price range.
4. Take risks
There is a big risk of failure for startups; therefore, owners and workers must be ready to face terrible circumstances. Not to be pessimistic, but the unpredictability of market trends and customer demands can put the stability of startups and its workforce at risk.
Without proper strategizing and careful decision making, every step done in a business may result in more failures than success. Taking risks still remains to be essential despite the bigger consequences that it poses for new businesses.
Staying within one’s comfort zone will leave startups more vulnerable to external pressures from the industry and from customers.
By challenging the hurdles that are often avoided by most startups, business owners are also able to learn more about the market and equip their business for long-term survival.
5. Anticipate ups and downs
Startups are often chaotic in nature. There will always be changes in the company’s structure and branding, products, benefits and even in the employees’ salary rates.
It all depends on the firm’s present condition. If resources and funds run dry, members need to accept setbacks along with the possibility of being cut off until such time that the company finally recovers.
Extra privileges, such as free snacks, insurance and employee benefits may not also be given or shouldered consistently in a startup setting. Job descriptions may also change often depending on the needs of the company.
Since small and new businesses are just starting, stability is not yet established and thus solid countermeasures must be prepared in case of possible threats and risks to the startup’s longevity.
6. Realizing one’s calling and vocation
For some businessmen, all of the trials, challenges and ups and downs are worth it because they are passionate about what they do. It is important and crucial for a business venturer to believe in their craft to keep them going.
When a person decides to open a business, it is a pivotal move to concentrate on a venture or industry that they really want and care about.
Without passion and genuine interest in the products and services that a business owner sells, it is impossible to immerse and commit oneself fully to the development of the startup.
It is also vital for employees to care for the company, its products and the roles that they hold in order to help bring the business closer to success.
Building a startup does not really require a person to be well-experienced in business. In fact, even young and aspiring entrepreneurs can start their own company.
As long as they are willing to go the extra mile for their chosen venture, have set clear objectives for their business and are well-prepped with the must-have attitude and marketing strategies, then they’re all set.
Money may take the bulk of what makes a startup successful, but attitude will take a startup to new heights. By exuding the right perspective and attitude, those who are currently running their own small business, along with those who are still planning to do so can create a foolproof roadmap towards success.