Startups might be designed to rise fast, but it’s a common misconception that this is intended to be followed by a quick failure. A quick boom is in the very essence of any startup, but in order to turn a profit, every business endeavor needs to remain afloat in the vast sea of other businesses. A tendency towards stability is an integral part of every startup out there.
The underlying idea
Yes, making a leap of faith in the business world is an unavoidable and essential part of any business-to-be, but it is far from enough. As a matter of fact, starting a business purely for the sake of doing business is almost always the wrong way to go. The keyword here is “legacy” – having a dream of leaving something awesome behind. With this mindset and some careful planning, your chances are at their maximum setting. Naturally, reinventing the wheel is getting harder with each passing day – so many have tried to do the same thing and have failed miserably. The key, therefore, might not be in trying to change the way the world works; when you think about it, those companies that have actually turned the world around and set new standards have started as garage projects that wanted to do something cool (take Apple for example). Google, on the other hand, is at the very top of the modern business food chain, yet it didn’t come up with something new and revolutionary. The guys at Google simply tried to make the most approachable search engine out there, for the sake of users. Their competition, such as Yahoo, has long since been left behind to eat Google’s dust.
Naturally, your workforce is the very backbone of your business; the better your crew is at whatever they do, the more your startup will flourish. In order to bring the most awesome team of professionals into your employee pool, you need to start thinking out of the box. Focus on using big data – a revolutionary way of harvesting valuable info about your employees-to-be. CVs and cover letters are slowly turning into a thing of the past. Hire people who are passionate, hungry for success and able to wear multiple hats that don’t necessarily fit them – this is the essence of a lean startup.
Finances and equipment
You’re going to have to come to terms with the fact that money will be an everyday issue for your startup at least until the startup period is over. You’re either going to have to take out a loan or come up with a perfect pitch for your future investors. In fact, you’re going to have to break your neck trying to find fitting investors in the first place. This starts with forming perfect business and financial plans.
Equipment is irreplaceable. Sure, a coffee machine and a dishwasher might be cool additions to your office, but without proper desktop PC units and other necessary hardware, such as security equipment, there’s just too much at stake. For instance, programs such as Genetec Omnicast from JD Security will provide your company with an ability to deploy the perfect surveillance system, to match your exact needs.
You need to know what you’re trying to pitch before jumping into the world of business with both feet. In order to be able to keep your “eyes on the prize”, you need to know what the actual prize is. Come up with the idea before trying to pitch to investors, trust us.
Startups are a brand-new way to meet the modern business world head-on, rather than small business efforts that are destined to fail. Find your market and stick your idea to it. Hire an awesome team, tackle the financing aspect(s) with a cool head, outfit the offices with everything that’s necessary and be sure to know what you want to pitch to the world before taking the leap of faith.