7 tips for startups that want to grow faster
Posted: Mon Dec 23, 2024 4:58 am
So you have a great idea that you think could make you a lot of money.
If you want to go into business, this might be a good first step. But there are a lot of things to consider before you jump into the world of entrepreneurship. Maybe you like your idea, but is it your passion? Do you know how likely people are to actually buy or engage with your product? What do the hard numbers say about your idea?
Obviously, there are a lot of important things to consider when you’re going into business. But some are more crucial than others. I’ve outlined the seven most important ones for you here.
1. Play to win – and never stop improving.
New England Patriots coach Bill Belichick has a way of motivating his players, of raising their expectations and believing that they will succeed. It’s the same in business as it is on the football field. You have to expect great things for yourself. You have to expect that you will succeed.
Don’t go into any venture believing that architects mailing list you will fail, because then you will. Expect the best for yourself and your business. Wear the jersey. Say what you want, what you hope will happen, and then take action and follow through.
The life of an entrepreneur isn’t for everyone, but if you’re passionate, committed, and willing to risk a lot to succeed, you can do it.
2. Make sure the market makes sense.
Once you get to what you’re passionate about, you need to take a step back and assess the size of the market. What’s the potential? Let’s say you turn this business idea into something better. What’s the ceiling? And more importantly, is that ceiling high enough for you? Too many ideas are launched without a clear understanding of the true scope of opportunity – and those are the ideas that fail.
I don’t want to dampen your spirits, but you need to think long and hard about any idea you have before you risk your livelihood on it. Building a business isn’t like finding a job. In fact, it should never “feel like work.” It should be something you’re willing to work tirelessly to build—for yourself and those around you.
3. Question your commitment from the beginning.
I often hear startup entrepreneurs talk about how hard they work and how they’re “always on the ball,” when in all honesty, they don’t spend enough time being an employee—let alone a founder or CEO.
If you want to find a surefire way to annoy and discourage all of your teammates and employees, be the kind of founder who’s never around. A discouraged and disengaged team is the first sign that a company is doomed to failure.
If you’re not willing to put in the time and obsess over your business in the early years, you’re not cut out for that kind of life. And that’s okay—it’s not for everyone.
4. Prioritize construction processes over everything else.
In the early stages of your business, creating written processes for how you do things—from recruiting, to basic tasks, etc.—will be what defines your long-term success. Document everything.
Not only will it help you delegate the day-to-day tasks you do as a founder, but it will make training, retraining, and process improvement much more streamlined. It’s okay for processes to change as you grow, but having well-defined manuals from the start will pay huge dividends and give you something concrete to look back on as proof of your company’s growth and improvement.
5. Don't be married to all your ideas. Be ready to pivot.
Because your business will change rapidly during the startup phase, you need to be able to adapt to these new developments. Just because it starts out as one thing doesn’t mean that that one thing is the only purpose your business will ever serve.
Look at Amazon. It started as an online bookseller and has since expanded to be the largest full-line retailer in the world. Much of its success is due to its ability to adapt when new cash flow streams are introduced.
Find ways to diversify your business assets, and then be prepared to make changes as those streams evolve.
6. Customer service is king.
How you treat your customers is vital to your future success. You need to truly listen to your customers’ needs, rather than assuming you already know what they want.
To be a successful entrepreneur, you need to have a connection with your customers. You can’t build trust with cold, impersonal transactions.
So get out of your office, hit the streets, and talk to your customers face to face. No matter how big you are, be humble and real with your customers so you can gather raw, actionable insights on how to make their experience even better.
7. Follow your passion – not what you think will be easy to make profitable.
Think about a great business idea you have. Are you passionate about it? Is it something you’d be excited to eat, sleep, and breathe every day for a few years? If it makes you think about doing it for a living, that’s a good sign. If not, scrap the idea and find something else.
But that doesn’t mean you have to turn all your hobbies into your career. You can love your job, too.
If you want to go into business, this might be a good first step. But there are a lot of things to consider before you jump into the world of entrepreneurship. Maybe you like your idea, but is it your passion? Do you know how likely people are to actually buy or engage with your product? What do the hard numbers say about your idea?
Obviously, there are a lot of important things to consider when you’re going into business. But some are more crucial than others. I’ve outlined the seven most important ones for you here.
1. Play to win – and never stop improving.
New England Patriots coach Bill Belichick has a way of motivating his players, of raising their expectations and believing that they will succeed. It’s the same in business as it is on the football field. You have to expect great things for yourself. You have to expect that you will succeed.
Don’t go into any venture believing that architects mailing list you will fail, because then you will. Expect the best for yourself and your business. Wear the jersey. Say what you want, what you hope will happen, and then take action and follow through.
The life of an entrepreneur isn’t for everyone, but if you’re passionate, committed, and willing to risk a lot to succeed, you can do it.
2. Make sure the market makes sense.
Once you get to what you’re passionate about, you need to take a step back and assess the size of the market. What’s the potential? Let’s say you turn this business idea into something better. What’s the ceiling? And more importantly, is that ceiling high enough for you? Too many ideas are launched without a clear understanding of the true scope of opportunity – and those are the ideas that fail.
I don’t want to dampen your spirits, but you need to think long and hard about any idea you have before you risk your livelihood on it. Building a business isn’t like finding a job. In fact, it should never “feel like work.” It should be something you’re willing to work tirelessly to build—for yourself and those around you.
3. Question your commitment from the beginning.
I often hear startup entrepreneurs talk about how hard they work and how they’re “always on the ball,” when in all honesty, they don’t spend enough time being an employee—let alone a founder or CEO.
If you want to find a surefire way to annoy and discourage all of your teammates and employees, be the kind of founder who’s never around. A discouraged and disengaged team is the first sign that a company is doomed to failure.
If you’re not willing to put in the time and obsess over your business in the early years, you’re not cut out for that kind of life. And that’s okay—it’s not for everyone.
4. Prioritize construction processes over everything else.
In the early stages of your business, creating written processes for how you do things—from recruiting, to basic tasks, etc.—will be what defines your long-term success. Document everything.
Not only will it help you delegate the day-to-day tasks you do as a founder, but it will make training, retraining, and process improvement much more streamlined. It’s okay for processes to change as you grow, but having well-defined manuals from the start will pay huge dividends and give you something concrete to look back on as proof of your company’s growth and improvement.
5. Don't be married to all your ideas. Be ready to pivot.
Because your business will change rapidly during the startup phase, you need to be able to adapt to these new developments. Just because it starts out as one thing doesn’t mean that that one thing is the only purpose your business will ever serve.
Look at Amazon. It started as an online bookseller and has since expanded to be the largest full-line retailer in the world. Much of its success is due to its ability to adapt when new cash flow streams are introduced.
Find ways to diversify your business assets, and then be prepared to make changes as those streams evolve.
6. Customer service is king.
How you treat your customers is vital to your future success. You need to truly listen to your customers’ needs, rather than assuming you already know what they want.
To be a successful entrepreneur, you need to have a connection with your customers. You can’t build trust with cold, impersonal transactions.
So get out of your office, hit the streets, and talk to your customers face to face. No matter how big you are, be humble and real with your customers so you can gather raw, actionable insights on how to make their experience even better.
7. Follow your passion – not what you think will be easy to make profitable.
Think about a great business idea you have. Are you passionate about it? Is it something you’d be excited to eat, sleep, and breathe every day for a few years? If it makes you think about doing it for a living, that’s a good sign. If not, scrap the idea and find something else.
But that doesn’t mean you have to turn all your hobbies into your career. You can love your job, too.