Recent studies have concluded that nine out of 10 startups are doomed to fail. While these statistics may discourage aspiring entrepreneurs it should be taken as a precaution to work smarter and build a business that provides an outstanding product/service, has a structured business model and that can adapt with time and across cultures as your startup grows. Focus on the companies that have made successful startups and find out what they have been using to drive their success. Here are a few ways to help make sure your startup is steered towards success.
Create a product that is perfect for your market
You can have the best product or service imaginable, but if the market around you has no use for it they will not buy it. Do your research and build your company around what you know your target demographics will need, want and especially, buy. Make sure to create a product that can be expanded to new markets and adapt over time.
Starting a business should, at the very least, be enjoyable. Find an aspect of your company that you think could be more effective and try a creative solution. Instead of using the same tactics that have produced mediocre results in the past bring in a team of your employees to brainstorm new ways to tackle this obstacle. While some solutions may come quickly others will present a challenge. Encourage your team to get creative and find a creative solution that could be applied.
Some startups only focus on creating their product or service and marketing it to bring in a profit while ignoring many other aspects of the company. Without structure employees cannot effectively communicate across different channels. As a leader you should be able to create order out of the chaos and open clear lines of communication. By creating more structure you are setting a framework in which the company can move forward and make improvements. The structure is the baseline for your company and without it there would be more chaos.
Make yourself available
Being a leader means you have to be able to communicate with your team. Your team is the core of your company and will notice any aspects that need improving in areas that you may have overlooked. Keep an open door policy or set up weekly meetings to show your employees that you care about them and the direction of the company.
There is always room for improvement
No person is perfect and neither is any company. Get employee and consumer feedback on a continual basis to assess your strengths and weaknesses as a leader and as a company. A stagnant company cannot adapt over time or to new markets. Challenge yourself and your employees to seek new strategies or methods or to pitch a new product/service. Find a way to motivate others that will produce the best results even if it means having to change a few things.
Do not compartmentalize
Companies are divided into departments for a reason, but many departments overlap. Keep lines of communication open and encourage teamwork. This builds a stronger sense of community and fosters creativity. Believing that one department can do it all without the help of another is setting your business up for failure.