That first step towards entrepreneurship is filled with risks, uncertainties and obvious mistakes. However, if you have the ability to learn from others, you may not be making as many mistakes as you would otherwise.
I was already an entrepreneur before this venture, which means, I had already made my share of first-time entrepreneur mistakes, as part of my first venture. That’s why I knew what I wanted with GED and how I need to accomplish the same. However, that is not always the case.
When I entered entrepreneurship the first time, I did not know whether I was sailing or sinking. For one, I knew nothing about business, and secondly, I jumped headfirst. So, I tried everything and wanted to manage every aspect. Sooner or later, it failed, and I had to restart the whole planning. Here I am going to share with you, lessons from that failed start, which I later turned into a success and how.
Top Ten Must read lessons a startup growth hacks for every startup entrepreneurs
Some of these lessons here will be vouched by the other entrepreneurs.
» Practice Record Keeping from Day One
What do I mean by this? Let’s say you are a bootstrapped company, which means your accounting practices are restricted to getting the taxes filed by the end of the year. You don’t have resources from outside to show, and you simply pay the salaries from your earning.
However, remember you are not going to be a bootstrapped company for long. With time, you will move onto getting an investor on-board or, being acquired by someone else. Record-keeping becomes crucial at this stage. Even to get the investor on-board, you need to ensure you have the right record-keeping practices, and all your records are maintained. If only you had maintained the records from day one, you would not have had trouble moving from one practice to another. That’s why it is said that as soon as you open the company, start maintaining the records. You ought to keep an actual record of all the earning and sales. You can use one of the accounting management software solutions, which will make your life easy.
» Identify & Maintain the Soul
When you are a startup, you fail to imagine the soul of your startup, which obviously gets ignored when you start growing. What is the soul of the company? The foundation or the premise on which you had established the company is also known as the soul. For instance, innovation could be the soul for some while, it is all about advancements and technology-oriented scaling for the others.
The soul is a positive energy that cannot be ignored and will be a part of your startup even when you are scaling it. Don’t just start a company; create one with the soul.
» Avoid Micromanagement of Tasks
We think we know the best, which is why we tend to micromanage the different parts of the startup. It is always possible that you want to have a say in everything, from the graphic design to the content to the marketing and sales. However, when you begin managing the tasks in such a way, you will be left with no time to manage the core of your business. you will also not create a workable environment for the people.
Instead of being a part of every task, allow people to take ownership and accountability, which will give you a team that will create and contribute towards growing your startup.
» You Have to Say No
Committing to every task and every project can take a lot of your time, and even energy. You might find yourself with less time on hand to dedicate time on growing your startup. That can be a huge mistake, as your projects may die out soon, but your startup needs to take off and have a value in the market. That’s why you should not commit to all tasks available. Start saying no to at least some of them, so that you can make time for the core business.
» Don’t Take Things Personally
It is very easy to be involved in your startup since day on. However, it is important that you don’t make it personal. Don’t take the losses to the heart else you will fail. It is important that you take everything professionally, learn from the mistakes and keep moving ahead.
» Don’t Try Being a Perfectionist
We all make this mistake of being a perfectionist with our work, right from day one. You want to make sure everything is good about the company, which is why you delayed the start of the company or, did not take the important decisions that you needed to.
However, this would stall the growth of the company and would hinder with your progress. Eventually, you are losing out on a lot of opportunities.
You should ideally try not to be a perfectionist. You should, instead, try and take decisions that you believe in, and perfection will follow. It is important to take decisions, and not be stagnant if you want to progress and see growth for your company.
» Adaptability is a Must
For every entrepreneur, you should ideally adapt to the changing scenario. Your business plan should be flexible, and should quickly help you adapt to the changing marketplace. You should not miss out on any opportunity that you believe can help your business further in the market.
You can incorporate agile process and agility in your business methods to make sure you adapt to every possibility.
» Always Have a Backup Plan
When you launch a startup, have a backup plan not just for the business, but also for the funds to move your business ahead. You will always have a budget plan before getting into the groove, right? However, not every time will the budget that you have fixed be realistic. At times, you may go overboard with the budget, which is why you need to have a backup plan. Arranging funds might take some time; contingency funds may help you at this time.
After helping different startups, and having been an investor as well as a founder for some, I have devised fail-safe strategies, which can help businesses grow and flourish in a manageable way.
At GED we provide an startup growth ready program to get a finance or strategy related backup plan for your startup growth.
» Focus on the First Year
It is important that you focus on the goals for the first year, as well as the tasks that you have designated for the year. You will need to perform all the tasks continuously, and ensure that you don’t judge your achievements during this one year. The first year is just to establish yourself in the world of business, and not to attain success or generate business. Once you have established, you will be able to gear yourself towards success, with time.
» Create a Winning Team
Apart from growing your own startup, it is important that you help the employees grow too. You should ideally create opportunities for their growth so that they feel like they are also gaining something from your organization. They should be shown how important they are for the company. If they understand their worth, you will be able to grow better and bigger. It is always important to grow with the employees.
As a first time entrepreneur, all these things may help you win in your situation. If you know this, you are less likely to make mistakes, and with slow growth and better focus, you can create opportunities for your business, and grow better.
After working in different startups, and having been an investor as well as a founder for some, I have devised fail-safe strategies, which will help businesses grow and flourish in a manageable way.
Book an hour long startup ready program to gain access to the best solution for your startup scalability. Schedule your appointment and we can surely discuss possibilities and ways to boost your profits.