An emerging business is often associated to raising a kid. Initially, the kid needs your paramount attention to raise her, raise her and coddle her. Your influence will help shape what she will become.
At every step of progress, the relationship you share with her changes, your job changes and her needs change too. Every organization faces a lot of challenges as they go from a startup to a fully fledged company. As I speak about my own experience of mothering a start-up, here are my key learnings:
This is a common mistake committed by most of the startups. Nothing happens overnight. Hence, one of most important things to take care of would be overestimating your initial success. So, while you start a business, keep in mind to set realistic targets. Research, read and talk to those with experience in the industry and then calculate your success at different levels.
Getting financial support is a major matter of worry to small businesses and startups. Convincing investors and banks for endowment backing is a tough task to help you start a business. Handled with intelligence, long- term planning and determination, this challenge can be trounced. One suggestion is to have a balance of products in your company - some that sink in money and others that start giving you returns from day one. Of course this might not always be applicable for every line of business.
Problem strikes in when you try to be all things to all people. With experience you can wear different hats at different times. But when you start a business, you have to learn to delegate. So take up the key tasks in your stride and focus on those. Rest of the tasks, DELEGATE. Set up a process to ensure the success of delegated tasks.
Ardor and Purpose
If you don't enjoy the work you are doing, you will find it hard to get up off the ground the first time you get down in the doldrums. And every entrepreneur crashes down at one point or the other. More the zeal and intent you have for your love (startup), the more motivated and energized you will be to sort it out. Passion is must to grow a business.
Loving your product
Everyone loves their own baby and there is no reason why you shouldn't. But it is important to understand the relevance of the product in the market before you start pouring money into it.
As you gear up to run your own startup, here is a book that gives some valuable strategies for managing your time and stress as the founder of a business. It compiles 33 interviews with successful entrepreneurs about starting and growing a startup or business. I found it useful. You too will! http://dealfuel.com/seller/ebook-found-business-book/
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