Ambitious entrepreneurs are often told that the key to success is innovative ideas. Find a hole in the market, any need that is not being met, and use technology to meet that need. Follow this formula, work hard, and you will be the successful founder of the new “unicorn”. Sounds very simple.
But getting involved in an industry is war, and always will be. Modern entrepreneurs have limited resources, many competitors, and two choices: Continuous growth or failure. If you are an early startup leader, consider these four strategies:
“Ignore” kindly customers
Most people know what the Pareto Principle is. Startup founders should apply this principle whenever possible in order to maximize their most valuable resources: time. Basically, the principle says that 80% of the results come from only 20% of the work we do.
Most entrepreneurs are very happy when they get their first customer, and in the early stages, it is tempting to do everything to keep that customer 100% happy, 100% of the time. This is not a good thing.
Therefore you need to focus on making sure that the bulk of the 20% of your customers who have the biggest impact on your business feel very important. They will often reward you with even greater loyalty and more opportunities, so you will need to have the resources to make them happy.
Create a good team, not family
Families are built on strong emotional bonds; teams are built from a shared vision. In successful teams, players often come from totally different backgrounds or have different perspectives. However, what they have in common is a single goal, and each plays an important role in pursuing that goal.
Do not focus too much on your product
Most startup founders are obsessed with product development, and often do so because they are experts here. But a well-developed product will not make you successful if people do not understand how to take advantage of it – and therefore most tech companies that have the potential do not succeed.
Assign employees to present your brand history, and see if it is in sync with everything else on the board. Use this to strengthen internal communication.
Know the competitors
No matter what company you are in, you will always have competitors. The best thing you can do is study it and why not, create collaborations with them.
There can be many losers in the startup world. Thankfully, that doesn’t mean it has to be just a winner. By using these strategies to grow a company, you too can be one of them.