How to Get a Startup Running Successfully
Running a startup is an exciting time: You’ll have new products and services to develop, new people to work with, and new customers to entice.
To help you make the most of the process, this article looks at three principles the leaders of successful startups share.
Principle 1: Find the Right Funding
All startups need funding, but the amount and source varies from business to business. If you decide to seek out investors, be wary of who you’re tying your business to and how much control you’re giving up. If you decide to go it alone and bootstrap your business by relying on income it generates, be ready for a potentially slower start with the upside of more control. No matter how you raise the funds to start your business, have a plan in place to ensure it stays in good financial shape. And if an activity isn’t going to generate revenue, don’t do it.
Principle 2: Focus on the Customer
Every business, including startups, should focus on what the customer wants. That means hiring employees who can keep that ideal in mind and only spending money on purchases that help attract and keep customers. For example, it makes little sense for a plumbing company to spend money on a lavish office that the customer will never see. Instead, that company should focus on critical factors like plumbing equipment, well-trained employees, and the right transportation to get them to jobs.
Principle 3: Be Decisive
According to Forbes.com, one of the most important qualities a business leader can possess is decisiveness. If you want to chase a customer, move immediately instead of waffling over whether or not they are worth it. If you want to pursue a deal, pursue it instead of endlessly weighing the pros and cons. After making a decision, you can weigh the consequences—positive or negative—and react accordingly. But you won’t have that data until you actually make the decision.
For more tips on how to make your business excel, visit Approved Business Lending’s other blog posts.