Secrets to a successful startup company
The recent years have witnessed the rise of entrepreneurs who are always on the hunt for new business ideas and ventures. Names like Mark Zuckerberg, Steve Jobs, and Elon Musk, who climbed up the stairs of success through unconventional ways, have been the inspiration behind this specific rise of the entrepreneurial spirit. People realized that while the conventional way of going to a college and educating yourself on a certain field might be a key to a well-off life if you have a good business idea, multiple alternatives – including a startup page – might open the doors for a life that is beyond your dreams. This realization pushed dozens of people to go out, read entrepreneur quotes and find a way to make their business dreams come true. And yet, one question has continued to be an obstacle before the success: What’s an entrepreneur and how to build a startup company?
There are a lot of entrepreneur synonyms out there, from a businessperson to an enterpriser. All these three words refer to a person who comes up with an idea, believes in it, and decides to build a business revolving around it. Entrepreneurs often come up with their idea after noticing something lacking within their lives. As long as customers necessitate that specific idea, the entrepreneur is ready to go after it. These people may or may not have capital while building their business. Regardless, since they are often a passion project that starts with small steps but aims to grow quickly, they are commonly referred to as startup companies.
The startup is one of the most preferred concepts of our times. However, despite many – especially among the youth – are dreaming of building one as they are inspired with carious entrepreneur quotes, very few people know where to begin and how to progress to achieve a successful startup company.
Set clear goals for your startup company
First and foremost, any entrepreneur – or a wannabe entrepreneur – who is dreaming of founding a startup company should have a definite goal that is worth going after. When we say “goal” we are not meaning something given such as earning money. Every business inherently works to gain money. However, to earn the money, one needs to aim higher and realize that money is not the goal, but the result.
It is important to have a dream, a motivation that will make people excited and encourage them to work for this specific dream. Of course, apart from the definite end goal of the startup company, you need also minor goals that will stand out as the milestones in growing your business. Before forming your company, you need to have a startup page that visibly strategizes your desired path. What do you plan to achieve in 3, 6, 12 months? Where do you see your startup company in 5 years? All these are crucial questions to answer in starting your journey as an entrepreneur.
Pay attention to your team
Almost all entrepreneur quotes highlight the fact that they have not done this alone. Forming a startup company is teamwork, meaning that you need a good team to support you to achieve your dreams.
The first thing one needs to pay attention to in building a team is to prioritize diversity for your startup page. When we say diversity, we are not only talking about race, language, or gender. We are talking about covering all ages, backgrounds, and societal groups that you aim to attract with your startup company. Even though it sounds like an extreme, it is a must-have since different minds can come up with different ideas which would be highly valuable in improving your business.
Brainstorming sessions are vital in forming and developing a startup company, and the best brainstorming sessions can be done with a diverse team.
Beware of the market, as well as your budget
It is vital to determine your marketing, budgeting, and emergency strategies for your startup page to avoid any unexpected consequences in the future. Prepare yourself for the worst so that you can be strong enough to overcome it as well.
Doing market research must be one of the first steps for every entrepreneur to focus on while building a startup company. In fact, when someone asks what’s an entrepreneur, you may confidently answer by saying that he/she is someone who does excellent market research. Market research would show you if your product is truly suitable for the market and, more importantly, what do people demand.
Since you probably have a limited budget, it is crucial to evaluate the market properly to avoid any loss of money at the beginning of the journey. The better you know the market, the less likely you would risk your assets. Be smart with your investments and try to not go after the easiest past since it is often too good to be true and, as most entrepreneur quotes suggest, successful businesses require hard work.
Never stop improving and transforming your startup company
The answer to the question of what’s an entrepreneur can have multiple forms. One of the most common ones is the fact that an entrepreneur is someone who is not afraid of taking risks and changing his/her business by the zeitgeist. The world changes rapidly, and people change with it. This means that to survive, all the businesses should beware of these changes and adjust themselves to fit the new world order.
If you get stuck with the same product and insist on operating your business in a conservative, traditional way, it is likely for your rivals to dominate the market with their fresh products. Markets have always been competitive areas and unless you are a monopoly – which is not very likely – you should acknowledge that your startup company is just another fish in the sea. This means that you need to do things differently and in a progressive manner to stand out among the others.
Be optimistic, but also rational
To build a startup company from the ground, you need to be positive at all times, since the journey is filled with challenges and a negative mindset would make you closer to giving up rather than flourishing. That being said, being positive is not the same as being delusional. Be realistic with your dreams and expectations, as well as evaluate your position in the market as someone who knows the answer to the question of what’s an entrepreneur. Facing the harsh truth is be the key to overcoming it while being effective in avoiding any similar failures in the future.
She is a content-creator of ProjectCubicle. She keeps you updated on the latest developments in AI, cryptocurrencies, data science, and more. She lives in Istanbul, Turkey. She is a graduate of Boğaziçi University’s Political Science and International Relations department. She had her Masters’ Degree at Boğaziçi Univerity’s Social Policy department. She is an enthusiast of the tech world with an endless passion for writing on related topics.