Startup Tips – QuickRef

July 1, 2016

4 Guiding Principles Every Startup Should Master

Today’s startup is faced with lots of challenges, from excessive competition to lack of marketing funds. The decisions that the startup founders make go a long way towards determining its success or failure. Statistics suggest that 90% of all new businesses fail. It’s important that the founders or management of young entrepreneurship align their business with some proven success principles.

1) Resilience

Any successful entrepreneur will tell you that resilience is one of the key qualities that guarantee the success of a new business. If the firm isn’t able to expect change and learn how to welcome it, it goes without saying that it’ll fail whenever things go south. Changing environments should be seen as new opportunities to invest in new services and products. A successful business is able to redefine, reinvent, and reposition itself based on how its environment changes. Have an open mind and think of new ways in which you can move the firm to the next level.

2) Know your Business

It’s a constantly changing and challenging business world. Many a time, organizations will lose their sense of identity, value focus, and strengths. In order for an infant business to outstanding bad weather, it must be aware of its purpose. It should clearly understand its core strengths and focus on improvement. All employees should be educated on the purpose and mission of the business. If you don’t know the facts, you can’t be able to tap into existing opportunities. Ask the following questions:

What is value do you provide? Who needs who you do?
Are you doing anything better than anyone else? What and how?
What are your core strengths as a business? What are the main qualities that separate you from any other business? Are these things that your customers or employees could perceive as valuable?
What are the key weaknesses of your business? Are these things that could negatively inhibit reliability, consistency, and delivery in your firm?
What threats does your business face? Do these threats have real potential to degrade or even floor your business?
What opportunity areas are there in your business? What sectors or areas can be improved?

3) Eliminate Obstacles

There are many obstacles that face a new business, and one of them is a lack of communication. New businesses that are able to remove the obstacle of communication will easily be able to create new opportunities. As a firm, your information sources should be your employees and your customers. You need to know what they think what they hear from others, what moves them, and what they share. Great businesses are constantly in contact with their customers. They need to get new ideas. Consider the following questions:

How well do employees share internal information?
What methods do you use to share critical information in a timely fashion?
How does technology help with communication in your firm?
How your employees are held accountable for making good decisions and sharing information?
Do you involve your employees in the gathering of information?
Do you regularly assess your customers to find out what they think about your business, as well as learn about their future needs?

4) Utilize Opportunities

Many startups complain that they have limited opportunities, and this success principle can be essential. Ideally, a firm that’s well versed in its strengths, weaknesses, and threats will very easily invent high-value opportunities. Brainstorming on the available opportunities and then selecting the right one to go with based on the business’s current situation is the right way to go about it.

If you’re a startup founder or management-level employee, these four principles can make a whole lot of difference!

October 6, 2014

Some Quick Reference for the Business World

With the increasing number of unemployed and even the underemployed people worldwide, there really comes the time wherein you will think of just starting your own business instead of taking all the stress and pressure of being employed at a company. But for those who are new to this business, they need some tips on how they can start their very own business? Of course, things will start as a small-scale business but it still needs a lot of attention and understanding especially on your part as the owner. Now it comes to these questions: Why start your own business? Will you be successful with this? What are some tips if you are planning to start your very own business?

Why start a business?

The main reason is for you to earn more. Some people have their own businesses while they are still employed. In that way, they are earning more money in making their business bigger. But for starters, it’s also a great opportunity to try out the business of selling products and services with a small capital because eventually, when you become successful, you can do continuous upgrades to your business and maybe even have your own company!

Will a person be successful with this?

Of course, the answer depends on YOU as the owner of the business. If you work hard and put every inch of effort in what you do, guaranteed you’ll be successful and earn a lot. But if you are the lazy type of owner who does nothing but command your team does even your job, then probably end up losing your team as well as losing your business because of debts and other money loss situations. This is why here are some tips if you are planning to set up your own small-scale business and if you want to be successful in it:

o START THINGS OFF WITH WRITING A SIMPLE BUSINESS PLAN: This is more of an assumption of what will be happening to your business in the next couple of weeks or months. This includes the target sale, stocks, and everything. As a small-scale business owner, you need to make your business plan as simple as possible in order for you to succeed in whatever you wrote in it and reach your target goals.

o BE DEDICATED IN THE BUSINESS YOU CHOSE: Of course, opening up a business takes a lot of dedication and passion in order for it to succeed. As the owner, the inspiration of the business should start from you. If you do not love whatever you do with regards to the business, you will end up being lazy and the business will fall apart. Make sure that you love what you chose and you will stand up for it in any way you can.

o GET A VERY HARDWORKING TEAM: Who wants a team that is so lazy that you are actually doing the entire job? No one right? So as the owner of the business, you need to choose the best and the most hardworking team you can find in order for your business to work in full swing. Remember that you will be the one paying for your workers so you need to make sure that every cent you pay for them is worth it.

o HAVE YOUR CLIENTS OR CUSTOMERS READY BEFORE OPENING UP YOUR BUSINESS: Thinking of a way on how to do that? Simple. Use the power of social media and the internet. Promote your products or services earlier than your opening day so that you got these clients and customers lined up before you start off with the business. Remember that these customers will make your business successful. But you should also remember that marketing is not yet required for this stage just yet.

o SEEK FOR PROFESSIONAL HELP: Whether it has something to do with marketing or sales, you need to ask for some expert advice from the professionals themselves. Ask them about everything you need before you open up your business or on how to handle the sales very well. You may even ask for some marketing strategies so that you can promote your products and services very well.

o BE PROFESSIONAL: You not just need to be professional; you need to LOOK and FEEL professional. Of course, it’s a different world compared to being employed because you are now the boss. One good way of making your business a bit corporate is by having your very own business phone, e-mail, or address. You also need to talk in a more professional and corporate manner so that your clients and customers will look at you as a professional business owner. And not to mention the legal documents like business permits, tax files, and many other legal files that need to be processed before opening up your business.

o LEARN THE ART OF COMPETITION: When it comes to businesses, there is a really tight competition with regards to that. You will come across your rivals, enemies in business and even the most competitive business owners there is. You just need to be confident, stand strong, and make your business stand out compared to your rival companies. Just be wise enough and use your common sense.

These are just some of the tips that you may follow if you want to start your own business. Of course, you must remember that your talents and skills in handling a business will be tested here so you better bring it your best. Make sure that your company will gain a lot of sales and clients so that you may continue the progress and development of your company as the days go by. Never be afraid to take risks because sometimes, those risks are the ones that will lead you to the path of success.