If you are the owner of a startup company in America, you will want to do everything you can to make it succeed. Even if you do have a great idea, product or service, business plan and strategy, and great business savvy and acumen you will still not know everything about what it takes to make your startup succeed in America. Don’t be ashamed or depressed by this, no one knows everything about what it takes to make a startup company succeed in America. However, if you implement these 7 little changes, chances are your startup company will give its competition a great scare.
- Make sure your startup company has a great vision. If you want your startup company to succeed in America in the long run, it has to have a great vision. This means that it has to have the desire to accomplish something that is really innovative, or radical, and which is hard to replicate. For example, if your startup company was selling ice cream to help people in America with no health insurance, that would be a great vision because it would be easy to achieve, something which would attract a lot of customers (people love to buy from companies with great visions that accomplish great things and are different), and something that would sustain your startup company in the long-run
- Make sure your startup company does things quickly. Remember that in business time is precious and is money. Your startup company will face stiff competition the minute it is launched in its respective industry. It will be more likely to succeed if it can gain a lot of loyal customers quickly because that means it will acquire a strong and stable customer base which it can count on for constant and regular revenue streams. This is important and can mean the difference between survival and failure for startup companies which are just starting out
- Know how to draft and manage a workable budget. If you didn’t already know this, you should learn quickly that it is easy to spend money and hard to make money in the business world. If you don’t already have a great budget that works and is viable in the long term, along with strong and great looking financial statements, you either need to learn how to draft manage all of this (and more) now, or you have to hire a professional (read Certified Public Accountant (CPA) or financial planner who will do this for you. If you have no idea how to manage the money you are bringing in, you will have no idea what you are making in relation to what you are spending. This is the downfall of many a startup company – their owners had no idea what they were spending (largely because they didn’t understand the first thing about the concept of petty cash or a statement of cash flow – this is vital if a startup company is going to be successful in the long-run in America.) and no idea about the revenue flows they were bringing in and how to compare and contrast the two figures. They also had no idea as to how to arrive at a net profit and income for their startup company on a financial statement. They thought the startup company was doing great financially because it was always bringing in a lot of revenue through sales. However, what they didn’t realize was that they were actually making net losses in terms of income because their fixed and variable expenses were more than the revenue their startup companies were bringing in was.
- As the owner, you have to have great social skills. What this means is that you have to learn to talk to people about your startup company, its mission, vision, and objectives, and the products or services that it sells in a way that will actually get them (people) to want to buy from your startup company and keep buying from it! You will also find that having great social skills will motivate your employees and management company to stick with your startup company during the tough times, and it will motivate them to perform better. This translates into more income for your startup company! Also, if you know how to talk to people, you can find great connections in the form of influential people, partners, suppliers, distributors, and angel investors, among others, who will help your startup company succeed.
- You have to be disciplined. Business, much less being the owner of a startup company is really not for you if you don’t have the gumption to get out of bed early every day to start work and the discipline to work late at night. You may also find that you have no social life because every waking moment you have will go into making your startup company succeed. But this is great and necessary because it takes an extraordinary amount of time to make any startup company succeed in the beginning. Also, research shows that people who are disciplined have a strong work ethic – they will want to do things the right way and will want to work very hard, all of this is necessary for a startup company to succeed initially.
- You must be determined. Let’s face it, business is a tough environment to be in because the competition is stiff (after all no business owner would take it lightly when your startup company enters on its turf and tries to grab its loyal customers). You will probably find your competitors doing everything they can to make sure your startup company fails, especially initially. Also, because you don’t know everything about doing business in your industry, you are bound to make mistakes and experience failure. But you should always keep sight of your startup company’s mission, vision, objectives, and goals because this is grit, and people who have grit actually succeed in life.
- You must be able to adapt to changes. There is no denying it, the business environment is tough, unforgiving, and always evolving. There is no way that the environment your startup company initially enters into in terms of business will be the same in 10 years. Owners of startup companies that succeed expect this, and they learn to adjust their business plans and strategies accordingly. In fact, your startup company is doomed to failure if you can not adjust it according to the constantly changing business landscape and environment
While this is not an exhaustive list, if you implement the changes mentioned above, you will find that your startup company will succeed in its industry. In fact, it may even be so successful that it ‘blows the competition out of the water!’
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