Hulk Hogan individual fights were like modern day startup fights between two co-founders. Then there was an yearly Royal Rumble. Just like employees wanting more roles and appraisals. Startup can be a chaotic environment. But what is that one thing without which any business fails, despite the fact that passion and hard work is already there? Definitely, growth. Right time, right place, right lighting – just like photography. According to a study, the biggest factor in success of a startup is ‘timing’.
In every cubicle is sitting a startup founder, dreaming and molding his innovative ideas. Who would not aspire to become the Gates and the Jobs instead of sitting in the confined to his 6×6 cubicle for life! In modern times, the greater few of them are daring out to venture their model into the competition. The aspirations of all those Pakistani startup ideas which venture out are extremely high unless they get a tight slap on their face from the consumer or end-user of their product. The first slap feels quite heavy; mightier enough to blow many of them beyond the race. Few charmer with thicker skin are able to survive the punch, although little deformed or changed. Taming chaos into growth is a time function of various variables listed below:
1. Re-Build a Mindset
Start again with a change statement. You need a simple way to keep your team on the same page while getting more work done. Planning is the homework without which nothing can work. You don’t want to spend money on Facebook or SEO but turn your customer into money. Self belief is vital. Rally your team to envision what change is needed and how to do it. Be realist, superficial tendencies in planning definitely brings a business down.
This change ensures their better adjustment in the market and gives them the desired shape as per the consumer requirements. These hard-skin guys cover a few more miles until another strong punch makes few of them more perfect while offloading the few others. Punch after punch and the Darwin’s Survival of the fittest gets morphed to Survival of the thickest. What we mean is that only those thick-skinned, who are persistent enough to sustain the consecutive blows after blows, qualify the necessary basic eligibility criteria for becoming an entrepreneur. The rest of them are those who were just meant for the cubicles; they mistakenly chose to be offended by the ruthless market.
2. Use Modern Tools More Frequently
A sound business plan backed by an astute bank manager. Strong capital base is one. You must have enough assets on the basis of which 6 to 8 months can run even when you don’t have much from the business.
Well there are many differences between a startup and a business. A startup is not about profits, it’s about the idea and business is usually not a unique idea but things which are proven to make money before. A business lacks growth which a startup usually has. Most startups, from what we’ve seen are delivery, or grocery startups.. some even operate in just one city, without realising our basic culture belongs to a much simpler and traditional economy of this part of the world. The above paragraph brings the two basic eligibility criteria for any successful startup. First being the persistence and the second being the flexibility or adaptability. Empires are not built in a day and not so are the Apples and the Microsoft! Every venture requires a particular incubation or nurture period. Efforts are to be put until it grows to support. Expecting to reap the paddy crop in the first month of cultivation is nothing but the sheer ignorance of the peasant about the farming etiquettes. If startups are to flourish then there must be a list of questions.
Validation: Next is the rule of persistent flexibility or adaptability which shapes or grooms any business idea according to the market requirement and expectations. Any rigidity in this regard will necessarily flush you out of business. The successful idea is one which the user likes. Any idea having millions of professionals but which the consumer doesn’t find suitable, is not expected to survive. Suiting the user requirements is the holy rule to a successful product. Change yourself as per the idea of your users. Never be egoistic about your ideas or business model. Success is the ultimate goal, no matter, how many times you change your pattern of products. This evolution of product is the next most important decisive factor for a successful venture.
3. Adopt to a Working Strategy
If you can identify what’s causing distractions and remove that from the environment, people’s focus will start to increase. Slipshod of knowledge means not working on idea a great deal before launching it. Censure any urge of not keeping space for the unforeseen factors.
Execution and Design: Do you work well as a team? To most of us, making money is the idea and goal behind setting up a business. However, if business should be chosen carefully based upon one’s interest, capabilities, market demands and the timing to start. Keeping the focus on monitory gain can be advocated by hard-core businessmen, but a business with human touch is the smart tactics to reach the heart of your user or consumer. Capital gains are an obvious consequence of any well calculated and flexible business model in which persistent efforts are put.
- Do you have an MVP or prototype to present? Once you build the first version, your focus should be on promoting your product and the best way to do it is to start a blog and talk to your audience, helping them by writing great content that speaks directly to them and gets them to realize how much value you can provide them.
- How functional is the demo? Remember, the focus of a business should be on delivering value and making money while doing so, unlike a usualstartup, whose sole purpose often seems to be burning money and thinking of ways to eventually turn a profit in the future.
- Is the usability of the product easy and friendly? Design Matters! Ever wondered why we always hear about the Jobses, Zuckerbergs, Kalanicks and Cheskys, and only about them? That’s because there are not many people who can actually build something so successful and disruptive.
4. Improvise on Value Addition
Ask yourself, what value proposition does your product or service add? Considering customer’s benefit in mind instead of own benefit. The best business person is one having a cause. Causes are mostly generated with the business point of view. For example, Facebook owners generate revenue of which 90-95% used for a cause… still these people are billionaires. Don’t be latent in adopting a cause.
Business Model: Does your solution solve a core need/problem? Men built the empires and those are the men who turn them to ashes. It’s the mental configuration or the psychological stability which makes it all possible, firstly you may consult a doctor,and discuss about Psychological Problem. Thinking rationally and flexibly, acting purposefully and dealing effectively with the environment is what makes a successful entrepreneur.
Anyone can create a job for themselves. But not everyone can change the world — Dan Norris
- Do your present a value proposition. The problem is the way most approach entrepreneurship is flawed from the beginning. They try to be disruptors, build the new put-successful-company-name-here and end up with a unicorn. Unfortunately, though, not many of those actually have the chutzpah and genius needed to do that.
- Is it unique? Too many people focus on money when beginning in entrepreneurship. They dream of billion dollar valuations, fame and IPOs. However, that’s not the best way to start a business.
- How will you differentiate themselves from your competition (do you identify competition)? Tangible products may need much more engineering and testing in order to make a REAL product RELIABLE.
- What is the go-to-market/launch strategy? So, please don’t waste your time on pitching the ideas. Just keep going. Before moving to the big step, take small steps to raise the capital. You will learn a lot of things from the society by then. Tip: How can I get Website Traffic for My Newly Launched Startup?
- How will you make money? The focus from day one should be on getting clients to pay for your product.
If you need a lot of money first, then it’s not a good startup idea for a business. A solid and healthy venture, should get the money it needs from its customers, not from VCs.
- What is the user acquisition model? Startups are necessary to support modern infrastructure, the environment changes constantly incl customer behaviour and buying habits therefore western countries rely on people to actively develop systems to bring in massive amount of revenue globally; however, we Pakistani’s think its small business startup ideas that starts to grow into a huge thing by luck.
5. Faith can turn Chaos into Growth
Discussing the nitty gritty details of the business with your close entrepreneur friends, industry experts who have first hand experience and of course your mentors and a meeting or two is not enough. Never be in Hurry. By insisting that deadlines and expectations become clearly defined, things get done when they should be, not as soon as someone feels like its possible to get moving. You ought to be well prepared for the expected challenges but the ones unforeseen change the game.
6. Keep Your Employees Interested
- The team should get out and talk to customers. The first step is to leave your assumptions aside: we all have startup ideas we would like to turn into products, however, they are just our own and so we tend to be a bit biased. Do not consider yourself as the ultimate startup ideas generator.
- Are you actually solving a problem? Look for common questions being asked: people trying to fix a problem they have, looking for a better way to do something, complaining about an existing tool’s shortcomings. You get the idea.
- What’s your clear value proposition to that customer? Now, think about how you could help those people by building a product or providing a service — if you decide to provide a service, try to present it in a way to make it look like a product, WPCurve-style.
- Have you identified a specific target market? At this point you should know what you want to build. It’s time to build the easiest, yet still useful, version of your product.
Your team needs to see that if they buy in and you get through the rough patch there is something in it for them. You can minimise their disinterest by keeping them in the loop throughout the journey. Who knows they can see what you can’t. Admire their persistent approach and resilience in tough times. Demonstrate a willingness to help them succeed, they, in turn, remain committed to the company’s success.
7. Work Ethics
Ethics is concerned with how we should live our lives. It focuses on questions about what is right or wrong, fair or unfair, caring or uncaring, good or bad, responsible or irresponsible, and the like. (Jaksa and Pritchard cited in Wilcox, p.182)
Work ethic is the most famous type of ethic. A person with a “good” work ethic: works hard, keeps trying, is not lazy, and thinks hard work is good for you. Faith, honesty and hard work comprises in a broader perspective called working ethics. In enforcing work ethics, do prepare for turnover. Change happens through people who prioritize the company over their individual interests. Integrity is so precious but hard to find.
The principle behind professional ethics is that one’s actions are designed to create the greatest good for both the client and community as a whole rather than to enhance the position and power of the practitioner: (Cutlip et al, pp.144-145)
8. Revisit your Revenue Model
Create a recurring model. Supercharge your business model using the right Business Pattern. Depending on your niche, offering price and pricing model you can implement any of these business models:
- Freemium Model
- Multi-sided Pattern
- Bait and Hook
- Ad-centric Pattern
- Collaborative Pattern
- Unbundling Business Model
- Exclusive Pattern
- Long Tail Pattern
- Low-cost Pattern
- Hybrid Pattern
Be consistent in succeeding approach, one that fits you. Innovate only when necessary.
9. The LC-Approach
Lead Magnet approach is one in which the customer is already interested, and now you need to put action building your Core effort/value for that customer. Such a customer is already attracted. When somebody says “Consumer is Boss”, they are referring to here is about the customer here. If 80% of your business comes from 20% of customers, then be sure those clients get your absolute best. They’ll keep coming back, and they may bring their friends.
Many of the best process improvements in the business come from harvesting the lessons from a failure, sifting out the most worthwhile ideas, and improving on them until something truly valuable is attained. Remember these points discussed above are time dependent actions, work through your sudden failures so you should leap forward for a permanent success.