5 Hacks that will keep your Startup growing
Saikat PyneAug 19, 2016, 06.04 PM
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There is no template for success, no one-stop solution to make it work. However, what’s there is an attitude that will ensure you juice the most out of available resources. This way you can maximize your chances of making it large.
Here are 5 traits that’ll give you the much-needed boost to ensure your startup gets to a fiery start!
Be ludicrously ambitious
The world is too focused on what it has on its plate. The dirty li’l secret is that things changed because of the people it laughed at. Challenge everything. First they mock you, then you win. It all starts with an idea. If you believe in yours, what’s stopping you!
If you constantly bog down your leadership team with what’s ‘reasonable’, you’re better off jarring your brains in pickle. If your employees aren’t nervous about your targets, you just ain’t aiming high enough!
To borrow from Steve Jobs, the people crazy enough to think they can change the world are the ones who do.
Master new skills
The skill sets required to launch and successfully run startups can’t be groomed from within. Thus, one should always keep an eye out to attract fresh talent and enhance the skills of existing employees. It’s all about hiring the best people, and inspiring them to do better. That’s your success formula right there.
Mind, while acqui-hire may seem the ‘in thing’, that’s not the only way to go. One also needs significant lateral hiring.
Having a lean team is a boon. It only takes a Coffee break to take a decision. Think on your feet, back decisions with data, and implement ‘em quick. Your startup should have a culture of continuous experimentation and improvement. Respond quickly to bits of new information, identify issues and address possible problems.
Twelve-month product-release cycles are antique even with giants in the trade. Innovation’s sweeping the world at break-neck pace, and nobody gives a damn if you’re a slug.
Follow the money trail
While business is not just about making loads of cash, it’s also about creating enough value by reducing overheads and optimizing back-office functions. This also increases operational efficiency.
It’s fundamental to have transparent records of income and expenses. Investors may occasionally get finicky. Try and keep them happy.
Focus on your clients
Raise the bar in front of customers, and deliver in public. Keep their perspective in mind while designing your product, and value genuine feedback.
Immerse yourself deep into the psyche of your prospective customers. Build a relationship, and no, that’s not just marketing. If customers don’t see value in your product/service, you’re a shadow waiting to vaporize. Remember, no unpopular service ever persisted.