Startups are currently the most convenient way of getting a small business going – they usually require little financial investment and a ton of effort. Despite how adamant and dedicated an entrepreneur and their team might be, the fact of the matter remains that 9 out of 10 startups will inevitably fail before becoming self-sustainable and strong small businesses. This is usually directly or indirectly a result of a lack of a thorough plan, which is why we came up with this checklist that will help an entrepreneur swim in the deep sea of ambitious startups.
Keep the motivation in check
A misplaced end goal is one of the main reasons many startups end up crashing and burning, and this detrimental goal is money. Keeping in mind that profit is an unavoidable part of business is one thing – however, the very essence has long been and still remains coming up with a product/service and deservedly getting paid for it.
Rather than about money, it’s all about a tendency to put something great out there; something that will help other people and make their lives easier, and there is a rock-solid reasoning behind this.
If your goal, as a startup, is nothing but earning money, your motivation will be hindered by the fact that you’ll be looking for the easiest, cheapest way to come across a low-investment product/service that should logically lead your business to profit. This, unfortunately for many entrepreneurs, leads to a mediocre product/service that the users will be able to see through quickly.
The main idea should be the fountain of your motivation, the essence of your business – your lodestar; and keeping the entire startup’s motivation in check is based on constantly leaning towards bringing something awesome to the market and getting paid good money for it (deservedly so).
Find a rock-solid team
Many decades ago, qualifications were the only thing that mattered in terms of getting a job. This meant going to school and achieving good grades, one way or the other – through honest hard work, or through the path of the least resistance. With qualifications as a sole testimonial of a candidate’s competence, capabilities and motivation, the lines would easily get blurred, seeing as how these pieces of paper (or virtual documents) are letters, words, sentences and paragraphs that can be easily turned to your disadvantage (as an employer).
Transcended and outdated as this might be, it is unfortunate to see many startups still employing this vague hiring technique and, when you think about it, this may as well be one of the main reasons behind 90% of startup failures.
Using big data in the hiring process is of tremendous importance. Digging through a candidate’s social media pages can give you a much clearer picture of their interests, motivation and personality than going through piles of paper that don’t necessarily have to mean anything.
Keep a tight check on your business premises
In a huge way, your office space defines your business. It shouldn’t be the least bit cluttered and formal; instead, it should inspire creativity, drive and the common goal that is success.
Everything should be well-organized, but not too uniform; being able to find exactly what is necessary at the moment, and being good at that, is exactly what separates a hard-working, motivated business, from one that’s always slacking and taking on every task at a snail’s pace.
This being said, disregarding CVs, cover letters and qualifications isn’t the right way to go either – using every hiring tool at your disposal is always preferable. Labelling plays an essential role here and customizable Dymo label tapes are the perfect solution here.
Keep everything clean, junk-free and properly labeled in order to ensure top performance.
A rock-solid team that knows its real motivations and works in a well-organized workspace can go a long way in making sure that its business lives a long life, full of prosperity and success. Follow this short checklist in order to make sure that you are the 1 out of 10 startups that actually succeeds.