“Dreams are Worth Chasing” – But the consequences are, 90% of all startup or business fails during the first year. Here is I gonna tell you exact 7 ways to build a startup or a business that does not fail. But there is one catch point use the rule according to your condition and the Industry you are in.
Before jumping into formulas, let me tell you a story (You all might have heard though).
Once a there was devastating drought came in the village.All wels got dry, even no water for fishes to survive.
A crow was so thirsty and looking for a drop of water, flocking here and there. Suddenly the lucky bird found a little layer of water inside a nearly dry pot in a shadow.
The crow has got excited and flown towards the pot and as soon as tried to sip the last layer of water it found it’s beak is not that long to reach to the bottom of the pot.
Now what should the thirsty crow will do. Will it going to go to other places in search of that water getting impatient or it will try to get it from there?
The answer is directly linked to the Startup’s’ Success. So keep reading. I will be answering this in a moment.
Nowadays there is fashion on self-proclaimed “Entrepreneurs”, Who ever is starting a business starting to mention themselves as an entrepreneur.
But if you read the statistics more of than 90% of all startups fail during the first year of operation. So, naturally the question rises “WHY”?
I had started doing business (though it will look like a joke) at the age of 6 not having an entrepreneurial gene for generations and kept it rolling since then. Many succeeded many failed and many on the go.
This article is what I had experienced and understood during all these years of hustling.
I had found that to build a successful business or startup there are at least this 7 Key things you must need to practice repeatedly.
1. Marketable Idea
You all know that first and foremost to building a business you need to come up with an Idea. But you all have great Ideas floating inside the grey matters inside your brain parally. But which one to choose, that will BOOM inside the market.
Yea! The best marketable Idea indeed. But Why?
So, put your thumb on those Ideas which is sustainable inside the market.
Think about the Curt Prins’s “PoliMobile” a Mobile marketing platform for political campaigns filed due to the service or the product is Ahead of it’s time, not marketable in the current situation.
There are many more like Cha Cha, Dealstruck, App.net, and hundreds and thousands more around the world all alone this quarter of 2017. To know more about this go through this list at cbinsights.
The one thing that can save Startups or Businesses at least straight at the beginning is, “Thumb on those Ideas which is sustainable inside the market”.
So, How find out the value of your idea inside the market? Here are some tools I use often for doing a consistent market research.
Tools to do Market Research:
The Google Keywords tool acts as a window into the behaviour of consumers when searching online for products or services such as yours. To use this you’ll need to create a Google Adwords account (it’s free however) and it’s also advisable that you read a couple of introductory articles to the tool and making the most of it.
Questback is a premium service that bridges the gap between your company and your target market. It can undertake in-depth research on your behalf and provide invaluable feedback quickly and efficiently.
FreeLunch provides worldwide data across a range of demographics and industries, however it is most beneficial for companies targeting the USA, providing everything from comprehensive demographical breakdown, to insights into wider patterns of spending.
Whilst not technically a wider tool providing market research in its entirety, Google Analytics can provide feedback as to how your customers are behaving whilst on your website. It may show you which products many view, but few buy (or vice versa) and it can illustrate what social media channels your customers are responding to, amongst many other insights
Google Trends has the added benefit of additionally factoring in data gathered from its search engine. The result? An instant snapshot of consumer social media and search behaviour, coupled with the latest news and opinions from your industry.
There are many more tools can be used some are free some paid but the basic point is, the one thing that can save you, at least straight at the beginning is, Thumbs on those Ideas which are sustainable inside the market.
2. Share Funds Properly
– for any business you name it.
The money left inside your account gives you security and the feeling whether to run your business smoothly or harshly. So, use it carefully.
Understand the key investment areas where you need to pour money and not.
It’s limited when it’s used properly it reflects positively inside your business growth metrics.
So, here the takeaway,
Share your revenue according to your micro and macro goals.
Be Data Driven. Establish a very good relation with your accountant if you have one.
3. Well Designed Marketing Plan
If you have comealong the way, Staring up with an Idea to gathering knowledge on Sharing Funds properly but one thing that will motivate you now is there are always a potential customer waiting for your product or service (It should be market friendly) to receive.
You just need to find and attract them. So, the basic question comes in you curious mind is HOW? You all know it. It’s called Marketing.
But in this current time frame you all have to be more strategic about your marketing plan.
I have seen, most businesses use it in a wrong way at least at the right time, at the beginning.
Lure people to become visitor, positioned them into leads and make them into happy customer and the goal is not over yet for you, retain them as long you can.
There are thousands of ways to do that depending on your market, your product or service or even on your marketing and sales team. I will definitely talk about those on other posts.
This is what a well designed marketing serves for you.
And as per Gary “Jab, Jab, Jab, Right Hook” means “Give, Give , Give, Ask” is the modern way of market your product or services.
His book mentioned New York Times Best Selling book is worth reading as an Entrepreneur. I’m sharing the link below:
Amazon.in : http://amzn.to/2nYnsSQ
Amazon.com (US) : http://amzn.to/2n7aRrz
4. Build a Strong Team
There is a phrase in the investment world:
As your product gets traction you have to hire people to ease your work. They will increase in numbers gradually. You have to work together to build a proper foundation for your business to sustain in the market.
Your first step on team building should be EQ driven. Because You need to create your surrounding with those people who will tell the truth The truth about your decisions, your behaviour, your vision, your goals.
Here is what Harvard management professor Bill George says about,
Renowned Mathematician Prof. John F. Nash had proven after dismissing 150 years of economic theory that, (Read carefully)
So, the best output you will get for your business to rise is when your team with whom you are surrounded with is been able to deliver their best as well as best for the team and the result will be seen on the metrics.
Building a strong team is not only important but is necessity for your business to survive in a long run.
Here are some books I should suggest to know more about team building and leadership.
- Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
Amazon.in : http://amzn.to/2mGJitD
Amazon.com (US): http://amzn.to/2n7yRLc
- Good to Great: Why Some Companies Make the Leap and Others Don’t by Jim Collins
Amazon.in : http://amzn.to/2onyYn0
Amazon.com (US) : http://amzn.to/2n8lhr2
You can also check out this link for more books on Team building.
5. Innovation on Customer Feedback
Market doesn’t care about you. You have to care about your market, your customer.
This is where customer feedback plays a very pointy role. It is impossible to create 100% flawless product or service. Its all depends on you consumers need.
Craft your next move according to your consumers’ feedback.
The Founder of Microsoft Bill Gates said,
You all should understand that in competitive market contiguous innovation is the key to survive.
You have to test multiple times to understand the market trends and for that The Feedback from your existing customers are very important.
While explaining the importance of customer feedback Elon Musk founder of SpaceX, Tesla, Hyperloop once said,
If you don’t wanna believe, here is a quote from Lord Buddha,
Now I think you are pretty much motivated uttering those ever green quotes above. Here is one from me very straight forward but true,
6. Networking is the Key
Try to imagine the days when you are in your teens or just stepped into adulthood.
Your parents or guardians use to tell you to go outside, see the world, meet new people.
This is called networking in the Business world.
You not only get huge experience but lots of opportunities.
Exactly how Neil Patel described it while explaining Why he flies business class.
Networking is very important and beneficial for maintaining a professional relation and referral for your personal as well as business needs.
There are some tweaks you can use right now to strengthen your network and which will help you create emotional bond with those persons.
> Select a few key associations or organizations and participate actively.
> Be generous about sharing business tips, referrals and leads with non competitors.
> Get to events early and plan to stay late.
> Greet people you’ve met in the past.
> Follow up on leads.
There is a growth hack I personally use.
Today most of us using linkedIn, World’s largest professional network,
I use to congratulate each and everyone everytime they update their professional engagements, like joining a new job, promoted to higher designation, Anniversary of their work cycle, or even on their birthday.
You don’t even have to craft a large piece of letter, just use the pre loaded text by the linkedIn message and hit Enter. That’s it.
You know, In business world everything is about give and take, so no one expect to get anything out of the professional barrier,
so, A little “Happy Birthday” or “Congratulation” drives a large value to the person unknown.
It puts you to a higher level of his/her list of caring people and shows much more value even than a person he/she works for a long.
7. Keep The Hustle 24/7
Someone told this long ago but it’s so true. Being an entrepreneur you are the one who is running your business. If you meet your goals you are the one who gets the prize but on the other hand, if fail you are the one who gets crucified (not in the biblical sense) first.
For an entrepreneur the grind is never ending. You have to test the market, the customers, your team and even yourself.
24 hours will come short for you every time. Trust on yourself and do what you need to do, what you love to do. Your passion separates you from others.
After all the formulas, here it comes to the conclusion of the story I began with. Remember the thirsty crow in the middle of the hottest summer, found that pot holding a very little layer of water beneath, did something amazing. It started looking for little stones here and there and started pouring them one by one inside the pot. It has taken a long time, then suddenly the the crow say the water level is rising.
At a sudden point it raised enough that the unlucky-lucky crow can sip through his beak.
It sipped all the the water and survived while others were dying at the same spot.
Being an entrepreneur, you have to be like that crow. Running a business or starting a startup is indeed one of the bravest task.
But It needs a lots of patience, Hard work and Emotional Quotient (EQ) linked with Intelligence Quotient (IQ) to Understand, Decide and Deliver.
One thing you all need to remember,
Prepare yourself for the right side.
I have described the 7 most important factors that need to build a successful business according to my experience.
Now it’s your turn.
Understand every bit of it and share this piece of content if you are confident enough to help your friend or network.
Please write down your thoughts or experiences at the comment section below. I will respond to it according to my capability of answering your queries.
Well, one more request, if you can bare a little more of your valuable time and you have the thirst to learn more then connect with me on social media @neelsnow . I’m very active there.