Ried Hoffman, co-founder of LinkedIn stated, “You jump off a cliff and you assemble an airplane on the way down.” This kind of strategy is not always to be adopted by startups. For any startup, to grow in leaps and bounds, some strategies are to be followed. These will help it to achieve success during the long, hard course that lay ahead for it. Here are the prerequisites of a successful and blooming new organization:
To make an idea a success, it does not always have to be brilliant. In some cases, small, petty ideas which were developed with no particular monetary motive, lead to major revolution in the business world. When Facebook was developed, money-making was never the aim. It was developed in a college dorm with the sole purpose of unifying all the communities of college via a social media platform. But as we all know, this unusual idea of online interactions is now approaching billions of dollars for Mark Zuckerberg.
Employees are a company’s greatest asset, they are your competitive advantage. You want to attract and retain the best, provide them with encouragement, stimulus and make them feel that they are an integral part of the company’s mission. The startups should hire experienced people who know how to do their job well and will stay with the company in times of crisis. When employees are satisfied, the productivity of the company increases. Every startup requires people who consider them an integral part of it and treat it as one of their own ventures.
As Garret Camp, the founder of Uber suggested that, “Stay self-funded as long as possible”. You have to keep testing, reinvesting, extending, partnering, and taking risks you hope but can not guarantee, will pay off in order to build an organization. Money is the building block on which the company grows. To keep the organization running smoothly, it should have an adequate amount of funds and resourceful minds to spend it intelligently.
Many startups feel apprehensive about finding their ideal mentor and the main reason behind this apprehension is the quality of personal coaching they would provide. Mentors are instructors who boost and motivate the companies to grow forward. These motivators play a crucial role of complementing the company’s strategies and strengths.
Every startup faces numerous problems when initiating the business. But if the founders keep focus and work upon of these fundamental factors and requisites, then their business is sure to fire up.