Are you in the early stages of starting up a business? Are you bothered about startup success or experiencing any internal fear and doubt about being successful?
Following principles will surely help you release some stress!
1. Work on what you Love
Ensure that you are working on an idea you are passionate about. This doesn’t really mean that you have to be in true love with the concept/product/service that you sell, however, you must enjoy every single aspect of the business. Without enjoyment, you will never be motivated to give your 100% into it. Startups are not a cake walk. Especially, in the early stages, it will need a lot of your focus, energy, time, dedication & hard work.
To help determine this, ask yourself:
- What are you passionate about?
- What is that one concept or product that can make you wake up till 4 am to work upon?
- Can you consistently work on that product for 5 years?
- What are your strengths and weakness? How will this affect your Startup Idea?
- Are you a doer or achiever?
- What is that 20% of your talent, out of which 80% of your results come from?
2. Know your Niche
Another critical point that determines business success is your Niche. Until and unless you don’t have a precise understanding of your niche, your probability for success diminishes. It is very tedious and difficult to hit a target group which doesn’t exist.
Ask yourself what you are trying to achieve in this business venture:
- Are you aspiring really big?
- Are you just developing a hobby to earn some part-time cash?
- Is your business tangible?
- Is your business sustainable?
Keep in mind that you can easily track and analyze your user journey using various online tools.
3. Be a master of Leverage
It is one of the most powerful principles in business. Each and every successful entrepreneur or even a person uses Leverage in some way.
To use the concept of Leverage you need to continually examine how you can access other people, resources, their skills, and money more effectively.
Leverage is about duplicating a high-value item or skill at a lower cost.
- Focus on Revenue-Streams and Revenue Generation Models
- Learn to delegate
With this, you will be able to see a sudden and immediate increase in your analytics, website traffic, transactions and more.
4. Lateral Thinking
Lateral Thinking is the concept of gazing and looking at things from a different perspective.
In other words, look at your business & ask yourself the following questions. Make sure to maintain the consistency!
- How can you improve the existing processes?
- What is that thing that our clients are not getting from the market?
- Is affiliate marketing good for us?
- Are we using the internet effectively to expand our outreach?
The most important aspect of lateral thinking is Brainstorming. Every Monday morning, sit with your team, discuss, take their ideas and viewpoints, understand things at ground level. This might be difficult for SME’s as they might consider it unproductive, but that’s the bitter reality. Many of Google’s most successful products have originated from this process.
I am sure that you will find it valuable, productive and will surely be a profitable experience if you stick to it!
5. Be fluent with Statistics
From the idea inception stage, it is vital to have a crystal clear clarity on the management of your systems, resources, numbers, and assets. Many business owners go clueless about their sales conversion ratio, lead generation rate, average ticket size, quarterly transactions. They don’t have such crucial information.
- Do not always depend on your Data Scientist to help you update with the numbers, you must know how to calculate your ROI for everything.
- Develop a set of the most appropriate KPI’s.
- Remember the 80:20 principle. 80% of your output is derived from 20% of your activities. Nourish & regularly improvise this 20% and see the difference.
Recognize and evaluate your mistakes on time and move on. This works as a miracle in the journey of “growth”.
6. Timing hai boss!
Timing is one of the most essential aspects of a business. Perfect timing can be anything related to idea validation, decision making or maybe hiring the perfect candidate. Successfully implementing your planned strategies and taking the right advantage of the opportunities is timing.
- If you sit back and just wait, you may miss the flight! (Anyone else will validate the idea, conduct a market research, he/she will tap the market and finally will generate lots of revenue and can be the next unicorn)
- If you jump right in, you may get your fingers burnt ( Do not misjudge the market enthusiasm)
It is not really easy to find a perfect timing to execute the things. A combination of focused analysis, enthusiasm, gut feeling, experience, decision making is required to achieve it!
7. Master your Actions
Successful business owners know that action always beats inaction. They truly understand that it is far better to at least give a try, to make a blunder, to revise and re-implement strategies than to do nothing at all.
Action and responsibilities goes hand in hand. To take action, it is important that you should take responsibility as well for your situation.
Five years back, one must have questioned you on where you see yourself 5 years down the line?
Now think and analyze, If you are not where you wanted to be, then there is something you missed. You can’t blame or justify, this won’t help the situation, this will just add fuel to your negativity.
Set your realistic goals and take appropriate actions to achieve it.
Passion, the right attitude, and consistency will play a great role in defining your success in business. Implement the Principles outlined here, define your own rules and goals, and you will be the one you wanted to be!
Article Credits: Janvee Garg | Chief Editor | LivePeppy