Many entrepreneurs, maybe you, get caught up on small stuff when starting their business. You’ll focus on such things as company name, stationary, incorporation, etc. You end up being mired in the small details, which end up clouding your judgment and stop you from concentrating on the business’s big picture. The running of the business takes control, and you slide right past the bigger possibilities. You need to start thinking like a startup founder, and watch your business grow beyond your wildest dreams. Following are five insights you should endorse to start thinking like a startup founder.
Have an Exit Strategy in Mind
With an exit strategy in mind, this mentality causes you, and your team, to concentrate on the end goal, and how your actions today connect you to your end goal. You need to evaluate every action you take, from marketing efforts to agreements to client interactions, as to whether it moves you towards your goal and a profitable payoff. When building your business, use this exit strategy technique, and embrace a big picture outlook to ensure your business growth push is producing a profitable result.
Focus on Your Team Members’ Core Abilities
To build dynamic teams, you need to figure out your team members’ core abilities, and don’t duplicate skill sets amongst your employees. Following this philosophy of not duplicating skill sets within your staff will allow you to hire new employees based on the skill sets your business is currently lacking. The thought is that with the various skill sets covered there is better cohesion of your team, and, hopefully, less competiveness as they complement rather than compete.
Keep Management Levels to a Minimum
Open the door for high growth by not creating countless levels of management, and instead build on teamwork, and a meaningful appetite to prosper throughout your organization. You’ll keep mid-level management at bay by having this mindset, and not hire them at all. You’re better positioned for faster decisions and rapid growth; keep this top of mind the next time you think about hiring someone.
‘Fail Fast’ Has Become an Essential Component of Startup Culture
Budding, active businesses can’t afford to waste time on products or services doomed for the scrap heap. When looking at launching new products or services, ensure you have all the data to back up your decisions before any launch. You need to be ready to cut your losses early if the signs are pointing to a dying undertaking.
Startups Are Cash-Strapped, So They Bootstrap
You need to look at the return on investment (ROI) on any item you’re about to spend money on, and whether it contributes to the company’s growth. Incorporate the cash-strap/bootstrap attitude into every facet of your business. You need to consider the ROI on anything you’re thinking of buying, and does it financially benefit your business.
Integrating startup thinking into your whole business, you’ll be amazed at just how effortless your business becomes. From product development to human resources, every area of your business will be certain of success. Is this the year you incorporate startup thinking into your business’ growth initiatives?
Before You Start Your New Business, Ask Yourself These Five Vital Questions
Now that Pot is Legal, Start Your Cannabis Business the Right Way
Profit from Your Competitor’s Decline
Business Growth. Taking Your Startup to New Heights
Want to Grow Your Business? Here Are 5 Things to Do
Tax Implications of the New Pot Legalization
Should you Start a Home-based Business After Retirement?
Help Your Children Turn Ideas into Money