It can be really overwhelming and quite stressful to launch your first startup and it is actually not even the hardest part. What really matters is whether you will be able to manage to keep your business alive, and the first year of it will be the determining factor for that. An estimate 80 to 90% of business startups do not usually survive its first year according to a research done by Bloomberg. In addition, 8 out of 10 entrepreneurs will actually fail within 8 months onto the business. It may be a bit alarming but there’s no reason to be scared and back out now since the secret here is to getting ahead is to actually get started.
Create a team you trust
It is important to form the proper support during your first year. You can achieve this by choosing out the correct people for the job. Starting a quality team is not an easy task, as you will want to have beside you individuals who share your vision, those who are skilled and smart and most importantly – individuals you can trust. Another essential aspect is not only who you’re going to let in your team, but also when. Timing as they say is everything and you need to keep in mind that being the founder of a company, you are responsible for your team, so en sure to keep it small and of top quality.
Target your clientele
Always remember that your product is a undeniably just that, whatever you are trying to sell,. A product is intended to be sold to a certain demographic. Most newbies get so caught up in their product that they usually forget that are not building it for themselves but for the people who will buy them. This is the reason why it is vital to get to know who your target demographic is and make sure to focus on providing them with something that will meet their needs and wants. It is also ideal to make an initial group of trusted clientele and they will be able to do the marketing part for you instead.
It will not matter how fresh, innovative and great your idea is, if you want to see your business flourish, you will need to allow it the opportunity to evolve into something bigger. It is desirable to keep the original character and idea of the product or service you are offering, but it is also a good idea to be open for changes. If you want your business to develop, you will also need to let your ideas and products or services grow and develop with it.
The importance of taking a break
Another big mistake some entrepreneurs make is letting their business take best of them. This usually happens mostly to young entrepreneurs and is most of the time the main reason for their downfall. It is very important to know the difference between being passionate about your business and being obsessed with it. Do not let yourself become too involved in your business, instead learn to make a better balance between your business life to your personal life as it will make a huge difference.