As an entrepreneur who has been in this field for a decade, I must say that jolting down the perfect business plan or finding the ideal customer segment is not the ultimate recipe to get your startup off the ground. It is all about getting involved and going out of your way to make it happen. However, how do I exactly go about the whole process to power off the business from the ground? Here is how it happens.
Balance Between Activity and Action
In school, most students who are aspiring to become entrepreneurs are taught about activity and less of action. Activity in startups often involves a lot of time spent on promotional objectives, market analysis and competitor market. Rarely have I encountered individuals with great ideas who have done basic analysis, have a business plan and contacted over 20 customers to get their feedback. This is a huge yet embarrassing display of ignorance among investors because they are primarily looking for signs of action instead of facing the bull by its head.
No Excuses at any Point
Most investors like to make a lot of excuses on why they don’t want to invest or explore a certain market niche. After completing the Malaysian company registration process, I really sucked at pitching new customers and potential partners. As a result, nobody would want to write me a check. When asked about the current situation in my business, I would always sugarcoat things in the form of excuses. In short, I forgot to re-evaluate myself and come up with new ways to improve my business. There should be no excuses in your startup. Taking full responsibility of the business will not only nurture self-confidence but also create strong admiration among potential investors and customers at large.
Options are Quick Ways to Leverage Yourself
Most investors make the mistake of using up their option pool very fast hence diluting themselves. For instance, many make the mistakes of signing up tons of business affiliates and advisors and giving them whatever they want even if it means exhausting all the options. Even though such affiliates may be of value to the startup, a better job at negotiating could make all the difference between getting diluted or staying upbeat in the business.
Don’t Waste Time in Startup Networking Events
What is learned in startup networking events is the same thing that can be learned online. The only difference is that most startup events cost a fortune and need a lot of time to hone and nurture. This means that I don’t have to attend every networking event to make my business relevant in the market. I will only choose a few which I consider friendly to my pocket and worth my time. I usually check the list of the attendees every time I consider registering for a particular event. I ensure that the event has the people that can contribute something to the business.
In simple terms, if you want your startup business to succeed and hit the roof, be smart and intelligent at all times. Don’t waste your time on activities and instead, take actions. Don’t focus more on networking and using up all the options you have. All the best.