How to Launch a Startup Fast
A startup or start up is a company initiated by individual founders or entrepreneurs to search for a repeatable and scalable business model. Founders design startups to effectively develop and validate a scalable business model. Hence, the concepts of startups and entrepreneurship are similar. However, entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, while startups refer to new businesses that intend to grow beyond the solo founder, have employees, and intend to grow large. Start ups face high uncertainty and do have high rates of failure, but the minority that go on to be successful companies have the potential to become large and influential. Some startups become unicorns, i.e. privately held startup companies valued at over US$1 billion.
How to Launch a Startup Fast: 5 Critical Steps
With the United States currently enjoying an unprecedented period of economic prosperity, millions of entrepreneurs are eagerly tugging at the leash to launch their own startup in the hopes that it will garner them millions. Starting a startup is easier said than done, however, and most businesses which try to get up and running inevitably fail within the first few years.
Don’t let the dispassionate cruelty of the market sink your startup’s prospects before it ever gets a chance to shine. Here are the 5 essential steps you’ll need to follow if you want to start a startup fast.
1. Start by Plotting out Your Vision
The first and most essential step in launching a successful startup is to thoroughly plot out your commercial vision. Many entrepreneurs have a rough idea of how they want to foray into the market, yet few of them draft up comprehensive business plans which will steer them through the tumultuous starting period that all startups must endure.
You can’t content yourself with vague details regardless of how ambitious you are, as even the most dedicated entrepreneurs need a roadmap to follow if they don’t want to get lost or outcompeted in the open marketplace.
This manual and similar guides will help you as you draft a business plan that’s tailor-made for your startup, but remember that there’s no one-size-fits-all approach to commercial success. Manuals of this nature are excellent for giving you a general overview of what’s expected in a business plan, but you’ll also want to remember that your startup must chart its own course with its own specific strengths and weaknesses in mind.
This is an excellent time to plot out how you intend to lure in investors, too, as most of the investors you seek out will inevitably want to see some business plan or similar document which details the inner workings of your ambitious startup. If you can’t convince investors and prospective employees that you have a comprehensive vision of where your startup is going to be in a few years’ time, then your commercial ambitions are effectively doomed from the start.
Now that you’ve plotted out your vision for your startup, you can move onto the next crucial step; assembling a team of professionals who will help you attain financial success.
2. Launch Your Recruitment Efforts
The second crucial step towards starting a startup fast is launching your recruitment efforts early on in the process; the sooner you get some stellar employees on your side, the easier a time you’ll have of navigating the marketplace.
Investors will be attracted to startups which have attracted talented specialists, especially since having the best human capital available is a surefire sign that your startup is going to stand apart from the crowd and become a dominant market actor one day.
Furthermore, workers will help give your startup a sense of legitimacy that’s sorely missing when you’re the sole employee, as few customers and investors will take you seriously if you’re a one person operation.
Phrases like “recruit the best human capital” may sound savvy, but how can you go about actually doing it? After all, the best workers usually demand hefty salaries in exchange for their expertise, and most startups seldom have excess cash to burn. This is one of the most difficult aspects of starting your startup quickly; you’ll have to determine how much you’re capable of spending on talented workers without bankrupting your company, understanding all the while that too much penny pinching can result in lacklustre recruitment drives that drum up meagre talent at best.
Every industry is different, so your startup can’t necessarily rely on the hiring models used by others. Nevertheless, it’s worthwhile to conduct market research on your competitors to determine how they’re scooping up talented workers to see if you can copy their techniques.
In addition to scoping out what your competitors are up to, you should also be enlisting the help of technology; any 21st century startup which isn’t tech savvy is going to struggle to attain success, so consider investing in human capital management tech which can expedite the hiring, training, and management processes.
If you can’t afford to invest in expensive management software, consider doing things the old-fashioned way and searching for talent on today’s social media platforms. After all, the next generation of tech savvy workers is constantly online, rendering most popular social media platforms an ideal recruitment environment for your ambitious startup. This strategy will also enable you to gain a more comprehensive understanding of the personal lives of your prospective employees, which will help you determine if they’re an adequate fit for your aspiring business.
3. Learn to Master Differentiation
After you’ve assembled an elite team of professionals who will help you launch your startup, you need to give serious consideration to how you’re going to differentiate yourself from competitors in your local marketplace. By their very nature, most startups are venturing into hostile territory for the get-go; when trying to climb to the top of your local market, you’ll face stiff headwinds from established businesses which don’t want to cede an inch of their turf to your nascent company.
Rather than stand idly by as major companies try to stomp on your still-growing startup, you need to take action to separate yourself from the masses and make yourself more attractive to new customers.
The previous steps are directly related to this one; if you have a stellar workforce that’s composed of talented individuals, for instance, your startup will have an easier time proving to customers and investors alike that it’s different from others in its industry.
Learning to master differentiation takes more than hiring a few good workers, however – if you want to garner sustained attention for your brand, you need to make it clear that you’re unlike anything customers or investors have ever seen before.
There are a number of techniques that aspiring startups can rely upon to differentiate themselves with. Pricing your goods and services in a competitive fashion is an age-old tactic that’s worked for countless businesses in the past, but this isn’t always an option if your startup is desperate for cash and finds itself in need of higher rates to keep the lights on. If cutting costs in order to offer cheap prices isn’t a possibility, your other option is to offer goods and services of unparalleled quality to your customers and clients in hopes that they come to associate your brand with excellence.
Reviewing a list of ways that startups can differentiate themselves is a must for any entrepreneur who doesn’t want their new business to flounder in the market. If you’re offering new and intriguing services like a blockchain service which is unlike anything presently available, your startup is much more likely to garner positive press for itself while attracting talented individuals in its industry who want to be a part of the best up-and-coming company around.
Businesses which fail to differentiate themselves will inevitably fail, particularly now that we’re in the era of specialized services which are tailor-made to meet consumer demands. Ignore differentiating your startup at your own peril, as doing so will relegate your company to the dustbin of history before it ever gets a chance to prove itself.
4. Know How You’re Going to Leverage Tech
After you’ve drafted a stellar business plan, recruited talented employees, and figured out how you intend to set your brand apart from others in the market, you can address the pressing issue of how your startup is going to leverage tech as it attempts to establish itself.
Most entrepreneurs who are eager to launch their own business have a simple tech strategy; digitize your operations to the greatest extent possible in order to cut costs.
In reality, however, this is far too vague a strategy to base your entire startup on. You need a specific, tech-centric plan that addresses how your company will leverage digital technology to make a name for itself while keeping operational costs under control.
Establishing an IT budget as early on in the startup process as possible is a good place to start. If you don’t have an allotted amount of cash set aside to spend on your digital operations, you’ll likely find yourself overspending or underspending, depending on your industry. Getting your startup up and running as soon as possible is important, but you need to understand that rushing the establishment of your digital operations is a surefire way to permanently weaken your startup’s market prospects.
Who you hire is an important part of knowing how you’re going to leverage tech for success. If you rely on third parties to manage your digital operations, for instance, you’ll end up saving money but will lose important autonomy.
Taking into consideration your startup’s industry and the local market conditions, you need to determine how much you’re willing to spend and whether you’re willing to have dedicated IT specialists as members of your permanent team. While tech gurus frequently command high salaries, they’re often a worthwhile investment, particularly if your startup needs to establish a strong digital presence for itself to lure in new customers and attract potential investors.
Marketing is an important part of this process, too; in this day and age, virtually all marketing is conducted through digital mediums which demand IT expertise to truly master, so having some digital gurus on your side will doubtlessly bolster your outreach to customers. Knowing how to use tech to take your startup to the next level may be the deciding factor that determines your overall success.
Don’t be afraid to do your IT homework before continuing if you want your business to make it in the long run.
5. Understand That You’ll Soon Have to Scale Your Business Upwards
Perhaps the most egregious mistake that many entrepreneurs make when leading their first startup business is ignoring the fact that they’ll one day have to scale their business upwards.
Startups are tiny by their very nature, but some startups grow at a ravenous, insatiable rate that quickly sees them outpacing competitors and growing to such an immense size that scaling upwards is a necessity if you want to keep operating.
You may think you have a plan for when you hit profitability and gain some extra spending money, but the truth of the matter is that, scalability must be considered from the earliest days of your startup if you don’t want to flounder once you start hitting the big leagues.
When establishing your company’s IT network, for instance, consider how scalable your digital operations are and whether the tech investments you’re making right now will be useful if your startup suddenly expands. Make sure you have adequate commercial insurance in place to protect yourself against cyber attacks and other issues. Some software services are ideal for tiny startups, for instance, but simply insufficient once your business grows and finds itself in need of more complex digital services.
Furthermore, your hiring model needs to take into consideration the fact that you may suddenly need to recruit more employees to appease consumer demand or convince investors that you can keep growing.
This final step of starting a startup quickly is fundamentally tied to the very first step – when envisioning your startup’s future, you must consider what you would do if you were to attain success beyond your wildest dreams. This is because businesses plan extensively for failure yet seldom consider what their next step will be if they actually achieve their goals under budget and ahead of schedule.
Keeping an eye on the future and understanding that scalability must be considered from the earliest days of your operations is an imperative part of making it as a successful entrepreneur.
Final Thoughts
Building a successful startup fast isn’t easy – you’ll need to make difficult hiring decisions, invest prudently in the technology your company will be reliant upon, and must constantly be read to change course if things go south.
Furthermore, ever-changing market conditions can thrust your otherwise prosperous startup into jeopardy despite the fact that you did everything properly. Remaining flexible and fostering a persevering spirit are thus essential parts of being a successful startup leader – keep that in mind, and everything else will naturally fall into place.
10 Ways to Stay Motivated as an Entrepreneur
If you’ve just started on your quest to entrepreneurship, then you are probably finding it hard to set yourself tasks and goals without an employer or colleague supporting you. On the other hand, if you have been on this adventure for some time now, you have probably come in contact with some bumps in the road that have set you back. You may also find it hard to balance the multitude of entrepreneurial tasks you have with your personal life.
Either way, as an entrepreneur, it’s easy to lose motivation. The key is to not give up and to find ways with which you can lift yourself up on those longer, more grueling days. To help you, I’ve highlighted 10 ways you can stay motivated as an entrepreneur.
1. Set personal goals
You’ve probably created your business with specific goals in mind, objectives you want it to achieve, and of course, some core values you want it to live by. The problem is, many who start their own business forget to create their own personal goals. It is crucial that you write down your reasons for becoming an entrepreneur in the first place.
Whether it be on your computer, a piece of paper, or on your phone, have them handy so that you can read them whenever you feel you have lost motivation. Some of the reasons you have chosen to become an entrepreneur could be:
- You want to be your own boss
- You want to create your own projects
- You want the opportunity to grow a business you are passionate about
- You want to be able to eventually choose your salary
2. Leverage triumphant entrepreneurial stories
There are thousands, if not millions, of success stories about entrepreneurs of all kinds making it in the real world. Use those stories as a source of motivation, and most importantly, learn from them. If you have a specific problem you need to overcome, look at ways others have done it in the past.
3. Join the “Read With Entrepreneurs Book Club”
Reading can be a great way to temporarily jump into another world and learn new skills. People who read are typically able to better focus their attention, as well as overcome problems in new and creative ways. Online book clubs allow you to do all the above while meeting like-minded people.
Specifically, the “Read with Entrepreneurs Book Club” is where entrepreneurs from various industries regroup to tell their peers about inspirational and motivational books they have read. The Facebook group allows you to share your findings and learn from others while allowing you to discuss all things relating to entrepreneurship and business.
4. Maintain a healthy routine
Stress is inevitable, but learning how to cope with it is crucial. People often forget to look after themselves physically if they are not feeling well emotionally. However, physical wellness can have a highly positive impact on your mental health, so it is crucial that you:
- Maintain a healthy diet
- Engage in regular exercise
- Get some time to yourself (away from your work)
5. Create a morning routine
To make sure you have a productive day, you need to start it properly. Once you have woken up, showered, and had breakfast, you should sit down and create your list of goals for the day. Try and make three-quarters of your goals business-related and one-quarter personal. These will help you stay focused and organized.
Some examples of business goals could be:
- Contacting potential investors
- Putting together a social media strategy
- Writing new content for your blog
Examples of personal goals could be:
- Having a date night with your partner
- Watching a film you love
- Exercising
6. Set reminders for yourself
Even with a list of goals displayed in front you, it’s easy to lose focus. Losing focus can lead to irritable behavior and a loss of motivation, so remember to set yourself reminders. You can use your phone to set alarms reminding you to:
- Get certain tasks finished by specific times
- Get off social media and focus on your work
- Send emails to shareholders
- Publish blogs or social media content
7. Engage in motivational activities
You don’t have to always be focused only on your work. Indulging in other activities that you find motivational can also drive your entrepreneurial success. In your personal time, you could watch inspirational films, both fiction and documentaries, listen to motivating podcasts, or even listen to music you find uplifting. These activities can be performed at home, while preparing your meals, or during your commute.
8. Get a good night’s sleep
Many believe that completing business-related tasks is worth missing out on a good night’s sleep, but the truth is, lack of sleep can lead to a lack of concentration and motivation. It is paramount that you get a good night’s sleep to be able to pursue your entrepreneurial tasks. You’ll notice that by delaying a task and getting some sleep, you will complete it twice as quickly the next day.
9. Set challenges with your loved ones
The best form of motivation you can get is from your friends and family. They can pick you up when you’re feeling low, congratulate you when you achieve your desired milestones, and encourage you when you are in a slump. You can also engage in a bit of motivational peer pressure by challenging each other with various tasks.
10. Reward yourself
Give yourself incentives by rewarding yourself for a job well done. Whether they’re big or small, your entrepreneurial victories are a milestone towards the overall success of your venture, so treating yourself can only encourage more hard work. Motivational rewards could be:
- Dinner at a nice restaurant
- Buying yourself something you’ve always wanted once you reach a monetary milestone
- A vacation you’ve always wanted to take
- Organizing drinks with friends
Finally…
The key to staying motivated as an entrepreneur is remembering why you embarked on your journey in the first place. Staying positive and using some of the tools outlined above will help you stick to your workload and reach your goals. Remember, the key to your success lies within you, but always seek out the wisdom of others to reach your true potential.