The Startup 101: How Can a Startup be the Next Big Thing?

Entrepreneurship is too glamorized, and overnight success is a lie.

There, I said it.

Bash me for being a killjoy, but the truth is social media showers us with the “good bits” of startups. So much so it takes away from the focus on the invisible years of hard work behind the very visible fruits of labor.

The charm of becoming your own boss is evident from the way the economy has changed. Becoming an independent, stable person with a house and savings is now an impossible feat at 25—something that was quite doable in the ‘50s. The rising prices and stagnant wages are a big reason, among many others. ?

So, I understand the need for a hustle culture, but every startup doesn’t stabilize. Many fail within the first few months—some spectacularly, some sputter away into the void.

It brings me to the topic I want to discuss today.

What can startups do to stay afloat in the industry?

Let’s discuss a few pointers.

Focus on Value, Not Profit

The purpose of every business is money, but it should never be the goal. Sounds counterproductive, right?

But wait, hear me out.

When you set up your business, money might play a big role in your motivation to do things on your own. But if you make that your only goal, you become shortsighted.

Startups that last longer have a purpose.

Define yours. It could be the problem you intend to solve, and it could be your core values.

Define a reason why you’re doing what you’re doing. This doesn’t apply just to you, but also to the employees you will hire and the customers you will eventually sell to.

Money will come along the way. There are strategies for that. But to hold out on your own in a cutthroat competition like today, you need to have a foundation to support you and give you direction.

Build a Self-Driving Team

Circling back to the first point, if you have a reason or clear goal for your startup, it will become easier for you to set up systems to inculcate the same values and instill the same beliefs in your current and future employees.

But there’s more.

If you’re the owner and are territorial about your beloved company, there’s a high chance you could strangle its growth with micromanagement or with a lack of creative freedom. The best way of safeguarding the future of your startup is to build a team of leaders. Hire people who love what they do, who are good at it, then throw them the ropes. Let them handle whatever comes.

Of course, this doesn’t mean you create a culture of unaccountability.

Set goals with your team. Give them a voice, so they can take charge of day-to-day doings and leave you room to strategize and think ahead into the future.

Validate Your Idea

You can have a perfect idea, build as many personas as you want, conduct as many surveys as you can, but your product or service may still fall short when it gets into the hands of users.

Thing is, the real market is unpredictable. You can build nice, detailed plans. But much like in real life, the real world will take no qualms into ripping them to shreds.

Source

So, how do you fight—and win—with such an unpredictable enemy?

You test the waters and adapt to the tide.

There are many, many ways you can do that. For instance, if you’re about to release an app, launching an MVP is one. Manually finding people willing to buy your product is another. Setting up ads is one, too. Find a way that fits your product needs to validate your startup.

So, what do you think? Do you agree with the methods? Are there more ways to future-proof your startup? Let’s discuss!