Every Startup founder faces some similar challenges in the initial months of incorporation. Here we have brought few strategies which helps the founders to overcome the challenges and perform better.
Fremont, CA: Startups are always a challenge for the founders or the CEOs. Starting from raising startup capital, developing competitive products, building a management team, starting a marketing program, finding early customers, and finally closing the sales, everything is quite a daunting task.
Every startup founder finds it quite difficult to score cent percent in all these areas and falls short in some or the other area. It's very crucial to understand how crispy success is and how it should be communicated clearly to all the team members associated with the startup. To achieve this, founders should follow a set of strategies.
Here is the list of 5 such strategies that a startup should follow to achieve well-defined success.
Expect Big Challenges and Be Prepared for Them
The very first challenge a company face is the choice of product or service to come up. Not only this, having a strong plan, vision, and team is required to take any such decision. Rejections are a part of life, and a startup is likely to get rejections in its initial phases. The founders shouldn't be dejected with the rejections rather find the cause of rejections and try to cover them up as soon as possible.
Become a Great Salesperson
The only indicator of business success is its sales. Higher the sales, the higher the revenue and profit as well. Hence, to achieve this, the CEO should himself become the best salesperson and communicate with the customers personally. Only when a CEO or founder becomes the salesperson, he can motivate his team to do so and achieve the desired goals.
Hire the Right Team
A business without a team is like a tree without leaves. Therefore having a good team is essential for the growth of a company. Every employee should be hired as per the requirements of the company, and no compromise should be made in that. The CEO must not be reluctant to fire unproductive employees who just adds up to the cost of the organization.
Focus on Continuous Funding
Raising finance, seed, or venture capital is perhaps the most challenging and time-taking task. Intelligent CEOs know it very well that keeping the process of fundraising continued is essential for the startup. Ready funds help a venture from numerous angels. It helps to run the PR and marketing work, always keeps the door of growth and expansion open for the company.
Be open to Suggestions, Advice, and Criticisms
A CEO must always be open to advice, suggestions, and criticisms. He/She must listen to the suggestions given by the employees and stakeholders of the company and take them into consideration. The suggestions may be related to new innovations, sales approaches, marketing strategy, and changes in the product. Though it is not mandatory to act on all the suggestions, CEOs must at least listen to them. Holding company-wide meetings, open-door policies, setting up of an Advisory Board are some of the ways to receive suggestions, advice, or criticisms.
It is essential for the founders and CEOs of the Startups to have a clear vision of what comprises the success of the company. Having that, the management could clearly share the vision of the company to its employees and stakeholders and motivate them to work accordingly.