The dream for your startup may have been conceived in a college dorm or while surfing online. Turning that dream into a successful startup is very possible but you have to have a certain set of skills or surround yourself with people who have them. If you have a great idea, you will soon realize that you and your roommate are not going to be able to handle the many different facets of running a startup.
No matter how brilliant your idea is there is no guarantee it will make money right away. Finding the right investors willing to take a chance on your idea is going to take time and perseverance. Your startup capital is the money you will need to open your business until you can generate enough revenue to be self-sufficient.
The operating capital includes everything from salaries to interest payments. You should have at least six months of operating capital as your startup expense but preferably more.
It is very easy to lose focus when you’re wearing multiple hats running your startup. If you don’t have a clear objective that is outlined with realistic goals for your company you’ll have a hard time achieving any measurable success. The best way to stay focused is by monitoring your progress on a consistent basis to determine if your objectives are being met and what you can do to meet them. Implementing this policy during the early stages of your startup will lay a foundation of responsibility and accountability which will also keep you focused.
Maximizing Your Resources
Although it is very admirable to see startup owners juggling multiple tasks it eventually wears down even the best of us. If your resources are limited regarding the manpower you have available at your disposal, find out all of the hidden talents your employees possess. Don’t assume you are the only one capable of multitasking, demand it of your employees and you will have more control of your company in maintaining the focus required to succeed. When you initially hire your employees ask them to list their primary, secondary, tertiary even quaternary skills they will be willing to perform if all the chips are down. You also have to realize when the time has come for you to throw off one of those hats and hire someone that is an expert in their field.
As you are developing your startup, there will be a lot of ups and downs until you get your product on the right path. Until you achieve that goal you have to accept feedback from people who have regular interaction with your organization. This includes everyone from investors to customers, vendors and employees. Feedback is what keeps organizations of all sizes in a steady state of growth and not listening to what your customers, employees and advisers are telling you is a blueprint for disaster.
Create A Team
As you are developing your organization you have an opportunity to create a team environment where the camaraderie between you and your employees will carry you through thick and thin. This becomes harder once your startup begins to experience rapid growth so the best time to implement the team concept is in the beginning. Just like a sports team let everyone know they are all invaluable and a critical part of your startup.
A startup requires many different skills and no matter how gifted you are you have to rely on people that have more ability than you when it comes to performing different tasks. Knowing when they are needed can be the difference between an IPO and bankruptcy.