Let’s say that you’re interested in starting your first business. Certainly, you need to keep a number of ideas in mind because it’s easy to get carried away and live through it without some ground rules. Sometimes, breaking the rules is a great thing, if not entirely necessary, but without some guidance you may run the ship of its course and into serious trouble. Let’s avoid that and take a look at a few basic startup principles.
Of course, start with a passion. Pursuing a passion greatly increases the chances of success. Nothing is guaranteed but pursuing a passion is great start. Mark Cuban says that it’s not worth starting a company unless it’s your passion and obsession. Why put the time and effort into something you’re not passionate about? This pursuit is going to involve some of the highest highs and the lowest lows you’ve ever experienced, so if you’re not cut out for that roller coaster, then just stop now.
Cuban also says that if you’ve an exit strategy, then it’s not an obsession.
Second, sell something and build a “must have” product. In other words, provide something that once they start using it, they won’t be able to stop using it and if they stop using it, then they’ll be able to perform certain functions they relied on your service on providing.
If you’ve solved a customer’s “problem” then they’ll likely stay with your product as long as you refine your product and make it even more effective as your startup evolves.
This goes along the lines of starting a business that solves a problem which although we’ve heard time and time again, it’s important to keep in mind. Of course, we all know of the exception “viral” entities that have grown to make millions that also weren’t created to solve a problem, but that’s why they’re exceptions.
Remember, a slick marketing campaign will only take you so far if you’re product just isn’t that great or isn’t yet ready for release.
Getting the right team together is imperative. If you can’t put the right team together, knowing who to hire and who to avoid, you’re at a disadvantage.
Make good hiring decisions and take your time. A bad hiring decision will cost you much more time and money in the long run that you might now even realistically have as a startup. This hiring decision not only means people who will take care of things that are outside of the scope of your talent, but it also means considering partners that will complement your vision and passion.