10 Startup Survival Rules Every Entrepreneur Should Know
tartups make a lot of work and many nights without sleep, but when they succeed, they become a precedent. They are referred to as visionaries who can predict a future, something other normal people cannot imagine or fear attempting. Every entrepreneur should know some Startup Survival Rules.
Startup creators are scared and adventurous people who sacrifice many personal things to make a dream come true. For this, you must be passionate, concentrated, and dedicated to success.
Though most of the effort is needed as a startup develops, the hardest time is when it is concerned with the survival of the startup. Some start-ups get killed before they get big, some get killed before they can even start.
So the startup needs a survival plan to survive the market, the cash crunch due to delays in funding, or any other problem which plagues its survival.
Some Startup Survival Rules For You
If you want your startup to survive and sustain in the long run, you must have to follow these rules:
Pick Good Co-founder
The first rule among all startup survival rules is, pick a good co-founder. The startups themselves kill most startups. It all begins to find a poor co-founder. Bad co-founders could be great people.
For reasons that are not bad, such as going home to school or carrying out a job, they may not do well in a startup as well. This is why it is difficult to gauge who would be a successful partner at the beginning.
Users can’t use you until you start. Your startup is worthless for you if users can’t use you. The longer you continue, the harder the habit is to break. After an idea for a startup is created, a launch date should be set and adhered to it.
There is no point in making a stealth start-up for so long that someone else copies the concept and comes first. Also as soon as the news of the startup’s a product/service is used by the few users in the alpha/beta story, the degree of interest in people’s minds is very strong and glorious analysis or coverage in tech blogs and magazines.
If startups struggle to pay for their goods/services to this mass hysteria, consumers could be not enthusiastic about their products later on and the vacuum may be filled by something else. Just before their launch, start-ups can be useless if people find them not useful when launching.
Furthermore, you need to concentrate on those aspects before starting up if you are a non-technical entrepreneur. So start until you get used to being unnecessary.
Let Your Idea Develop
Many successful companies have fundamentally changed their ideas. Paypal had begun to think that between palm pilots they would transfer money. Do you remember more of them? Just right. We could never have learned of them if they were not open to the chance to change anything.
Better To Make A Couple Of Users Happy More Than Many Ambivalent
They’re probably going to say yes if you ask people if they like your startup. People sometimes are way too nice and ready for appreciation. But for you, it doesn’t mean anything. Take time and money to vote on them. It counts if you are actually used. If they say that it’s a nice idea, but don’t use them, you must be concerned.
Offer Customer Service Surprisingly Good
In the beginning, it is possible to pay personal attention if the startup has fewer clients. These guys are almost like investors because they were interested in your product, except that they spend time. If these users’ original batch are satisfied, they are active evangelists and good company supporters.
Offer customer service surprisingly good. You can start by talking on or in person with your customers. Cause they are the first people to use your product. They’re only with time like investors. Learn and give the best you have from them.
Pivot, If Necessary
This phrase is described by Eric Ries, it was in one phrase only that this phenomenon explained best:
“A pivot is a structured course-correct designed to test a new fundamental assumption regarding the product, the strategy and the engine of growth,”
Eric Ries stated. It’s one of the essential startup survival rules for you.
As a symbol of defeat, pivots do not. Instead, the corrective measure must be considered before the startup is too late to direct the course that leads to the dead startup.
You Do What You Do
You’re not a startup until you expand. However, if you calculate the wrong metrics, development is always misleading. Dimension what it really entails for you to better you and live there.
Since a startup relies heavily on external funding, one of the key causes of failure is the waste of capital. The start-ups are not necessarily in a position to raise funds, so you must be very careful with the money and use it wisely.
The cash of the investor is not available to money startups and without being fair, profitable spending can lead to an untimely death for it. Every time, you are closer to death than you think, however many funds you have. If you don’t make a profit. So don’t spend much. Money in your lender is the money you don’t have.
For startup founders, there are many distractions. Anything in the way of production of their main product is a diversion from magazine interviews to coverages in tech journals, to more.
Of course, startups must control their media relations because it is an art, but there can be too many distractions if they are not properly controlled.
A startup only exists because its users are served. Funds are an amusement. School’s an amusement. Photoshoots in magazines are a diversion. These distractions, naturally, can be useful, but they become useful but lethal distractions if they take time and energy away from creating the product
Do Not Get Demoralized
Nothing will happen in a startup before you do it. People will not answer. Customers are not going to try to compensate. Partners will not come. Investors are going to flake. The staff is going to go. So what are you going to do?
You do not leave. You can’t leave. Keep wandering until you figure out what users need. Don’t give up. The safest way to convince people is to rise, and if you cannot grow, move on. It’s always done when you give up.
The Contract Is Done Deal Dropping
It may be difficult to believe but they may never give the check to you even though investors say yes. People also the best in class have purchaser guilt, second thinking, insecurity they are not different, in short, so wait. And continue to go through it.
Many experts have attempted, in order to judge your own condition and disposition, to clearly identify the conditions for survival and make a reasonable decision before the start.
Bill Murphy, Jr shares his thoughts detailing 10 rules of good entrepreneurship In a book titled “The Intelligent Entrepreneur”.
These rules are –
Think big. Think new. Think again
Ensure the solution is extended in other words. Skilled investors will tell you they are searching for proposals that will, credibly or unjustifiably, project sales of at least 20 million dollars in five years.
Make the commitment
The company can be studied. But instead of just coming up with an idea, you have to get interested in building your own thing, and in making something is likely that you will need many ideas before you can call yourself a strong entrepreneur in the learning process.
Find a problem, then solve it
Try to solve a problem first rather than first finding a new idea. Problem solvers make entrepreneurs successful. Idea people are dreamers who sometimes have little time to make solution money.
Learn to lead
The business leader must do two things for a startup: first, push the process of business development and, second, inspire all others. The rest of the employee customers and clients are part of the team. That means good communication and realistic leadership
You can’t do it alone
You must know and trust a support team of people. A problem solver and an idea individual make a perfect team. Good business people, whether they are associates, investors, employees, providers, or clients, have to cooperate with successful businessmen.
You must do it alone
You need to be decisive, take responsibility, and make a vision. “The buck stops here.” Vision is not an activity for collective thought. Often you have to take decisions quickly and with little hard details, so you have to trust your bowel
No invention may occur without risk. Not all proposals can be champions, or will. Innovation can be destroyed by fear of failure, but scrupulous neglect of risk destroys the company. The good contractor is in a position to reconcile these two extremes
Learn to sell
Do not believe the ancient theory that when we build, they will come. Selling, just like creating a product, is a learned skill, and requires effort. All, especially the businessman, must understand sales and be a distributor.
Persist, persevere, prevail
The key explanation for company failure is too early, according to experts. A good businessman never renounces or uses ingenuity to solve any problems, including personal problems, financial problems, and technology.
Time, not money, is the key resource
Company is a way of life, not work. Be ready for life in the game. No fast fixes or simple, rich solutions are available. Learn how to control and balance your time; you are the only thing. Big businessmen have a life away from work and find time to give up.
There’s a single rule that saves you if you can’t recall all that you have learned: consider your users. They are the consumers who hold you alive. A user-friendly startup will not die, not at least from an external source. But internally it can also destroy itself. Select good founders.
Mehjabin Zaman Mahee
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