Growing a successful company from scratch is like pushing a boulder up a hill; you are fighting gravity to gain recognition and achievement amongst a mountain of adversaries. Establishing yourself amongst a sea of competition while you have a fraction of the revenue, funding and reputation of the competition is extremely arduous. Despite the challenges, building a startup can be very rewarding – if you are able to implement the right strategies.
Here are four tactics to use during your startup’s early stages:
1. Be flexible
Always be willing to adjust your plan according to the demands of your market and customer. Never be too proud or stuck in your ways to judge your product; always be open to advice, feedback, and be willing to change. Remember that the goal is not to create the best product; it is to create a product that your clients will view as the best. Keep your focus on the needs of your client, and on how to address those needs, rather than your own particular vision. A successful company is one that can embrace failures, learn from them, and create strategic iterations upon iterations until product market fit is found.
2. Never lose faith
Startups are not for the faint of heart. Inevitably there will be disruptions – sometimes disasters – that temporarily stand in between your company and success. Having continued patience and devotion to your company’s success is crucial to overcoming the challenges. Staying positive through a marathon of opposition is half the battle, and will ultimately enable your company and team to stay afloat.
3. Get clients
This seems simple enough, yet too many companies wait for their product to reach perfection before swallowing up market share – and by the time their product is pristine the clients have gone elsewhere. Begin making introductions, spreading your brand, and obtaining committed partners from the moment your company is established. Once the product is ready, it will spread like wildfire.
4. Hire the Best People
The people on your team are the most important assets to your company. Hiring the right people will enable your company to stay on the right track and rebound from defeats. The best people for startups are not necessarily the best people in their industry; if you want to build a new entity you need innovative, intelligent, adaptable people who can help create a company from an idea. A person who has the willingness to do anything necessary for the company's success is a person you want on your team.