It is perhaps easy to think that startups have things reasonably simple. However, there’s a world of challenges out there! Only the best succeed - and regardless of your niche, there are always a few things you learn along the way. Here are five pointers founders and innovators have to share.
Always Go Deep with Your Competition
Before starting any company in any niche, it pays to look closely at how the market already performs. However, that means more than just looking at a handful of graphs and statistics. It means actually scoping out physical locations, becoming a customer - perhaps - before actually competing in the niche.
You could sign up for email lists, buy products, and ask opinions. See what everyday people have to say about the bigger fish in your pond.
You Don’t Have to Fly Solo
Entrepreneur Bram Krommenhoek puts it concisely - you do not have to go it alone. Regardless of competition and existing products/brands, entrepreneurs largely support one another. Krommenhoek says this was fairly surprising at first. Startups aren’t necessarily ‘in it to make money’. They want to help people.
Go into innovation with your company with a helpful, altruistic attitude. It might just be the making of you.
Mine Success Points, Not Just Solutions
There is a strong culture of merely solving problems between founders and company owners across the globe. Stacy La, the Director of Design for Clover Health, believes innovators need to do more than just ‘the minimum’ solution. She refers to mining takeaways - in that, for every challenge, you should strive to emerge with two positive outcomes.
The argument is that problem solving alone is not conducive to long-term success. Ventures need to grow quickly and often pivot just as efficiently. Therefore, an attitude to squeezing more out of a situation than just the ‘default’ is likely to breed healthier results.
Plan, Plan, Plan
Every business owner needs a plan. However, the point here is that many founders and COs fail to plan for the bigger picture or far enough down the line. What many experienced founders suggest is that you actively need to consider the worst-case scenarios. Though they may never happen, this is not a line of work where you can afford to err on the side of perfection.
The more plans you have - plans A, B, C, D - the more avenues you have for turning challenges into successes.
Bram Krommenhoek, again, raises a fantastic point that many hard-working people miss. Never sacrifice mental health for short-term wins. In the long pass, founders need to be mentally resilient to take on future challenges and growth opportunities.
That, ultimately, means taking regular breaks. It also means being unafraid to embrace meditation, long walks, and healthy levels of hydration!
The startups and data available to view real-time through Fundz only exist through careful planning and hard work. There are no ‘perfect’ ways to run a venture, but there are healthy practices you can learn from before starting.