Startups are chaotic. You are only certain about uncertainty. You know you will face mammoth obstacles; have heartbreaks; bear some grueling talks, and often find yourself in helpless situations – that’s a startup for you.
The first 100 days in the life of a startup come with a range of important decisions. It is important to get the idea and the team right first, which in itself is no easy task however there are some very important financial and legal jobs to get done if you are to set yourself on the fast track to long-term success.
Most people are not familiar with the ground realities of a startup. They have fanciful illusions of what it should be like until reality punches them in the face They are passionate but are unfamiliar with the basic skills of running a business
Let’s take a quick dive into the pool of start-up knowledge that will help you turn your dreams into a reality.
Don’t quit your job immediately
The benefits of having a part-time business while working full-time are many. While you keep your job, you are assuring your well being, with a source of guaranteed income. This strategy will reduce the usual risk of letting it all in. Another reason why you should not quit your job at the start is that you will get to know whether you’re committed to your startup idea or not.
The following are a few tips that any entrepreneur can use to set the foundation for success in the first three to four months of their endeavor:
Develop an informed vision before you start.
As an entrepreneur, it is essential to be informed when deciding to take on a new venture. It is important to think about what problem you are trying to solve and how you are uniquely equipped to solve it.
Venture capitalists are always looking for a founder’s unfair advantage in a market space.
The preparation period is key in building the right foundation of an early stage venture. This period helps articulate to early customers, angel investors, or internal stakeholders your vision for the venture and it can enable you to gain the early buy-in that’s vital to the viability of a venture.
Build a strong team and get customer feedback.
Once your initiative has started, you should begin to assemble a strong team that addresses the needs of the business/product and fills any gaps of expertise you have. This diversity of abilities gives the startup or new business unit the collective skill set to build a product that can quickly cater to the needs of their customers.
It’s important to note that the founding team should not strive to simply build the best product in a vacuum, but look to engage with all stakeholders to ensure they are solving real-world problems their potential customers face.
Getting feedback from your stakeholders is something to be encouraged not feared because it will help you along your path. As LinkedIn founder Reid Hoffman once stated, “If you aren’t embarrassed by the first version of your product, you’ve launched too late.”
Ensure your ideals are rooted in reality.
Entrepreneurs who are successful understand that striking a balance between the ideals they hold which will often be repeatedly questioned, and the flexibility to adjust, given that it is quite often the case that problems faced in the present many times differ from what was originally anticipated.
Successful entrepreneurs quickly develop a good understanding of what aspects of their vision are non-negotiable and what can be changed for the betterment of their product, company, and customer needs.
Establishing the combination of flexibility and idealism can sustain a company during difficult times. In the first 100 days, don’t worry about the current situation
Keep your focus on your plan. Don’t scale too quickly,(often enough companies grow too quickly and die) just do what you’re good at serving the needs of your audience. Do not be afraid to take calculated risks.
Lastly,Help others. Once you are learning things and your business is growing, you will meet others who are starting out or even considering starting a business. HELP THEM.
Especially if you are a company in a coworking space (which by the way is an awesome way to start when you don’t have a reliable workspace). Being honest and true to your business concept makes a difference.Setting up your business up in a systematic manner and keeping room for improvement is vital as a startup who is new to market space.