The first 3 years for any start-up are crucial, and this tough beginning period is what will typically separate the start-ups that will succeed from those that fail. When trying to get your start-up over this 3 year initial bump, there are a variety of factors to consider in order to achieve success. If failure does come, don’t feel discouraged, but take the unfortunate occurrence as an opportunity to learn from your mistakes!
Some of the key ways to make sure that your start-up can overcome the 3 year hurdle are:
• Be proactive and adapt – The market, the wants of customers, and the business world are ever changing, and businesses that do not adapt themselves to the current demands or trends in business are those that are destined to be left in the dust by more cutting-edge entrepreneurs. Survey and take note of the current market and what the customers want, and ask yourself as an entrepreneur what you can do to better suit the needs of your audience.
• Hire, and hire wisely – A passionate and excited team can carry an idea to heights beyond anyone’s dreams, and a great business will be footed by a variety of great people. While a start-up may not need a certain position or employee right away, always keep those that stick out in your mind on the back burner for when they may be needed. Those that feel true passion for your idea are the ones that will help to carry you to success.
• Identify and monitor your metrics – Identify your most important business figures, and keep a keen eye on their trends. If your business is a smartphone app, for instance, monitor how many people are downloading or using your app on any given day, and if there are fluctuations either up or down, get to the root cause as to why, and fix problems or continue trends that will allow you to remain successful.
• The customer is always right – Customer feedback is an invaluable resource when it comes to the first 3 years of entrepreneurship, and it will remain so for the entire duration of the life of your business. Taking the time to read or keep up with customer feedback is a great way to give the public what they really want, and ensure they keep coming back to your business for more.