Ingredients that will help you grow your startup
The majority of the millennial generation, which is now reaching their mid-30’s, has indicated in several surveys that creating their own business is the ultimate goal of their career.
This is likely because having your own business can be one of the most fulfilling jobs that you ever take on.
There are some things, however, that millennials must take into account.
Even if you go to business school, there are often intangibles – part of being a successful entrepreneur – that can help you to see the type of planning you might need.
Here are some areas that make up what most business people will need as they grow a startup.
1. A solid business plan
Most business plans are useful because they help the person creating them see realistically what it will take to be successful in the short term.
The more time you spend developing your business plan, the more it will help you as you get started as a business.
Another positive of having a solid business plan is that it will help put you on track of becoming a local or federal government contractor.
In fact, many people do not go into business thinking they will sell products or services to the government.
The truth is, however, the better organized you are, the better the chances you have in the bidding process.
The nice thing about selling to the government as a startup is that although the market is competitive, the process is always fair, giving you a pretty good chance of success.
2. A strategic mind
You can be quite successful if you know your product or service, and if your quality and price are competitive.
What will make you even stronger as a company, however, is a strategic mind cultivated by staying abreast of the best practices within your industry.
Software technology is a good example.
In the time frame of one career span, people moved from the waterfall method of development to agile development, to lean development.
They also shifted quality through several models, and ended up blending engineering and quality to provide resources that fit the latest model.
The point is:
not only should you constantly be preparing for the next trend, but you should also be cognizant of its limitations.
Also, make sure you know the best practices in terms of implementation, if you do decide that you want to change your processes to match that trend.
Being able to make the right decision about a trend or a direction consistently is the sign of a strategic mind.
Getting there in terms of the information you need requires continuous research and a lot of networking.
3. Technical infrastructure
It’s no secret that you need to have a technical edge in today’s markets in order to succeed.
Social media like Facebook has close to two billion users that expect you to have a sophisticated online presence in order to reach them successfully.
And since everyone has moved to the cloud and is using a mobile workforce, mobile workforce management is more important than ever when it comes to infrastructure.
Salesforce is a good example of a company that provides a leg up with regards to efficiency and mobile workforce management.
Ultimately, being lean and providing global coverage for your staff at all times will pay dividends.
Most startups that have a base set of steps, complemented by talented staff, have a good chance of being successful.
When you take the time to combine solid planning with technology and expertise, you put yourself in a position to rise above your competition in the eyes of the market.