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How Short-Term Suffering in Startups Leads To Their Long-Term Success

How Short-Term Suffering in Startups Leads To Their Long-Term Success

It would appear that anyone with a laptop and an Internet connection is launching a startup. I am not going to lie to you there is a romance behind building a successful company. Unfortunately, there is a great deal of work that must be done in private before you can celebrate your wins in public.

Not only is the journey ahead of you epic but 90% of startups fail, according to Neil Patel, co-founder of Crazy Egg. Why? Because… you waited too long to launch, you hired poorly, or you simply lost focus.

Until recently, I have been a serial failure as an entrepreneur. I lacked the understanding of how the short-term pain bleeds into long-term success. I have discussed these issues with a few entrepreneurs, and I have listed some of the mile markers they encountered on their journey to building a successful company:

1. The product is important to the business, but the company culture is more important.

Mike McDerment, CEO of FreshBooks, explains the company invests a great deal of energy into creating a company culture that is supportive and collaborative.

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It’s in the DNA of FreshBookers to go to great lengths to execute extraordinary experiences every day for our customers and for each other. – Mike McDerment, CEO of FreshBooks,

The single most important commodity for a company is to hire for cultural fit; hiring people who share the company’s core values.

2. You are working hard to succeed, but first you have to fail before you can triumph.

Failure is a valuable tool for the entrepreneur. And without forensic analysis failure is nothing more than… defeat! So you must schedule the time to give serious thought to the question “Why didn’t it work out?” Once you start fleshing out this question higher-order learning and growth begin.

At the end of your analysis you must have clear ideas about why it failed, and what you will do differently next time.

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3. You are solving problems, but you must create better strategies to solve the more difficult issues.

Todd Barrish, President of Indicate Media, practices four problem-solving strategies:

  • Step 1: Thoroughly identify the problem and the cause of the problem.
  • Step 2: Discuss solutions. This includes potentially reframing the conversation.
  • Step 3: Assign responsibility of the solution. Who is going to manage moving things forward?
  • Step 4: Set a measurement of the solution, so you know when and whether the problem was solved.

4. You are taking risks but the risks must be intelligent so that they can feed the innovation.

Todd Barrish, President of Indicate Media explains that innovation is the backbone of any successful startup.

Barrish sites the launch of his company as a prime example of how innovation has allowed Indicate Media to thrive. Todd continues to explain that the secret sauce to building brand credibility and securing new business is centered on his ability to take intelligent risks against established norms.

5. You are focused on your vision, but you are failing to recognize when to adapt to the market.

No marketplace is immune from change, and if your startup is to succeed, then you must change with the market. But it’s not enough to match course with the market – to experience gain you have to stay ahead of the change. This is why it becomes important to understand the difference between what Andy Grove, author of Only The Paranoid Survive, refers to as recognizing the difference between signal and noise.

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6. You are creating products better than your competitor, but you must make the product better for your customer.

You must constantly be engaged in conversations around making better products. And I am not just saying to make the product better than your competitors but it must be better than what you have done before. Sometimes it might be a minor change that could be implemented in a few hours, other times the implementation could take months, even years to fully realize.

7. You are settings goals for your company, but they must be D.U.M.B. goals.

  • Dream-driven: Let’s start with building a big dream, stay away from the safe dream.
  • Uplifting: Your goals should have a prerequisite of being positive. Your goals should inspire you to accomplish them.
  • Method-friendly: You need to build methods of obtaining your goals. Your focus should be on building habits that move you closer to achieving your goals.
  • Behavior-triggered: When you set a goal, you need to create triggers that remind you to keep chasing them.

8. You’re focusing on the work ahead but to succeed you must build the appropriate skills.

At the beginning of most new projects, you will lack key skills that are critical to the success of the project. Understanding this issue is critical and will condition you to focus on those skills.

Once you have identified the skill to master, you must not only create a set of habits, but you must also have a provocative ”why” is the skill important. This strategy will place you in the proper mindset to keep you growing the new skill.

9. You have mentally prepared yourself to deal with the stress of a startup, but you have not changed your mind.

“There is nothing more powerful than a changed mind,” explains motivational speaker Les Brown.

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It’s your disempowering story that you are not good enough that keep you from achieving you true potential. By changing your mindset to believe with certainty in your potential, you give yourself permission to take massive action, which gets you those amazing results, you have been dreaming of.

10. There are times when you’re about to give up, but you have to focus on why this thing is important to you.

To be honest, don’t ever think about giving up. If something doesn’t work out, thinking of a new way to make it work and move on. You must be determined to get through the bad times. If need be, get your team together, outlined the situation, until you come up with a plan to fix it.

11. You do a great deal of talking but for you to understand what is needed you need to shut-up and listen.

Great leaders are great listeners. It’s not your job to dominate the room with your rhetoric. Your job is to listen because the most effective strategy to get people’s attention is for you to give them your attention.

12. You are the boss but to be successful you need to be a leader.

Leaders are not the boss. Leaders develop the gift for getting others to operate at their peak performance. And what might those gifts look like:

  • Listening to your team and addressing suggestions, concerns, and personal issues.
  • Coaching your team to raise their performance to a higher standard.
  • Allowing every team member the opportunity to voice their ideas.

Take the opportunity to listen and you will create an environment where they can unleash their full potential.

Featured photo credit: Unsplash/Volkan Olmez via unsplash.com

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Last Updated on September 29, 2020

How to Start an Online Business That Will Grow and Succeed

How to Start an Online Business That Will Grow and Succeed

Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.

This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.

So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.

1. Becoming the Master of ‘ONE’ Trade

Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.

A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.

Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:

What Speaks to Your Heart?

This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.

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Decisions Based on Knowledge

The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.

Undiscovered Potential

Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.

2. When Is Your Idea Valid?

All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.

Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.

Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.

This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.

3. Crafting the Map to Success

Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.

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To help you out, here’s a list of all the information online business plans must include:

  • An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
  • Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.

4. The Virtual Storefront: A Process of Development

The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.

What does that perfect business website look like? Let’s follow these steps to create an effective business website.

Choose Your Approach

There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:

  • Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
  • Creating a new website –  A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.

Design Can Bring You Maximum Success!

For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.

The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.

To create a truly amazing design that reflects new online business concepts here are a few matters to consider:

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  • Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world.[1] Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
  • Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
  • Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.

Where the Website Becomes Reality

Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.

A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.

Here are some development issues you have to pay attention to while building the business website:

  • The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
  • How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.

5. Some Tricks to Increase Online Sales

Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.

So, what are these tricks?

Utilize the Magic of SEO

With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.

When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.

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With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.[2]

Entice With Free Value

Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.

Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.

Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.

A Killer Customer Service Is Everything

Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.

It’s an Easy Process: All You Have to Do Is to Start

And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.

While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.

More Tips on How to Start an Online Business

Featured photo credit: Austin Distel via unsplash.com

Reference

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