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5 ways to ensure your startup is a big success

5 ways to ensure your startup is a big success

Starting a new business is not so easy. Apart from a great idea and business plan, it requires many other things in order to make it successful. For instance, you need to raise the required capital for your new business, which can either be from your personal sayings or from investors. With these things, every entrepreneur starts their new business in the market and hopes to be successful in what they do.

However, the sad truth is that most of them will be unsuccessful. Most of the flourishing entrepreneurs of today have a secret, which they have revealed. This is the secret to their profitability and success. The secret is that they begin their startup backwards. So, let us look at the 5 ways through which you can ensure that your business is a big success.

1. Identify your target audience

One of the crucial things when you launch your new business is to identify the type of customers you want to serve. You can do this by imagining the people whom you would love to spend your whole day with, the type of people with whom you enjoy the most.

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Identify these people and visualize if you can enrich and add value to the lives of these people. Many thriving entrepreneurs of today have started their business just like this by discovering their target audience. This way you will feel rewarded and be fulfilled, as you start the time consuming procedure of starting your company.

2. Talk to your clients

When you have recognized your ideal consumers, you have two options, either you can speculate about the services or products they want or you can just go and talk to them about what type of products or services they wish for. The latter one is a much better choice.

Most of the companies just guess about the type of products or services their customers wish for. This is why many startups fail, as they do not understand their customers’ needs and guess it wrong. In order to have an edge over other businesses and be successful in your business, you must talk to your clients. Ask them questions so that you can know the problem they are facing. Then, you can work on this problem, which is shared by many people, and then you can take the leap.

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3. Allow your customers to build your company

You must let your consumers to create your company for you. Your customers can tell you the right answer to solve their misery, which is why they are marketing geniuses for your business. When you talk to them, you will find their pain, which you can solve. This way they can help you a lot better than you can do iyourself. You will get different ideas and great content for your company, which will help your business to grow.

4. Do a selling test for your product

Before you set a price for your product, ask your customers what they would like to pay for that product and then frankly ask them to pay for it. You can also incentivize them to partner with you by adding extra value to them. You can ask them to give you detailed access and feedback on the growth of the solution that is customized to your requirements.

Additionally, you may actually ask your customers to pay for the product, as it is very different to say something and then to do it. And, when your customers will put their money in your product, you can validate your business and get a strong customer base.

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5. Track everything

Make sure that you manage your business through numbers and keep track of everything. You must do it in writing and produce written documents for everything, since you will get advantages from these in the future.

This way you can retain consistency and train your employees too. Identify the numbers and verify them regularly. Plus, you must make all your decisions depending on these numbers. Among these, one of the most significant estimates is the cash flow document.

You must establish the cash you require to do your business and do not begin your business without the necessary cash at hand. Ensure that you begin your business only when you have enough funds. Moreover, with a strong customer base, you can ensure that the product you are selling matches perfectly to their requirements.

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These are the 5 ways through which you can make sure that your startup is a big success. Follow these steps in order to guarantee the profitability and success of your company. Most of all, you should have fun at what you do. You chose to be an entrepreneur, so you have to make it work, which you surely can do. You can emerge, succeed, and survive in the market, when you pursue the right track.

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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