According to Chorn, a business without funding source will flounder under weight of its own debt. It comes as no surprise that financial support serves as key fuel in which business can run smoothly. Meanwhile, Gaeu categorised funding as two things: 1) It is needed to improve products, services, and technologies; and 2) It is only beneficial if regulations are in place to ensure that funds are used appropriately to maximise their value.
Nonetheless, while funding is crucially needed in building a startup, there are other things that are much more important than money. Have you ever heard an idiom saying “give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime?”
It means that “startup funds only keep you going for so long – but, after awhile, you need a substantial business model to keep going with all the peaks and valleys”, said Mike Kappel, founder and CEO of Patriot Software, LLC with 30 years of entrepreneurial experience.
Additionally, Mr. Kappel shared an added value of other vital aspects an entrepreneurial mind should have. These following 6 things are as equally important or even more as initial funding that keeps a startup reach its peak.
Time is more valuable than money. Without time, you might never see the light of success. For example, Mr. Kappel has dedicated his time to research and conduct market analysis, brainstorming, planning, and many more to make his startup compete in business market. Moreover, when you launch your startup, time can determine whether you will succeed or not. Because when you launch your product at the right time, sure, it will bring more customers and profit to your business avenue.
Believe it or not, passion can help you grow your business and encourage you to take on tasks or responsibilities that are far outside your comfort zone. It is also something that will keep you going even in the lowest point of your life. Why? Because customers can feel how much effort you give into your product or service. Thus, when you are passionate about your business, you can attract customers to keep coming back to you. Remember, a passionate relationship is difficult to quit.
To be a strong leader, you need a strong leadership skill – same as being an entrepreneur, you need intuitive, perseverance, common sense, and more importantly courage to start. In one word, you need “gumption”. Also, you should trust your gut feeling to decide which choice is right and pay more attention to determined successful people rather than your failure.
For a successful business, you need to look beyond short-term. This is where vision matters more than funding. When you know and have your vision, you can decide where to spend the funding. Hence, by thinking long-term, you can appropriately spend funding in a way that supports your startup years down the road.
Once again, it takes time to develop a brand that can drive customers to your business. Credibility and reputation of your brand should also resonate with your customers. Including logo, name, and mission, your company branding sets apart from other companies. It is also one of the important things a customer will think when they refer to your company.
No.6 Dedicated employees
When you decide to bring in new talents, do understand what significant values and contributions they can add to your business. Good employees can streamline operations and keep customers coming back, while bad employees are the other way around. Usually, a successful business will spend time on recruiting and hiring process in order to bring the best and to avoid the wrong talents.
Read also: Don’t Burn the Cash: How to Manage Your Startup Finance