Is your startup ready to be a “grown-up”? You started from nothing, and since then, it has become something. However, you may have heard that there are plenty of startup failures. They are simply born and gone in the wind.
On the other hand, there are a few exceptional startups that appeared in the headlines. They are profitable, invested or acquired by giant companies. What are their secrets to be “grown-ups”?
Take a look (and note) on three tips below:
Stop seeing your business as a “startup”
Most startup founders think they are starting “baby” businesses or pet projects. They see themselves building startups from scratch. But we often heard that startups are always struggling. From a massive failure rate to ramen noodles for the meal.
Try to change the language. Don’t call it a startup anymore, because startups are not always credible. Startup founders, imagine yourself as a person in a real company with a nice salary, and your job is controlling the budget. Be convincing, so people are confident to risk their cash with you.
Also, seeing your business as a real deal (not something to fail fast and fix it) would make it easier to grow. It’s all about the mindset.
All contributes well
Everyone, from startup founders to new hires, should understand how to achieve good results with the right process. Thus, choosing the right people for your business is always crucial. Don’t hire if he/she can’t convince you.
In the company, each person should be able to contribute well based on their skills and abilities. It’s not important whether they are managers or executives. The team’s performance affects your business’s success.
Thus, as the founder, you should set the standard of every employee contribution, and if someone can’t deliver it, hunt for better talents. Hire slow, but fire fast! Changing your less impressive employee to a good one could make the difference.
Luckily, great talents are easier to reach through a prominent startup jobs portal. Post your job vacancies on www.startupjobs.asia to connect with them.
Build a business with value, not anything else
Do you want to know why many startups fail? It’s simple. Because all they think about is money, investments, and metrics. They don’t realise that “value” is the difference between grown-ups and startups. Thus, ask yourself, what is the value that your company is creating and for whom?
Stop caring about downloads, page views, or sign-ups. Plus, don’t focus on monetising at first. First and foremost, try to solve a problem for your users. Every successful startup starts from that. Later, the money follows.
For example, giant companies like Google and Facebook started with solving a problem. They don’t monetise directly from its customers. But now, we see they can grow big, making all their money from advertising.
Let’s create a genuinely valuable business. In the end, success and money will happen and follow. That’s the most proven way to transform your startup to be “grown-up”.
Next read: 25 Hottest Startup Jobs This Week
Article contributed by Startup Jobs Asia‘s Team.
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