The business world has become challenging in recent times. There’s a paradigm shift in every niche, and the competition is more intense than ever. And without the right strategy, new businesses can’t survive today’s fast-paced business environment. So, if you plan to start a business, here are 6 lessons you should learn before launching your startup.
Read Also: 7 Strategies for Entering a New Market and Growing Your Business
#1. Create a Unique and Exceptional Solution That Would Exceed Your Clients Expectation
Some of the successful entrepreneurs you see out there didn’t perform magic. They understood the rules of the business game; that’s why they are successful.
If you want to capture a fair share of the market, you must create a unique solution. Study the market, understand your prospective customer’s pain points, know what keeps them awake at night, take note of them and develop a unique solution based on the information.
For instance, Markus Villig, the founder of Taxify (now Bolt), observed difficulties people were going through to get a taxi. He thought of a unique solution that would enable people of all ages to order taxis from the comfort of their homes.
That was how Markus Villig founded Bolt in 2013. And by creating a unique and exceptional solution, he became the youngest unicorn investor in Europe.
Regardless of how saturated and competitive a niche seems, your startup can be successful once you create a unique solution.
Creating a unique and exceptional solution is one of the lessons you should learn before launching your startup. It gives you a competitive advantage and helps you outsmart other players in the industry.
#2. Market With Scalability and Manageability
This is also one of the lessons you should learn before launching your startup. Once you decide on the product or service to offer, it’s important to market them with scalability and manageability.
You would have to decide whether to build a technology that requires more time and money, or start small and expand as your business grows.
Unless your startup has angel investors, you should start small. Be passionate about what you do, and be consistent with whatever you are offering, etc.
Scalability in this context also applies to staffing, policies, processes, office spaces, etc. But the most important thing you should do is to work with every member of your team. Let them know the direction the business is heading towards and their roles.
Of course, you can’t run a business without experiencing unforeseen circumstances or situations. Try to plan how you handle these different situations ahead.
#3. Keep Your Tech Team Close
Generally, your startup is a product of your initial concept. But over time, you would have to make some necessary changes depending on the industry trends. Some of these changes may be major ones that require all hands to be on deck.
However, your tech team won’t always be happy about these changes. That’s because they spent reasonable time and resources developing the initial concept. And such change may disrupt everything.
But if you keep them close, they would understand why making the changes is necessary. When you keep all your team close, they always understand the rationale behind every decision you take. And they won’t hesitate to work with you towards achieving the goals.
#4. Seek Out Strategic Partnerships
Seeking out strategic partnerships is one of the lessons you should learn before launching your startup. A strategic partnership is a form of business agreement in which two entities agree to share their mutual growth or success resources.
Generally, there are 6 types of strategic partnerships you can enter as a startup. They are;
- Horizontal partnership: horizontal partnerships happens when you join an alliance with a business within the same niche to improve your market position. A good example of horizontal partnership is Facebook and Instagram.
- Vertical partnership: vertical partnerships happens when you team up with companies or businesses within the same supply chain. This type of partnership is necessary if you aspire to stabilize your supply chain and increase sales.
- Joint Venture: Joint venture happens when you form a new entity with a company in a different niche entirely. Of course, both your company and the one you are joining with are still existing on their own. But you guys share the profit and risks.
Whichever strategic partnership works best for you, don’t hesitate to enter into it. It may accelerate your business growth and expose it to more brands.
#5. Learn How to Provide Simple Explanations to Disruptive Solutions
Creating a unique and exceptional solution for your audience is one thing. But explaining how the solution can make things easier for your clients is a different ball game.
So, you must learn how to explain the solution you have created to your clients in clear words. Even if your solution is promising, try to explain it to your target audience lucidly. Otherwise, people won’t take it seriously.
#6. Not All Your Employees Share Your Commitment
One of the lessons you should learn before launching your startup is that not all employees will share your commitment.
They aren’t motivated by what motivates you about the business. All they care about is the remuneration and other perks that come with working for your company.
So, try to identify what motivates your employees and use it to encourage them. While some may be motivated by money, others may want to work flexible hours, go on an extended vacation, etc.
