Five Tips to Get Your Startup on the Map

The recipe for startup success may seem like a complex mixture of ingredients. Entrepreneurs can often find themselves overwhelmed and disillusioned when faced with the daunting task of establishing a business from what may seem like a small idea. However, the road to success need not be fraught with complications. All it takes is a great idea, some enthusiasm and a few other factors to make your dream business a viable and successful one. Find out our top 5 tips to get your startup on the road to success.

Believe in your idea

This is the most important factor when starting your business. If you don’t believe in your product or service, how can you expect investors to be confident in your business plan? Make sure you know your proposed idea inside-out and are prepared for some hard hitting questions. Passion and an in-depth understanding of your business plan will get you far in the startup world.

Network

The only way to get your idea out there is to meet the right people who can invest in your business. This may take time but that one chance meeting could mean the difference between success and failure. One budding entrepreneur made sure he met one new person a day, six days a week, and even though most were not in a position to help him directly, many put him in touch with people they knew who could.

Stick to your vision

Investors may be inclined to give you advice and pressure you into changing some aspects of your business. If you believe in your idea and understand your market you must be prepared to stick to your guns. Many investors may, in return, be reluctant to provide you with the necessary capital to successfully establish your business. Therefore, one option is to seek out some startup incubators that are well versed in helping and nurturing eager entrepreneurs. One such incubator is Rocket Internet, who has helped propel Carmudi from a small startup to a global business. Idea Space, another successful incubator, has also helped startups like Pinoy Travel and Orange Apps flourish in the Philippines.

Give investors a time line

Although investors may like you and your idea, they aren’t dealing with you out of the goodness of their heart. They need to see a return on their investment. Giving them a time line of when they can see results, even minor, will instill a great deal of confidence.

Hire the best

Employees can really make or break your company. Startups are creative environments; even if someone does not have the exact experience you require they may just have the drive and enthusiasm you are looking for. Search for people that are ambitious and creative and are willing to go that extra mile. But how can you be sure you are hiring the best of the best? Clearly, there is always a risk involved in hiring someone new but make sure to ask the difficult questions at the interview. A bad employee can significantly hurt your business so be prepared to work that little bit harder to create the perfect team.

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