Startups are iconic of supplying rejuvenation to the market.
However startups often have a difficult time breaking into the limelight as they continue to exist in their niche domains. For this reason, objectives of becoming a noticeable force in the market tend not to materialise.
There are three dimensions to be considered when evaluating a startup’s potential for breaking the mould and reaching the next level.
Manage your talent
As a company with little to no assets, your employees are your best attributes. They are your true commodity that add value to the company and the customers. Talented employees go above and beyond what is expected of them. They add value to every project they join and enthusiastically rally the troops under a common purpose. More than the prospect of money, they are motivated by intrinsic desire to succeed.
These people will go far with you, if you manage them respectfully and help build their career as well as yours.
Hone the pitch
What kind of leader are you? There are really only two possible answers to this question. Either you are reactive and adjust to the world as it changes around you or you are proactive and seek to be the force that changes the world. Sure some can be both, depending on the situation, but most tend to have a preference for one or the other.
Proactive leaders will go out of their way to make their company successful. This often involves a round of fundraising to ensure the company has a fair chance of survival. The most valuable skill for the capital-seeking venture to have is a great pitch.
But a great pitch is more than just a method to get venture funding. A great pitch is performed consistently by most successful entrepreneurs when first meeting with various stakeholders of the business. Hiring employees, meeting clients and negotiating with suppliers all demand a rehearsed pitch.
Increase the value added per employee
The talent is clearly the source of your firm’s power, but the value-added per employee indicates your firm’s efficiency. If your workforce is dedicated to high value goods and services, there is larger margin for error and profit. To achieve this, you must use your pitch and leadership skills to entice the most highly-skilled workers to join your effort. These workers are the startup’s holy grail as they add more value to the company than they take in the form of wages. The company should revolve around these employees and facilitate their needs in providing a great service.
Starting with a sustainable initial revenue stream opens up opportunities for future expansion.
Considering these three dimensions will support the fledgling startup with imperial plans. By managing your talent, honing the pitch and increasing the value added per employee, you will take your startup to the next level.