3 Things All Startups Need to Get Right To Secure Success

How sure are you that your startup is a candidate for long-term success?

Of course, you want your business to succeed. But the question is: “How do you do it right?” You must find a market fit first before giving it everything you have. You don’t want to waste your investment and hard work just because you went all-in with an ineffective plan.

Great thing for you, because Ari Tulla, CEO and co-founder of ELO, shares the 3 things startups need to get right first, to secure their success. As a startup, you will inevitably make mistakes, but you must nail the following three things.

Think of this as a checklist with the essentials you must have for your new business.

1. Get The Timing Right

Have you ever noticed a problem and started brainstorming ideas on how to solve it?

Let’s assume you came up with a neat solution that you could deliver cost-effectively to others who face the same problem as you did. But this will not be enough if you are too early or too late to the market with your solution.  The former happens when the  market is not yet aware of that problem, the latter if your competitors are already providing practical alternatives.

Even if there are 50 people who have the same problem you’re solving, you’re not going to progress if you start at the wrong time. Moreover, you cannot control time. Neither can you control the macromarkets as an entrepreneur. It either happens or not, as simple as that.

2. Start Small

You have to do it small before you can go big, as Ari says.

Why?

Because there is no such thing as instant success and you have to build your business step by step. Starting small and building gradually allows you to experiment and develop processes for your business.  When you’re starting out, the vision doesn’t have to be grand yet. Start with something you know has a market but don’t try  to create something revolutionary.

If you go big right away, you will likely fail big as well. Give yourself time to experiment small, on the cheap, so that you make affordable, rather than fatal mistakes. Be willing to do everything in small steps until you learn to do them at scale.

3. Decide How to Run Your Business

Every company is built differently. So, how do you know how to grow your business? Ari suggests dividing your business development process into different funnels.

What is a funnel? Funnels are entryways to the channels that will build your business. This is where you can test and optimize everything that might benefit your company.  You will have a funnel for sales, for hiring, for product development, etc.

Why break your business down to funnels? To compartmentalize your operations without overwhelming yourself. Otherwise, you will be hard-pressed to scale your business.

Conclusion:

Even when you’re just a startup, you need to get things right. You cannot hide your failures behind the excuse of  just starting out. There is always room for learning from your mistakes and you better embrace it NOW! Remember to never jump in blindly if you want to future-proof your startup.