A startup is like a small baby that needs a lot of care and attention. You need to sacrifice a lot of time and hire the best minds assuming you are the manager for it to succeed. In most cases, success depends on the motivation of employees because they play the biggest role by making sure everything is running smoothly. A recent study made by Harvard Business School shows that the failure rate of companies is 50% after the first five years and 70% after ten years. So how can you make sure that your startup or the startup you work for becoming successful? Let’s find out.
Goals, staff and the workplace
A company should have short term and long term goals that help it stay in line and focused. Short term goals are supposed to be easily achievable within a small time span. For example, a company may aim to reach 50,000 new customers within six months. Contrary, long term goals may take many years to be achieved, for instance reaching ten million customers within five years.
Staff usually get fancy job titles in startups which is a good tool for motivation. For example, a senior systems administrator is called a Chief Digital Officer. Naming job titles with fancy names preserve the spirit of the startup, removes stress and above all empowers people. When working with a startup, you need to get used to job titles such as Technology Evangelist, Chief Story Teller, and Hot Sauce Curator. As an employee, you need to choose a startup that has clear objectives and one that pays well. In addition, always make sure that you work in an industry that you are comfortable and happy. For instance, if your career is in the fashion industry then its more appropriate to work in a fashion startup company rather than a tech company. Working in a startup that does not match your career will be hard cope with and you could get fired soon or later. Startups are quick on employing new employees and even quicker on firing them.
You’ve probably seen many startups setting up entertainment hubs for employees and customers, too, in some cases. Video games, chess, table tennis, and swimming are among the most popular activities. Setting up a hub makes the workplace fun, and the staff will hardly miss work. In addition, it facilitates a great way for all the employees and customers to bond.
Financing a startup
According to statistics brain, three out of four businesses fail due to a lack of general knowledge of finances and poor marketing model. On the contrary, most startups succeed because of their ability to raise enough money that allows them to hit the next set of milestones. In some cases, employees go for several months without a paycheck because of poor financial management or adequate funding. If you are planning to own or work in a Startup Company, you better be prepared for the hard times. Further, companies with a good business model get finances easily from investors.
Bottom line
Before you consider working in a startup company or business always make sure it has clear objectives, treat employees well and most importantly, the paycheck is good. As the owner of a newly started company always make sure both employees and the customers are happy because they are the pillar of that business. In addition, a serene and fun environment for employees will always make them more productive. Finally, for this business to be successful, you should have good financing sources or investors for funding projects.
