Every day, new startups are born. These companies can range from the disruptive, looking to topple the status-quo and announce themselves as the behemoths of their industry, or they are the strange, the quirky that fill a niche but won’t necessarily change the world. And then, there are the bandwagoners. Those who are following the trend long after it has left the station and will typically find themselves mired in accusations of imitation.
Whatever type of startup you might have, it can be challenging to establish an identity, particularly in industries that everyone and their dog seems to be itching to get a piece of. To get your head above everyone else’s, you need to approach these early weeks and months with the same determination and never-give-up attitude you would do in any other new activity.
Demonstrating early on that you know what you need to do to make the most of your new business will give you the opportunity to turn heads and get the attention of those who will help your business grow and grow.
Before even shopping around for potential investors it is essential that you iron out any of the problems that might arise with your product. Any serious entrepreneur is aware of this, and so it should have already been completed. However, no matter how many times you check and test and double check, there is still potential for things to go awry.
This is the last thing you want when trying to attract outside investors and venture capitalists to fund your business. It is not merely demonstrating a lack of acknowledgement that everything can go wrong will go wrong (commonly known as Murphy’s Law), but also gives a sense of amateurishness.
Should this most unfortunate thing happen, then knowing how to adequately explain what went wrong and why will save you the embarrassment (or, more embarrassment) in front potential investors. Instead of fumbling, panicking and spewing out word salad, you must remain calm and continue you as you would any other demonstration.
In the early days of your company, there is bound to be a level of unrest among the employees as everyone is starting to adapt to a new office culture, new coworkers and everything in between. These people will typically be ambitious and young and will all be itching to get their voices heard over a tide of ideas.
So it is no surprise that there may be some resistance towards inspiring them to work as a team. But this is entirely natural. Any fan of football or rugby or basketball will know that it takes time for a championship winning team to gel and understand each other’s strengths and weaknesses.
Dealing with these issues early on by stamping your authority and reminding everybody what the common goal is will accelerate the process towards becoming a force to be reckoned with. While it may seem strange that your employees are butting heads, the passionate among them will only strive to further improve your company, and breed further success in the future.
Investing in the proper tools can make put your fledgling company ahead of the curve and also provide better incentive for others to both join and invest in you. Many startups struggle at first as they try to be a jack of all trades and, as is typical, end up as the master of none.
Avoiding such mistakes will put your company in a much better position than others in similar situations. From here, you can begin to find your company’s niche (if you haven’t figured it out already, which you really should have done). Additionally, while teething problems are to be expected, ensuring that you have the correct tools to battle and conquer these issues will stand you in good stead for the future.
Platforms and services, such as Algo Terminal can aid in streamlining and optimising your company’s financial market activity. From here, you can take advantage of being ahead of many of your competitors and get that recognition that so many new companies crave in the early days of their existence.
You want to be the best and disrupt the way things are done in your industry, but that will never happen unless you undertake the steps towards ensuring that failure is the last thing possible. Too many startups fail within their first year, and while failure is the best thing for experience and learning and will provide you with further determination to succeed next time, nobody truly wants to fail.
Minimising the potential for failure will allow you to announce yourself in the industry with trumpets and fireworks and make people listen up and take notice. This is the opportunity to make the best first impression you can, so don’t give them an excuse to forget your name.