Startups are faced with numerous business challenges which they have little or no solutions to, first time entrepreneurs are mostly novices who may have knowledge of how to run a business from books, materials and consultants they have come in contact with before going into business.
Entrepreneurs with good experience in an industry can run startups better than a first timer who is not fully prepared for the task ahead. In as much as entrepreneurship success brings fulfillment and sense of accomplishment, its failures can also dampen self esteem and also cause frustration. Below are few tips that can fast-track startups success:
Acquire the required knowledge and information
Ignorance is the top reason that is responsible for the failure of startups; this has caused many entrepreneurs to be highly ineffective even when their venture is a goldmine. Startup owners should prepare themselves with the necessary knowledge and information needed to start and sustain a business before venturing into it.
Use a mentor
It is hard to get things right and succeed quickly without looking up to someone for guidance and direction. Mentors are people with experience and knowledge; they can be very helpful when advice is needed especially during times that critical decisions are to be made.
Spread the words
It is of great importance to inform your immediate circle of what your business is. When the people around you understand the product or service of your startup, it will influence them to patronize or refer others to you.
Master the art of selling
Sales is the sole sustainer of business, if businesses don’t sell, closing of operations will be imminent. When an entrepreneur can sell at the startup stage, he will be able to increase his revenue if he is passionate about the business.
At this stage, costs are normally higher than revenues, this makes the startup difficult to run but when efficiency is employed and costs are minimized, break even can be easily achieved and revenues can then be recorded.
This article was written by Sule Muhammed Lawwal