Whether you have professional experience under your belt or are fresh out of college, the idea of launching a startup is something you should be excited about. However, maintaining your momentum and organic growth for an indefinite number of years can be tricky without mentorship or actionable advice from successful CEOs. According to Forbes, 70% of startups fail due to premature scaling and thinly spread resources; however once-failed CEOs have a 20% higher success rate in their second venture due to new insight and industry knowledge.
In order to do it correctly the first time around, you should look for advice and guidelines on how other startups and teams did it right before you came along. With that in mind, let’s take a look at some of the best pieces of advice from successful entrepreneurs in relation to launching a first startup and landing on your feet in doing so.
Sound investments today will pay dividends in the future – Jim Judy, Try Franchising
It’s no secret that launching your own startup will require time and effort no your part. Whether it’s long-term planning or day-to-day activities such as team coaching or client servicing, you will have to put in the man-hours into your startup to make it worthwhile.
Startups that are launched with the hope of autonomous growth and incoming projects or clients without a marketing strategy in place are bound to fail in their first year. Take time and regularly check your goals, KPIs, mission statement and business culture in order to keep things organized and on-track to success.
Starting a business is exponentially harder than any other job – Justin Kulla,Business Blocks
It’s always a good idea to gather relevant experience and industry expertise before jumping into the role of a startup CEO. However, it’s worth noting that running a company of your own will require multitasking and a plethora of different skillsets on your part.
CEOs are required to be familiar with everything from finance and marketing to HR, project management and sales just to name a few departments worth keeping in mind. Thus, it’s important to learn how to delegate secondary tasks such as content writing via platforms such as Grab My Essay to ensure that your attention is focused on vital startup operations on a day-to-day basis.
The best leaders learn with a team at their side – Ken Gosnell, CEO Experience
While it’s good practice to learn by reading or finding a mentor for your CEO duties, your startup will effectively live and die by the people employed in it. No startup has ever survived based on its CEO’s motivation to become the best in the industry.
With that said, you should find ways to learn alongside your coworkers through team activities such as seminars, coaching, team building, and other office-wide happenings. This will ensure that everyone feels appreciated as a vital part of the team, not to mention all the skills and know-how everyone can learn from one another once the proverbial ice is broken.
Take any opportunity to network and learn from more experienced executives – Izabela Lundberg, Legacy Leaders Institute
Networking is a vital part of running a successful startup from the moment it’s launched. You will need contracts, projects, and B2B collaborators in order to get your revenue stream going as soon as the startup becomes a legal entity on the market.
Without industry networking, partnerships and making friends with other startups, financial backers and international stakeholders, your startup will quickly be absorbed by the competitive market. Think preemptively and start making friends with other startup executives, CEOs and business representatives you see yourself partnering up with in the foreseeable future.
Create a picture in your mind of what the masterpiece looks like and keep shaping toward it – Bonnie Hagemann, Executive Development Associates
Lastly, it’s easy to simply give up on your initial startup plans, mission statement and long-term goals in exchange for a short profit or market gain. However, the most successful startups all started as small firms with big dreams, including giants such as Microsoft with Bill Gates at its helm.
Create a plan for your startup’s indefinite future with clear milestones, growth goals and attainable metrics in regards to revenue and partnerships among others. Stay focused on those goals with every new project, client meeting or team-building exercise you participate in without losing sight of why your startup exists in the first place. This will ensure that your coworkers see you as an inspirational figure and a visionary worth sticking by for some time to come.
Taking the First Step (Conclusion)
Going through with your startup idea and launching a business of your own can feel overwhelming – and for good reasons. However, it’s worth mentioning that none of the above-mentioned executives would have become what they are today without the courage to take the initiative. Whether your startup shapes into a global phenomenon or a small local business, the experience of running your own entrepreneurship will be invaluable in the long-run. Take the first step today and reap the benefits of becoming a startup CEO.
Author: Nicole D. Garrison
Nicole D. Garrison is a content strategist, writer, and contributor at a number of platforms for marketing specialists such as Trust My Paper. She is a dedicated and experienced author who pays particular attention to quality research. In her free time, Nicole is a passionate runner and a curious beekeeper. Moreover, she runs her own blog LiveInspiredMagazine.
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.