We live in a very exciting time wherein startups are starting to dominate in the United States. According to a report from the Kauffman Foundation, startup activity saw the largest annual increase in 20 years.
More and more emerging entrepreneurs are using their abilities and visions to overturn industries. Are you one of them? Once you have your ideas, here are the 5 ways that you can turn it into an actual business:
1. Create a very strong company purpose
According to a study by Rosabeth Moss Kanter of the Harvard Business Review, Purpose and values— not the widgets made— are at the core of an organization’s coherent identity. When you know the “why” behind your company, you’ll be able to refine and evaluate the real need in the market. Focus on more than just the profits and you’ll get greater success.
2. Strategize with creativity and innovation
Before, the biggest companies were those that had the best machinery and capital equipment. But according to a case study on Heinz, ideas are now the most valuable asset. Any company has a great advantage over its competition when they have the ability to adapt to change and to introduce it. One good idea is not enough. Innovation must be adopted to ensure that your business always has the edge.
3. Expand your circles
Silvia Selman from the Startupist has rallied for the importance of networking as a necessity for entrepreneurs. Whenever you get exposed to other entrepreneurs, you will not only feel inspired and motivated, but could also incur a lot of exceptional opportunities.
“The more you expand your circle, the more chances you have of finding mentors, potential investors, business partners, and many more that could aid the operation of your business. Don’t forget to network your way into success”, according to Sagar Babber of Snyxius, a web and mobile app development company in Texas.
4. Build a great team
Everyone knows that there is no “I” in team. The same goes for business. In order to succeed, you have to not only recruit a great set of people, you also have to make sure that you build them to be a great, in-sync team. According to a study by Alex Pentland of the Harvard Business Review, at MIT’s Human Dynamics Laboratory, they were able to identify the “elusive group dynamics that characterize high performing teams”. The teams who had these elements far surpassed the others. These dynamics are observable, quantifiable and measurable, which means that it can be taught and strengthened. Take it from them, build a strong startup team.
5. Learn and adapt constantly
One thing that is always constant in the world is change. In the business world, it is difficult to predict the future and we must adapt or be bypassed. An excerpt from the Professional Development notes that it is adamant for entrepreneurs to adapt and align themselves with the many, continuous changes impacting their industry and company. You must be flexible to harness any force (be it positive or negative) to your advantage. More than that, you must also constantly set out to learn as much as you can about whatever you can. Only by doing so can you continue to make your vision a reality.
Whatever branch of business you choose to pursue, always remember that it’s all about the little things. Every small factor in each step of the way contributes to the bigger picture of your company and its impending failure or success. But that’s what’s great about entrepreneurship. You will suffer—and do so greatly in the beginning. But once the fruits of your labour are reaped, you will find yourself with a greatly fulfilling and rewarding experience.