3 Ways Start-ups Win By Doing Less
When you start a business, you aim to bring your products and services to the masses. The way most people like achieving this is by increasing the products/services given to the masses. Most business advisors and business owners feel that the key to faster growth is implementing and introducing more products into the market. Now, most business owners implement this method. However, most businesses start with lesser capital and not enough manpower, so these changes that are implemented are done shoddily. As a start-up owner, it’s important to focus on what you think matters the most. Once that is figured out it becomes easier for you to say no to things you know will not work for your start-up. Executing your vision is the key to the success of your start-up. As a start-up mentor in Mumbai here are some of the ways I help my clients by doing less but achieving more.
1. While executing your vision, start small
As a newly formed start-up, you will of course have the dreams and aspirations to achieve big goals. However, it’s important to resist the temptation of creating very high-level visions. Your lists and goals should be achievable without having to crush your soul to do it. It’s easy to justify things if your goals are not concise. As such be mindful to have lower levels of abstractions in your goals.
2. A sense of urgency is important
As an entrepreneur, you must be hungry for success and your sense of urgency to get the job done must be impeccable. Your sense of urgency should allow you to adapt to different situations as that is what will bring you to the top and ahead of your competitors. When you are just starting, this sense of urgency comes easily. The team being smaller is easier to control and manage to make sure work gets done. The real challenge begins when your start-up starts growing. The team gets bigger and with more things to control and look out for delegation of work also becomes important. Ingrain that sense of urgency into your employees at an earlier stage so it never gets lost.
3. Say NO sometimes
It’s completely fine to say no to ideas you think will not work out in the long run. When you say no, you are saving on time and resources you may have wasted otherwise. This gives you time to work on things you know will help build and make your start-up a success. Focus on the thing you know and feel matter to your company. I promise that will greatly help you in the long run.
To Sum Up
To conclude there are many other ways where less is more. Maintain an intimate knowledge about your competitors. At the same time strive to be different from them. Do no copy their means or methods. What works for them may not necessarily work for you. Most importantly be true to yourself and your start-up. As a business advisor, I can say with full certainty that it's the most important thing to run a business.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.