Launching a start-up is one thing. Accelerating (and progressing) that growth is an entirely different thing. In fact, according to Forbes, 90% of start-ups will fail.
And surprisingly, many entrepreneurs that set off with new ventures only see the rose-coloured future, and simply fail to ignore the intensive commitment that it takes to sustain, compete, grow, and mature that idea as a business. Some ideas are not deemed to survive after the initial burst of excitement, while others are deemed to become the next Tesla and Facebook.
And the support to help start-ups establish a foot in the market for themselves. It doesn’t take a lot to find the influx of start-up support from a simple Google search. Whether they’re incubators, or Donuts, Angels or Dragons Dens, government initiatives and more, we are inundated by support and encouragement to start our own initiatives and break from the traditional hierarchy of the megacoporate and global conglomerates. We’re warned against “selling out” and spurred on to find an idea that perfectly suits a market – and will stand the test of business time. And that’s exciting.
But imagine yourself being the leader of such a business. You’ve made it through the start-up phase, you’ve established a regular revenue stream, you have strong client relationships, and your business is profitable. The market loves you and the media have taken a keen interest in what you do. But, there’s one thing that’s wrong: You are now faced with the end of the start-up hype, and starting to feel the pressure of moving towards a more developed, structured, long-term focussed, business plan.
“A good product idea and a strong technical team are not a guarantee of a sustainable business” – CTO of Dijiwan – a startup that failed after 6 months of trading and half a million euros raised from investors.
Hard to digest – but true. He goes on to say that “One should not ignore the business process and issues of a company because it is not their job. It can eventually deprive them from any future in that company”. He speaks our language. We’ve seen so many brilliant business ideas crash and burn simply because they neglected to think about the more ‘mundane, operational, day-to-day’ stuff that created the foundation of either sand or stone that either carried or sunk their great idea.
And it’s exactly that mundane, operational stuff that will spell success or failure for your initiative. So, why do the remaining 10% make it through the business minefield? It’s simple.
- You remain focussed: The product is right for the market.
You have an idea that has been well-received by the market, and you’ve made it through that initial hype. But your product is not there to just solve a problem. Your product probably solves many problems, or, has room to grow to adapt and solve many problems that a disruptive and changing market throws at it.
- You remain humble – not ignoring anything
You remain willing to listen and learn – from your workforce, from your mentors, from your competitors, from your clients. From the operational to the customer experience, your ears are always on the ground and you’re ready to heed advice and feedback.
- You retain good mentorship and surround yourself with the right team.
You realise that you may not be great at everything, and for that reason, surround yourself with business leaders and influencers that you trust, and who display a track record of success that can truly add value to your organisation and you as a business leader. You select your team wisely that support the interest of business growth and you admit when you need help to grow.
- Your team is agile and knows how to recover
You realise that there will be challenges and knock-backs – that’s the definition of start-up. But you develop a culture that accepts, and embraces change which means that when disruption comes, it doesn’t spell defeat or loss, but rather, another brick which strengthens your long-term business prospect. Your company culture is positive, collaborative and empowered to ebb with change and stand firm amidst challenge.
We bridge the gap you face between high start-up growth and the next steps of business development. We are operational, we are leaders. We provide access to funding opportunities and we deliver exponential growth. If you are ready to have an honest conversation about where you see your business going, and choose us to help you to get it there, then contact us today. Let’s secure your business future, together.