As the founder of a startup, I believe that funding and experience will be two big problems for you. When you are in trouble, besides consulting a professional consulting company, it can be beneficial to also learn from other successful startups. This will help to shed light on some of your questions, and also give you more understanding and experience of the market. There are numerous outlets and methods to observe or reach out to those also within the startup community in order to improve your own business.
Join the startup community
There is no need to face the problems of your growing business alone. So many have come before you and faced similar problems with only slight variations. There are numerous ways to join the startup community in order to learn from other success and failures. There are hundreds of area specific Facebook groups were entrepreneurs post questions, hold discussion, share their experiences and host meet and greet events. People with similar interests, development goals, etc. come together to discuss issues and exchange experiences more conveniently, so as to develop together. As a platform, the startup community provides you with an opportunity to interact with many startups all at once. You can post your questions and ask others for advice. It is also possible to absorb the experience of others and effectively avoid some problems that others have already found the answers to.
These groups are a great way to interact with so many other entrepreneurs. Take advantage of them and reach out to people who could become a mentor to you. In my experience there is always something that we can learn from one another no matter what stage of development we are each in or how many businesses we have founded. Reach out, make connections, ask to meet up to grab coffee, participate in discussion boards and learn from every situation someone else has experienced already.
Do your research
It is advisable for you to research in order to find what others have done successfully or how they failed. All strategies and methods used before have something to be learned or observed even if they did not work for that particular business or market. After discovering these strategies through investigation, they can be applied to your own enterprise development in a targeted manner. Or they can be ruled out if it becomes obvious that that particular business model or marketing technique does not thrive in the market you are targeting. Of course, this kind of application can’t be rigid and without adjustment, but it must be in line with your own reality. Investigate and observe but do not simply replicate. Every business if different and must have its own unique business model and strategy. Rely on research where your own education and understanding is weak but do not fall into the trap of simply recreating what already exists.
If you know in advance the places where other companies fail, you can avoid repeating the same mistakes in the future. Although startups may not have their own experience, they can gain a greater understanding of their options through the study of some classic cases. Broaden your horizons. You may be an expert about the product you are creating or the technology you invented but you aren’t expected to also be an expert on every facet of the business world.
Learn about startups similar to your own
Enterprises of the same type or similar can be extremely valuable to learn from. Due to the similarity of the company’s services, products, goals and even business models, similar types of enterprises are likely to encounter similar problems. In addition, how to improve goods, how to find customers, how to seek new innovations, the solutions to the above questions can be find through comparison and learning. You must know about the market you are entering and what your direct competition is doing right and what they are struggling with. Market and competitor research can provide invaluable insight on how to solve some of the problems within the market ranging from marketing to market share to price valuation to product improvement.
Look for networking events
In the process of learning from other companies, you should also take the initiative. Don’t wait for mentors to come to you, but try to connect with other excellent, successful startups. There are educational and networking events taking place in every city that you need to take advantage of. You can always learn more about what other startups are accomplishing or how new markets are emerging. Even if the event isn’t particularly related or of interest to you there are always connection to be made. In person connections can bring about entirely new dimensions to your company. They can bring about new customers, new mentors, new investors and even simply test your ability to explain the importance of your company to strangers. You cannot build an entire business alone, you need to find new connections who can help you along the way.
Just as the famous saying goes, ”Among the three people walking ahead of me, there must be one who could be a teacher of mine.” It is an art and learning to ask others for advice with an open mind, which will let you become more successful.
Take advantage of the startup world community, investigate, reach out and learn more about the community along with how you can best succeed within it.
Contact us at Solutions For to gain another team of mentors along the way.