You're reading 5 Things Entrepreneur Needs To Invest In, originally posted on Pick the Brain | Motivation and Self Improvement. If you're enjoying this, please visit our site for more inspirational articles.
A true entrepreneur is a doer, not a dreamer. For
a startup to kick-start, a defined mission of proper investment is as important
as the idea of the new venture. With the increasing technology and fresh ideas,
the numbers of startups are increasing every year. USA’s startups remain to be highly concentrated in a small number of hubs.
However, surprisingly most of these startups fail during the first few years of
its inception and the reason is not a failed idea but inefficient execution.
Startups flourish with that additional effort
that a very meagre number of entrepreneurs’ is willing to make. Investment in
the right direction, at the right place and the right time, is the one thing
that is common in all the successful entrepreneurs.
Tech is the future
Being a tech-savvy is no longer a luxury feature,
it’s a necessary trait. With increasing market competition, efficiency is what
will distinguish you from everyone else. Having high-speed internet for faster
work, better machinery for faster production, cybersecurity, employee ID
badges, investment in better software for book-keeping can have a tremendous
impact on your company.
Identifying the needs and gauging it with
requisite software will help you stand tall in the ever-growing market.
Research is Gold
A close tap on the emerging products in the
market is crucial. Invest time in research, the SWOT analysis of other
companies and formulate a strategy so that you can identify what is missing in
the existing market, what extra can you provide to enhance customer
satisfaction and why should the customers turn to you for their needs.
Invest in adequate market research which can get
you polls and statistics on the existing market. It gives you a clear idea
about your future objectives in reference to the market and the competitors.
Differentiation is the only way you can survive and create a mark.
Virtual Presence is Crucial
No one will magically know that you exist. You
need to make yourself visible. An adequate social media presence largely
contributes to your customer base. Whether it is creating your own
mobile-friendly website with customer-centric features or a fully-functional
app with instant response rates – leverage the benefits of the World Wide Web.
Instagram, Facebook, Twitter, LinkedIn are social
media spaces that have also become marketing platforms which enable the
customers to know more about your company. Pick your target customer base and
post accordingly. Social media plays a huge role in creating brand loyalty if
used diligently.
People are invaluable
Adam Neumann, co-founder of WeWork believes that
“People are the most important thing.
Business model and product will follow if you have the right people.” A
startup is a beautiful blend of a great idea and a dedicated team. From idea to
execution, let your people put forward their opinions at every stage, and see
how it does magic to your brainchild.
Investing in people with exceptional skillset and
dedication can help you immensely in the long run. Proper training, one-to-one
feedback, proper evaluation, team-building exercises and looking after their
professional development can benefit your company in a way nothing else can
Safety is the topmost priority
A startup is like an entrepreneur’s own child.
From conceiving the idea to executing it with adequate resources, you put every
drop of blood, sweat and tear to lift it to the top. Even the thought of
something bad happening to it can break your heart. Insuring it from all the
potential damages is like the safety net the startup needs at every step of its
growth. The employees, your office building, the plant and machinery,
cybersecurity and your product, everything needs to be insured. This investment
will safeguard you from any adverse circumstance that may in the near future,
become a barrier to your success.
Bonus Tip: Preserve your Digital Heritage
What exactly I am talking about? Your most
important virtual asset - your website! Competitors are in the constant outlook
to note down that one point which can wash your out of the race - you certainly
can’t afford to give them that edge. So, invest to preserve all your virtual
assets so that later you don’t have to regret.
Now the question is How to archive
website? The only answer is Stillio - a tool made to make your life
easier and your startup stronger. It generates automated screenshots of your
website at regular intervals which saves you a lot of grunt work alongside
serving the purpose. What a relief!
You've read 5 Things Entrepreneur Needs To Invest In, originally posted on Pick the Brain | Motivation and Self Improvement. If you've enjoyed this, please visit our site for more inspirational articles.