The most intimidating fact about pursuing your entrepreneurial dreams is that
“9 out of 10 Startups fail”.
No matter how optimistic you try to be, a fact is a fact. In this era where mobile apps are particularly in demand, there have been instances where even best mobile app development companies have fell flat. But then if you think we are trying to instill the fear of failure in your head, we hate to inform that you are sort of wrong.
In this article, we are trying to focus on those 10 companies on the other side and what they did differently. While talking about each and every contributing factor that led them to success would be better through a detailed document, discussing here one of the major reasons behind their success is quite feasible i.e success mantras that these entrepreneurs followed, which are:
Securing funds at funding rounds, saving up on resources and what not; preserving your funds, in the beginning, is one of the most important things you need to take care of when your company is still in the budding phase. But then to hire the wrong professionals would make sure you are always at that place. And by saying ‘wrong’, we don’t just mean unproductive employees. We are also talking about those who don’t believe in your vision, ineffective at conveying ideas and bring down the productivity level of others as well.
By hiring experts, you may lose more funds that you planned in the form of compensation, but then, in the long run, you will have more productivity, better ROI and a team of intellectuals that have an opinion of their own.
Keep an Ear out for Opinions
At some point in your professional career, you may have noticed that it is not necessarily the smartest employee who comes up with a solution. That is because each one of us has a different thought process and way of perceiving things. Give everyone an equal chance to table their opinion, filter out the negatives and forge the best optimum solution. Also, when you listen to what your employees are saying, you are indirectly saying that you value the effort they put to make your vision successful.
Every time you communicate with your team, you exchange ideas and also get an estimate of what challenges they have been facing in a particular task. A good entrepreneur would always keep a tab on the shortcomings that prevail in their team, and take part in the group conversations to contribute and resolve the issue. The top mobile apps development company would give you a good app, but integrating them to perform as a team that communicates well within itself would churn out something much more than great.
Besides, your team needs to see you as a person with a vision, not a dictator who only cares about productivity and instant results. Call your employees for regular meetings, which could be a great way of bringing your employees to a common platform, where they can trade ideas, talk about current figures, challenges and much more.
Be the Binding Factor
Although miscommunication and conflicts are common occurrences in an enterprise, prolonged conflicts that directly affect productivity is the last thing you would want to happen frequently in your company. Try to act as a liaison among your employees so that you can resolve the disagreement between two of your employees by coming up with an unbiased verdict that they are happy to accept.
Starting and running an organization is no joke. And with so many factors involved in handling a company, you need to realize that challenges are a part of the big picture. Managing huge piles of data, keeping a tab on accounts, managing human resources and much more; an entrepreneur has to do handle and coordinate all sort of corporate chores in the beginning. Entrepreneurial pressure should be an expected consequence and you should be more than ready to mitigate or at least handle it well.
Learning to adapt to your company’s requirements, client requests, and changing goals is what you shall expect from day 1.
It is quite disturbing to see things not working out as per your supposedly fool-proof strategies, but remember that in each situation, there is always an optimum solution that you need to find. And for that, you will have to put your old strategies aside for a while, and forge a new one from scratch, whenever needed.
Although there is no perfect blend of skills that guarantee success, how well you react to a circumstance is the key to sail through. As an entrepreneur, your job is not only to generate revenue in the moment but to take care of the backstage as well. A well-coordinated strategy that focuses on internal as well as external factors involved has least chances of failing miserably.