A number of Startups fail to scale, within their few years of operation.
You might be quick to pronounce the cause of the “untimely death” as, lack of funding.
This might appear to be truth, but beyond that, Startups that end up in this unfortunate situation, probably overlooked a factor, as simple as planning for growth.
On the average, many see planning growth for a fresh Startup in the ecosystem, as a premature thought, but indications from a few Startups, have shown that, there is a necessity for it.
Do you consider successfully navigating growth during your Startup early years? You, then needs to consider these tips:
Opportunity Cost Remains Essential
Are you looking into projects that you are yet to launch? Deals you are yet to strike?
These actually pose a threat, to the stability of your business, than what you might think, such as taxes and rents.
Opportunity cost, ensures that, limited resources, such as money and time, are put into effective usage.
The opportunity would give you the avenue, to explore ways of gaining market share and eventually, building your Startup to scale.
Identify Your Customer Base
Entrepreneurs can find themselves on the losing end because, they have failed to identify their target audience.
How can you target an audience that you do not, even, know in the first instance? Trust me, you would find it difficult in reaching out to them.
To get acquainted with your potential audience should not be a tough nut to crack.
You could gather a list of your products and services, roll out their benefits and determine who and who would be a beneficiary of it.
Analyze your successes and failures
A deal that went sour; a bad hire; these appear, as a failure, nevertheless, you have just been presented with an opportunity to start all over again, but this time around, you would approach your dealings wisely.
Moving forward, it would be costly, if you miss an opportunity to evaluate a mistake.
Considerable success comes from learning from failures, but some entrepreneurs, new in the block, examine failure in the wrong way.
The exercise you would carry out on failure, is not about finding fault, but seeing where to turn wrong to right during your startup early years.
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