5 Tips on How a Start-Up can Dominate
Start-ups are a gamble, and ask any new entrepreneur, there is always more than a fair share of risk involved, but if one does manage to pull it off, the returns far outpace the risks! For a start-up business, the idea needs to be fresh and different and how it will fare in the eyes of the public is entirely dependent on how the purpose of the business is portrayed. If the marketing of a business has potential but the product does not, then it is a waste of money.
One needs to have a successful business model to work on, and going on about it without a plan of attack, not tackling the initial setbacks properly can destroy the business in its early stages. A start-up needs to grow fast. It needs to be an idea which is unique but familiar to the general public. If the public is interested, it creates feedback and revenue, which in turn gives the business something to build support on.
This blog discusses the 5 ways in which an entrepreneur can dominate in the open market with their start-up.
Being aware of everything that is going around you is essential in knowing what the public wants. Knowledge is wisdom, and if a problem can be spotted for which you have a solution, then it is just a matter of time before someone else comes with a similar solution. Omnipresence is the method of cementing your name as an expert in your field.
With a start-up, what matters most is that people know what your business is all about. If they don’t know, they cannot demand. Most start-ups do not spend much on their marketing ventures, and their expenditures are mostly on the product. It is necessary for the news to be out there; not only for revenue, but also for feedback.
So how do you achieve omnipresence in your niche as an entrepreneur? In the current business environment, one does that by giving out expert advice and establishing themselves as an authority in the industry through all the right platforms. Blogging, covering and building a presence on social networks via a business page, tweeting regularly and developing a following on the social platform, and contributing to major magazines and websites in your niche are great ways to just that. The main goal is to be in the eyes of the public in a positive and professional way.
With that, it is also necessary that we know about the unspoken part of the feedback, mainly, what is perceived but not shared. Many companies use public opinion and the general attitude of the masses with regards to the products to enhance their offerings and make them more attractive.
2. Becoming an expert in their space
Another way to dominate the market is to make your business known by setting yourself up as an expert in your industry. Most successful start-ups were lead by an expert in the industry, with considerable experience and knowledge of all the ins and outs of the business. For your start-up to be successful, you need to establish yourself as an authority in the industry.
Having people know your name is an advantage, and being an entrepreneur who knows what they are doing is a challenge for big companies which already have a reputation and having an individual making those decisions is impressive.
Mark Zuckerberg was already a celebrity when he got the idea of Facebook. People knew of his prowess in the tech arena, and when news spread of a networking website he made, they flocked to it. This is because he was already an expert in his field and people knew it.
3. Blue Ocean Strategy
Imagine the Cirque De Soleil. The fusion of opera and ballet with circus gives us a chance to see a rare moment of art in action while eliminating star performers. The whole act is the star of the show and an idea that was needed in the entertainment industry. This is an example of a Blue Ocean Strategy.
‘Blue Ocean Strategy’, written by W. Chan Kim and Renée Mauborgne, argues that companies can succeed not by battling competitors, but rather by creating ″blue oceans″ of uncontested market space. Cirque De Soleil tapped into an untouched market and produced a form of entertainment never seen before. This clever act is known as Blue Ocean Strategy, which basically tells us that in a “Red Ocean” which is filled with mainstream competitors, it is easy to get lost, but in an untargeted, unrealized audience, it is easier to put our finger on something that was needed but never realized, essentially carving out your own niche.
4. High Energy and High Focus = Results
When starting a business, determination is high and the will to succeed can bring a company to new heights in a small matter of time, but for a company to get results, its workers should be its main focus. In this economy, many people work 16 hour days, and it can become easy for them to burn out early on. In a start-up, with all the members of a company working hard, the work becomes monotonous after a while for anyone, but by bringing a change of pace into the routine, employees can get their energy back and focus better, resulting in higher productivity.
Many companies have group activities, employee focus groups and feedbacks and beneficial packages and casual leaves to lure potential employees to their business. For a start-up, it is better to have a dynamic group of people working small hours a day for good money. A screening process can get rid of those candidates who want to earn but not work.
5. Success comes from decompressed time
High energy and high focus brings us to decompression not depression. Understanding that your employees are under the same stress you are can make you put things in perspective. If your employees work too much, they can get tired quickly which affects the progress of the group. An employee should want to come to work so it is better to have a company where they are kept under a watchful eye to prevent excessive dalliance on the worker’s part.
Success is a product of determination and teamwork, and being too stern can cause employees to resent their work. Many companies nowadays encourage short naps and breaks between work for the employee to get their focus back and shake away any lethargy that might be plaguing them. This conveys to the employees that the company cares about their well-being.
Most start-up companies need to bring skilled people in, and a way to do that is to make the current employees happy and to keep a level of balance in the workplace.
With proper guidance, an entrepreneur can believe in their own product enough to make it successful. They can make a name for themselves and bring people’s attention to their business by following the right tips and applying them. One must understand that that no one becomes successful in a day; one has to work their way up slowly and gradually. Learn from your mistakes rather than investing too much too fast and then facing failure.
If you are looking for some guidance or success coaching for your business contact Josh today by Clicking Here.