There’s never been a better time to start a new business. The post-COVID era is a time of great transformation and change that is affecting industries across the board - from healthcare and education, to the workplace and technology. Start-ups are notoriously circumstantial and context-dependent. However as we head towards a new age of purpose-driven capitalism, here are our top 10 tips that every start-up can embrace, for a more successfully and conscious-approach to work, wellbeing and longevity.
There’s never been a better time to start a new business. The post-COVID era is a time of great transformation and change that is affecting industries across the board - from healthcare and education, to the workplace and technology. Start-ups are notoriously circumstantial and context-dependent. However as we head towards a new age of purpose-driven capitalism, here are our top 10 tips that every start-up can embrace, for a more successfully and conscious-approach to work, wellbeing and longevity.
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1. Just Do It
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Embrace the Nike slogan and just start running with it. Many people have an idea, a dream or a passion that they never put into action. If you find yourself burdened by excuses, it’s probably a sign that you are not that invested in your idea. It’s not usually about whether we can or can’t perform something, it more often comes down to how much we want it.
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This is why many purpose-lead entrepreneurs are motivated from the heart. They often take causes or experiences that have affected them on a deep level personally, to instigate the change they want to see in the world. Creating a start-up can be a scary process that sometimes takes a leap of faith. However you don’t need a solid 10 year roadmap to start taking the first tentative steps. Often the plan changes and comes together as you begin to move.
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2. Be A Solution
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One of the biggest mistakes that many new businesses make, is that they create what they think people want, as opposed to actually finding a viable product-market fit. As well as requiring some market research and brainstorming the problems you want to solve, this can be a particularly tricky aspect of business - as what people think they want, versus what they actually want, can occasionally end up being different things!
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This is why the first point about just getting started is so important. Instead of paralysis by analysis, getting moving means you can start experimenting and making iterations as you go along, based on live feedback. Launching a product or service is not a final release, but an on-going evolution. Your startup should fill a hole in a certain market or niche. Home in on why you are opening your own business. Understanding your motives will help you create a brand and market your company. Know what problems your target customers face and how you can solve them.
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3. The Best Solution Is The Simplest
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In a world of increasing complexity, it still holds true that the simplest solution is often the best. If it’s easier for people to understand, adopt and commit to, it’s more likely to find sustainable success. Be careful not to let your concept snowball into something overcomplicated, or you could end up with an expensive, elaborate end-product that nobody wants to buy. Start low and go slow, hone in on the central issues and do them well. It’s always easier to add on the bells and whistles at a later date. This will also help you to deliver and innovate as a resource-constrained small business.
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4. Be Savvy With Savings
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A textbook error from many businesses that successfully raise a new round of funding, is to rapidly burn-through the cash with on-going overheads. Adopting the mindset of a bootstrapped start-up will help to ensure that you have the runway you need to go the extra mile, especially in the event of unexpected circumstances, like a global pandemic. These days, there is an abundance of start-up friendly accountancy services and book-keeping software, which can help you track operational incomings and outgoings. This also gives you a better idea of the health of your business, and what iterations need to be made before pursuing a certain growth strategy.
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5. Earn While You Burn
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As portfolio careers become increasingly popular, launching a passion project or side-hustle no longer has to be a full-time leap of faith. Launching a startup is a process that can help you become better at your day-job, and vice versa. Spanning many fields and skills is a super-skill of an AI-driven future, and one that helps to increase cognitive flexibility, and enthusiasm. Launching a business is also a great way to learn more about yourself, where your interests lie, and to develop personal growth attributes such as leadership, creativity and teamwork.
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6. Locate The Legalities
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It’s important to have strong legal fundamentals when starting a new project. It’s important to understand the rules of the game, and if you fail to follow government regulations, you could face steep penalties. Ensure that you are properly registered, take care or specific liabilities, and compare local and international guidelines. The rules that apply to you depend on your state, business structure, and industry. Consider talking to a small business accountant as you set up your company.
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Paperwork might not seem important during the early days of your startup, but operating a business without a business entity in place can put your personal assets at risk. Unless you’re willing to risk everything you have to make your business succeed, talk to a professional and set up a business entity to protect you and your family from unpredictable consequences.
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7. Balance Passion And Strategy
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Passion will consistently drive you to improve your process as both you and your business grows. However, your heart shouldn’t rule your head on every single decision. Ask experts questions about launching a startup. Reach out to professionals that can help you with certain areas of business, such as financial advisors and lawyers. As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.
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8. Leadership Is More Than Vision
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As well as looking out to the infinite horizon, leadership is about company culture, motivation and drive. Setting an example for your company means having the right attitude, work ethic, and determination. It also relies on putting the right team in place. In order to achieve your ultimate goals for your business, you’ll need to surround yourself with people who understand your vision and fit into the culture and mindset of your company.
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9. If You Don’t Ask, You Don’t Get
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Finding great mentors that you connect with can make a huge difference to business success. Don’t be afraid to ask people to mentor you; often they are glad to be asked and eager to help guide others, as they were once guided by their own mentors. The entrepreneurial spirit means that the ecosystem is abundant with talented, empathetic and driven people, happy to collaborate and get involved. In the absence of direct guidance, it is the cultural ethos of a company that wins out in informing the decisions and work of those at your company.
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10. Don’t Be Afraid Of Healthy Competition
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Competition is proof that you’re onto something, and can force you to focus and improve. Uniquely, in the purpose-driven space, much of the competition is also willing to collaborate. This is one of the benefits of contributing to a movement that is larger than yourself. A notable example is the B Corporation movement, which regulates businesses to ensure that they implement gold-standard practices when it comes to delivering on the triple bottom line - people, planet and profit.
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