Every startup needs the requisite skills, enough funds and a great management to survive in the process of creating lasting company. But it could take more than for your startup to survive in the face of challenges. Talent and skill can keep your business running for sometime, but what will it take to keeps clients coming back and recommending your product to colleagues and friends.
I believe no business plan, no skills and no amount of money can substitute for the ability to simply keep going and quit when need be. You have to be able to know what is working, what can be improved, what is not working and most importantly when you need to quit if the need arises.
Some businesses require not just a great leader but a new great leader. Sometimes you have to give way to new managers though you are the current founder and CEO of the business. Founders have mostly occupied the top positions in their businesses but for the good of the company if you have to hire a new manager, do not hesitate to do just that.
Some businesses need to go back to the basics: have a clear business model, strategies for implementing the business model and management tools for running the business. You may not place a huge emphasis on your startup office environment, but it has to be lively. Most employees of startups spend more time at startup offices than their apartments hence the need to create a conducive atmosphere for work. You may be on a lean budget but make sure the right office furniture, snacks, weekly celebrations of your achievement are all available to boost productivity.
Speed to market. The market changes so quickly, don’t delay until you are 100% ready, or risk loss of sales/revenue/users in the process. Get out there and then adjust to the inevitable and make changes where necessary. Be agile and go to market fast for feedback purposes.
The relationships you build and maintain can also help you survive. You need to always establish good relationships even if they seem unrelated and unprofitable. People that know you will connect you with clients, partners and investors.
