Startups take quite a bit of effort and plenty of sleepless nights, but it’s worth it to see your unique vision come to life. Unfortunately, not every startup will find success and some don’t even get to see the light of day.
In order to survive, there are a few golden rules every entrepreneur needs to remember.
1. Launch quickly
Once you have conceived your startup idea, set a deadline for launch and stick to it. If you end up leaving your startup in stealth mode for too long, someone else is bound to copy your idea and get it to market first.
2. Pivot if you need to
It is not uncommon for a startup to start off with one kind of service or product only to pivot to something completely different later on. Pivots are not a sign of failure, but rather a sign of something discovered along the way.
3. Spend your money wisely
One of the biggest reasons why many startups fail is when their funds dry up. Startups have a hard time raising money to begin with, so you want to be very cautious with the money you have.
4. Don’t get distracted
From magazine interviews to tech blogs talking about your startup, it can be easy to get distracted. While startups do need to get a handle on media relations, you need to stay focused or else your startup will be all talk.
5. Offer great customer service
At the beginning, it isn’t too hard to give personal attention to the small number of customers and investors interested in your idea, product or service. In fact, these initial batch of users can end up becoming your biggest supporters and promoters.