Why a Great Product Is Never Enough to Create a Successful Business
It takes only a few Google searches to become overwhelmed by the abundance of information available about entrepreneurial startups: Many, many stories exist about how this or that startup transitioned into a successful, established business. But, in many cases, you’ll be left trying to fill in the blanks or still searching for case studies relevant to your industry or business model. Related: Starting A Business? You Need These 3 Basics. In fact, there's only one reliable way to take your business to the next level: And that involves putting your trust in tried-and-true methods that other entrepreneurs have used to make the leap. Focus on productivity -- not activity. It's all too easy to get caught up in a flurry of urgent tasks that demand your attention. Unfortunately, that can take your focus away from what matters most. So, avoid the busyness trap and ask yourself what you need to focus on today, or over the next two weeks, the next month, 90 days -- even the next year or five years. Plan ahead so you know exactly what your next steps are. Leadership expert and coach Leah Wultschik has noted in a blog post that when leaders engage in all manner of busyness -- emails, meeting requests and so on -- employees feel pressured to follow suit. At that point, the never-ending focus to get things done can result in decreased creativity. You’ll be constantly in a reactionary state, leaving you unable to make strategic decisions. Don’t let yourself get to that point. Related: 3 Tips for Transforming a Startup Into a Global Success Story Hire the best talent possible. You are whom you hang around with. Wouldn’t you rather be around world-class workers who bring valuable ideas to the table than to try to squeeze what you can out of second-rate employees? Aislinn Malszecki, who oversees content strategy and community at MaRS, suggests the following steps to attract the best talent possible: Avoid reactionary hiring: Founders often find themselves desperately in need of help and may hire without looking for fit and the right skill set. Create a buzz for your company: Utilize your reputation and personal network to attract the right kind of people to your business. Tap into your network: In addition to posting jobs on your website and LinkedIn, leverage your network as well as the networks of your employees to find like-minded candidates. Building your team is not a matter to be taken lightly. Surrounding yourself with the right people can mean the difference between breaking through and remaining stagnant as a business. Work with people who inspire you. Partner with an agency. The opportunity cost of doing everything yourself can add up fast. So, work with an agency. The up-front cost of outsourced work will ultimately be less expensive than trying to do it all yourself. Patrick Woods, director of customer success at Keen IO, notes certain challenges of working with an agency. To overcome these hurdles, he suggests: Build a relationship with the agency: Set aside time to get to know the people you’ll be working with. Determine fit as well as expectations. Communicate: Since startups tend to move fast, communicate regularly and clearly with the agency to ensure you’re on the same page. Understand what the agency can do for you: Clarify its staffers' core strengths and competencies. Determine what tasks you’d like them to take over, and which you’re looking to handle in-house. Beware of negativity. Negativity can poison the waters of your entire company. Before long, you may find your whole team expressing doubt or disbelief. Conversely, being confident will instill a sense of confidence in your employees. They'll also follow you more willingly. Best-selling author and keynote speaker Jon Gordon has pointed out that negativity can affect the morale, performance, and productivity of your team. Negativity can also lead to decreased energy and increased stress. When it comes to creating a positive work environment, the responsibility lies with the leader. You need to set the tone for your team, to draw the best out of them. Avoid burnout. When you’re first getting started, and you’re excited about your business, you’re willing to do whatever it takes to get it up and running. Unfortunately, those 16-hour days will take their toll on you, and if you keep up that pace, you will burn out. Learn to rely on your team while growing your business. James Schramko of SuperFastBusiness is an advocate for getting more rest and sleep. This flies in the face of what many aggressive entrepreneurs are saying today, but Schramko points out that proper rest can help you boost your performance. The costs of losing sleep can be significant, and include: depression, a weaker immune system, memory issues, obesity and more. The costs of burnout can be especially high if you render yourself incapable of working for a prolonged period of time. Consider the costs before letting yourself get to that point. Prioritize. You can’t do it all. No one has more than 24 hours in his or her day, and we’re all busy. Beware of saying “yes” to everything, as you will eventually find it impossible to follow through on it all. If something doesn’t make you excited, don’t do it. Derek Sivers, founder of CD Baby, has said he lives by the “Hell, yeah!” or “no” philosophy. He explains that saying no to most things leaves room in your life for the few things that get you truly excited. If you find yourself wavering between a “yes” and a “no,” he suggests choosing “no.” Only say “yes” to opportunities that you can’t pass up. Final thoughts Transitioning from startup to established business can take time. So, don’t rush the process unnecessarily. When all the right pieces are in place, you’ll be able to shift smoothly from one stage to another. If you try to force the issue, you may end up with more problems than you bargained for. Related: 3 Simple but Powerful Tips for Startup Success If you have any doubts, go back to the basics. Take some time to determine what your priorities are. Start pruning any tasks or activities that don’t contribute to your ultimate success. If you have too much on your plate, ask for help or delegate. And above all, avoid taking on too much.