The 5 lessons of startup

Tips for startup

t weakyo urbiz.co m http://tweakyo urbiz.co m/gro wth/2013/03/26/lo o king-back-and-learning-the-lessons-o f-start-up/? utm_so urce=feedburner&utm_medium=email&utm_campaign=Feed:+bloggertone+(Blo ggertone) Looking Back And Learning: The 5 Lessons Of Start-Up Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in them!], I can say, undoubtedly, there are lessons to be learned from the experience of starting up. Some are simple things – the ‘shoulda, woulda, coulda’ actions that would have saved time or resources. Other lessons might have made more defining impacts on the trajectory, focus or growth of the business… Much o f the posts written abo ut business development, planning and strat egy, f ocus on looking f orward [which is a good thing!] however a lot can be learned f rom what has or hasn’t worked, and why that might be the case. I’m a big f an of Eric Ries’ “StartUp Lessons Learned“, and f ind his views on innovation in start-up development laudable and f orward- thinking. Ultimat ely, learning f rom what hasn’t panned out as we’d planned or hoped can provide us with rock-solid f oundations f or growth. Based on many o f the co nversations I’ve had with SME clients, here are the top f ive “if I had my time over again” ref lections, which, hopef ully some of you might recognise [and act on!] or f or tho se of you starting o ut, utilise as a starting point f or your business plan/ R&D. The 5 lessons of start-up # 1. Spent time on carving out a tact ical research project [wit hout becoming obsessive] Typically, there are f our areas start-ups simply despise at the outset: 1. research 2. f inancial planning 3. market ing 4. and business planning. Research is normally # 1 on this list. Why? Because it involves subject ing yo urself to an uncomf ortable set of objectives – asking the questions of your target audience you may no t want to know the answer to… doing surveys… desk research… and analysing competitors. T he reality with research? It is a VERY necessary evil. Why? Because what you don’t know will always hurt yo u. Of ten start-ups head in o ne of two directions: either into an abyss o f o bsessive research [which has no start or end], or the ‘head-in- the-sand’ stance [my business doesn’t need research, it’s just that amazing]. My advice? Don’t become a rese arch obsessive; do carve out a simple, strat egic plan to conduct research which is relevant, t argeted and clearly identif ies the def ining answers you need to det ermine your market scope, size and long-term potential. # 2. Refined t he USP Here’s one most businesses battle wit h at start-up, and during growth. What is it, exactly, that makes us unique, dif f erent and what’s the value-add f or my customers…? Well, the answer is: if yo u do n’t know, how do yo u expect your customers to know? Frequently businesses def ine, redef ine and ref ine their USP – which can also change with time, depending on new o f f erings, products or services – revising your business model can also change yo ur USP. Where should I start? Think abo ut ‘NOSE’ – customer needs and outco mes, and your solutions and evidence – what is compelling about yo ur of f ering? Start with ten words and whittle it down. Remember: your USP should be succinct and impactf ul. # 3. Done the number-crunching [and sought t he right f inancing] A tough one, and certainly a topical issue these days. However, not digging deep and ensuring your business has enough f inancial f uel in the tank co uld stress it beyond recovery. Many businesses at start-up spend time on ornate, f ancy spread- sheets [somet imes not developed by the peo ple involved… tsk, t sk] which bear little o r no relationship to the business’s actual f inances – its projected income and outgoings. You don’t need to be an accountant… get down to brass- tacks and understand what yo ur business’s f inancial inco me and out go ings are go ing to look like. On the subject of projections – suf f ice to say, you sho uld be cons ervative in your project ed income [based on research and planning] and somewhat more generous with your project ed out go ings. Do get help, like all other areas of start-up, if you do n’t know how – ask f or help f rom a mentor / consultant. It’ll be worth it. # 4. Thought bigger This sentiment of ten comes with experience – and the realisation that your goals may have been set a little lo wer than was jus tif ied… Get yourself some audacious aims… if your long-term vision doesn’t make you f eel a little jittery, it’s probably no t big eno ugh! # 5. Built a growth plan / st rategy Of ten the idea of ‘growth’ at start-up is co nsidered too “f ar of f ” – it really isn’t considered… wrong. Growth is the very essence of business development, and yo u need a plan / strategy to achieve it. Even when you’re just getting going, know what growth looks like… and build a plan to guide you along the way. … and finally, remember the key for any business: plan, do, review. Did you like t his art icle? 1. Please share it with your net work, we’d really appreciate it! 2. Would you like to write f or Tweak Your Biz? Or sign up f or our RSS? 3. An out standing title can increase tweets, Facebook Likes, and visitor traffic by 50% or more. Generat e great titles f or your articles and blog po sts with the Tweak Your Biz T it le Ge nerat or. Connect with Tweak Your Biz o n: Images: ”Ecology concept. Rising sprout on dry ground/Shut terstock.com“ . The 5 Lessons Of Start-Up Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in them!], I can say, undoubtedly, there. time or resources. Other lessons might have made more defining impacts on the trajectory, focus or growth of the business… Much o f the posts written abo