One of our StartHub members, Andres, has developed successful companies around the world and wanted to share his 4 main tips when developing a new company.
To read the original article please visit www.bizgurux.com
Tips and tricks for startups
By Andres Aguerrevere
There are more ways to go wrong with startups than to get it right. Established companies have much more money and resources so they can afford to go wrong. Startups can make mistakes but cannot afford to go wrong, not more often than frequent.
Here are some tips and tricks for startups. Please bear in mind these tips and tricks do not pertain to any particular industry or type of business. They are generic that entrepreneurs must try to endorse and adhere to.
- Keep it simple. A startup must always be simple. You must be able to summarize the entire business idea in one line or sentence. The purpose or vision, the strengths and the future prospects of the startup, everything must be very simple to understand.
- Keep costs low. Do not indulge in any expense unless it is imperative.
- Set pragmatic expectations. Every entrepreneur or aspiring entrepreneur wants to make it big. It is the ambition that fuels the inspiration and motivation to plan a startup in the first place. But you cannot keep looking at the big picture. You must have very realistic targets, at least for the first year or two.
- Finally, focus on viability, then growth. Do not think of growth just yet. Without viability, growth is volatile.