Starting a new Business
A new business has a very different set of priorities to those of an established or mature business. Two crucial milestones determine the strategy of a startup: (i) the first year of business, surviving it is question of determination and patience for it is a period of low turnover requiring personal sacrifices and strong survival instincts; the 5th year is the next milestone for although some successes may come in the intervening years, temptations are great to venture towards greener pastures. Surviving past these two milestones establishes your business within the local economic eco-system, making business easier.
Seeds for Survival
Startups are founded on an original idea or product as well as a passion. The most important tool to forge from these two initial inputs is a vision. We invite you to read our post on our blog, Syllogic Thinks!, about the importance of a vision. A vision is the first tool to equip a startup with, from this will flow all major decisions, enabling the business to stay focused and not wonder towards other business opportunities however tempting they may be. All new business have obstacles, no idea is better than another, the recipe to success is the originality of the idea/product and the passion of its stakeholders.
Determination and communication
Once clarity is established through a vision, it is important to strive for economical sustenance. A two pronged strategy is recommended: determine the immediate target client to fullfill the market demand for your service; and in a parallel communicate your enterprise vision to all stakeholders in order to establish your brand. Targeting clients needs to be done with determination and passion. A passionate salesman will sell you water by a river-side. It is contagious!
Communication of your vision is paramount to establishing your enterprise in the society’s economic eco-system, a process that usually takes 5 years to achieve. The clearer your communication through your site, a blog, social medias and other channels, the stronger the established presence of your business and the better is growth potential.