Best Tips for Young Entrepreneurs & CEOs
Today’s young generation has an innovative mind and variety of ideas when it comes to start-ups. They are aware of the latest trends, and the demand for a particular product or service in the existing marketplace. Venturing any new business or start-up may be easy but growing and expanding the same may be challenging. Validation of your idea from the investor is a difficult task, so invest in research as much as possible.
The journey from funding to becoming a brand is a difficult one. Most of the start-ups fail to survive during the initial stages of operation because of numerous reasons. This article highlights a few advice followed by successful entrepreneurs which may help the young CEO’s survive in the competitive environment.
Qualities of a Start-Up CEO
Before we jump to the list of advice for the young founder of start-ups, let us first understand what interpersonal and intra-personal qualities the CEO must possess. It creates an impact on the success and growth of any start-up or business organisation. The most important qualities have been listed below:
The founder should be passionate about their idea for the start-up. This will eventually lead to better time management and strategy-building.
Patience is the key. One may not see instant response and growth. Thus, it is vital to stick with the plan and to persist with the process.
Be curious about everything. Even a small aspect may help to generate unique ideas and focus on what is important. It inculcates critical thinking.
It is imperative to approach the process with a calm mind and steady pace. Rushing any decision may easily backfire.
It is very important to have analytical ability and skills. There are different facets of a start-up that need to be analysed continuously. This skill helps in decision making.
The young CEO must be dynamic. They should understand that change is the only constant thing and should be able to cope with the changes and take quick decisions.
Accepting everything that occurs is important. Not everything may be under our control and few things depend on luck also. So, keep going.
If you are creative with your ideas and approach, then you can attract more customers for your new venture. Being creative also leads to uniqueness in the products and services you offer.
Honesty should be in terms of being true to oneself, the start-up, and everyone directly or indirectly connected with your business. It leads to transparency in any organisation.
Not everybody is born a leader. Few develop and grow themselves into a leader. Hence, these skills will help the CEO to manage the business efficiently.
The more energetic you are, the more you will be able to keep your surroundings positive. It will indirectly help you in actively putting efforts into your start-up.
Best Advice Young Entrepreneurs, First-Time Start-Up CEO
There are a few tips and advice which may apply to any form of start-up. Once you are sure about your unique idea, business plan, and execution, you will need to focus on gaining knowledge and understanding the business world better. We have highlighted a few pieces of advice for your venture as follows.
1. Be comprehensible about the goals and vision of your start-up
One important aspect is the clarity of goals and objectives. Once you have stated your goals well, you can then undertake the necessary steps towards their achievement. The plan of action is dependent on the goals of the company. You can design your business plan based on the vision of your start-up. Set milestones and accomplish them.
2. Define growth specifically
The definition of growth is subjective. People define growth according to their understanding and is a relative term. For any start-up, growth can be in terms of revenue generation, cost-effectiveness, unique product, and services, being a market leader, increased customer satisfaction, etc. If any of these pre-decided goals are achieved, be assured your company is steadily growing. So, define the growth for your start-up and prepare a framework accordingly.
3. Swift decision making
A young CEO has the quality of being a quick learner. So, utilise your skills optimally and try to think out of the box. Challenges and problems are going to come along your way, but you need to decide for every problem that arises as soon as possible. A delayed decision means an opportunity forgone. Once you start dealing with issues on an ongoing basis, you will master the skill of fast decision making.
4. Do not imitate your competitor
Do not do everything that your competitor has to do. You may succeed in the short term but in the long run, that may hamper the growth of your company. Try to bring one element which is exceptional, unique, and difficult for your competitors to imitate.
5. Create value for your brand
The focal point of your start-up should be a value addition for your customers. You should emphasise providing customers something extra that they have never received or thought of. Try to understand your customers well and offer potential products and services.
6. Keep your customers at the centre of everything
Every decision you take for your start-up should be taken from the viewpoint of customers. You must know the wants and needs of your customers before you offer them any product and service. Choose the target market after proper research. Create an attractive website that may be appealing to your customers. Ensure customer engagement.
7. Team building is the key
Hire people who share the same values and understand how important the goals and vision of the company means to you. It helps in fostering a culture that helps in achieving necessary objectives. Train them right and do not hesitate to hire people who may be more talented than you. Develop cordial relationships with them and maintain a balance to ensure professionalism. The hierarchy of your start-up should be defined clearly.
8. Focus on enhancing your business
Enhancing your business should be in terms of building your business and developing it. Do not hype unnecessarily about your business because that is not going to take you anywhere. Plan for the worst circumstances. This will help you monitor the trends and adopt best practices in your organisation.
9. Avoid and mitigate risk
One should be always ready to face any form of risk. A common practice that is advised to any founder is to know your possible risk in advance and plan against them. It is better to avoid and mitigate risk rather than suffering loss arising from the same. For instance, buy insurance for the warehouse or you may face loss due to goods burnt from fire.
10. Seek support from experienced and professionals
Before you are commencing any start-up take advice from different people. You can get in touch with experienced professionals in the field of business. They can guide you to move ahead with an idea or related to any facet of the business. They may share their experiences, mistakes, etc. and you can always learn from them.
11. Do not ignore small details
The success is in details. May it be the colour of your brand logo or any feature of your product, be very precise in deciding the small details and finalising them. But you should also take care that you do not spend more time on that.
12. Have patience, but do not hesitate to try something else
Maybe the initial stages may be crucial, but if you think that nothing is going as per your plan for a long time, do not hesitate to try something new.
Thus, we can conclude that people sometimes get stressed during the initial phases of their start-ups. Dealing with pressure may be challenging. But you should always focus on the positive aspects rather than developing a negative outlook for everything. It is essential to realise that failures are as important as the end goal and success. Do not be deterred by the hurdles and stick with your plan.
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Q. What matters most while pitching investors?
Ans: The stage of business you are in matters the most.
Q. What are the stages of start-ups?
Ans: Seed stage, research, start-up, growth, and expansion.
Q. How much should a founder rely on advice given by others?
Ans: You should not completely rely on the advice of other people. It should motivate you to do better.
Q. How to improve business performance?
Ans: Manage your finances well, select the right marketing tool, master selling skills, motivate your employees, etc, will help improve business performance.
Q. Which is the most important area to focus on while preparing to establish your start-up?
Ans: The financial commitments of your investors should be on paper.