Today, startups are rampant across most of the country with Entrepreneurs on the rise looking to build a business. While admirable, starting a company is more than a bunch of great ideas. It’s copious amounts of time, energy, and of course, cash. Not just everyone can build a successful startup, especially one that stands the test of time. Statistics show that most startups fail within two years if not properly managed or marketed. At ApplicantOne, we too we once a startup looking to build and grow our business and product. Today, we’re bringing you three helpful tips to grow your startup! Give them a read, and let us know if you have any tips of your own that helped launch your startup off the ground.

What is a Startup?

The word “startup” is tossed around often in the business world and can leave people confused. “Is it just a small business or is it a brand new business?” “Do startups only last for a year or can they turn into major companies?” Have you thought these thoughts before? No worries, we’re here to help define the term “startup” for you to help clear up some of the mystery. Coincidentally, Eric Ries (whom we mentioned in our blog titled “Top 20 Business Influencers to Follow”, has the best and most commonly used definition of ‘startup’ that he coined in his work on the Lean Startup Methodology. He defines the word as “a human institution designed to create a new product or service under conditions of extreme uncertainty.” Will Schroter, of startups.com says that “a startup is the living embodiment of a founder’s dream. It represents the journey from concept to reality. It is one of the few times when you can take something that is only a dream and make it a reality, not just for yourself, but for the entire world.”

Tip #1- Connect Smartly- Once your plan is in motion and all of the metaphorical stars align, it’s time to make those connections that make sense during the beginning stages of building a startup. Before you begin attempting to make business altering connections at an insane level, start small. A startup is the very beginning of what can be an incredible business, so don’t rush the process to the point of overwhelming yourself or your employees. Connect with that family member who’s well established or that old neighbor of yours that worked for a massive company. These connections we make over the years are valuable towards your company’s future as they bring insight, power, potential for investing, and more. If you take away anything from this, it’s that you should never burn bridges in business because you never know who or what will open doors for you later on down the road. It’s important too that while you may be doing a fantastic job connecting, if your employees are lacking in the ways in which they connect, that reflects poorly on your company and yourself. Consider implementing some sort of guideline that allows for connecting ideas for your employees to use that could also help you! The language you use is KEY. Never assume someone else will help you. Start slowly, introduce yourself, explain what you do and where you do it, and engage. Don’t start a conversation with a potential connection with tons of demands or “you shoulds”, instead build that connection first and if they could be an asset, explore that later.

Tip #2- Choose and Understand your Audience- Once you know what you’re doing and the routes you want to take, it’s time to choose the best audience for you. It’s important to understand that a target audience is highly specific meaning not everyone and anyone will need or even want your product/services. Realize that now, to save you trouble down the road. Take the time to consider who your target audience is and first understand if it’s attainable. Inc.com lists a few factors to weigh as you begin your audience list such as:

• Age

• Location

• Gender

• Income level

• Education level

• Marital or family status

• Occupation
  Ethnic background

• Personality

• Attitudes

• Values

• Interests/hobbies

• Lifestyles

• Behavior

Some of these demographics may seem irrelevant such as age and gender but they really do matter. These factors will help you who needs your services, and also, more importantly, who is going to buy your services. How will your services or product fit into “John Smith's” life, business, needs, etc. but also, what will appeal the most to him? If your audience is millennials, targeting a certain age bracket with certain content, values, and lifestyles will be your ticket to success. Basically, you wouldn’t approach the older generation in the same way you would approach the newer generations. Demographics are your friend.

Tip # 3- Be Open to Suggestions, Feedback, and Potential Criticism- This may be a hard pill for many to swallow but sometimes negative feedback is more useful than positive feedback. Repeat after me: “negative feedback can be more beneficial than positive feedback”--good. As an entrepreneur or startup owner, it’s important to remain receptive throughout the duration of your reign as CEO. You will receive copious amounts of kickback from clients, employees, and any regular Joe who decides he doesn’t like you! It’s just apart of the game and the way you view this feedback can change the way you run your company. In fact, BusinessTown says that customer feedback can help with customer retention and can give priceless customer insights that you otherwise wouldn’t obtain. Forbes directly addresses negative feedback here, where they say that “Negative reviews are arguably the most valuable kind of feedback.” Obviously not all feedback will be negative, but instead of fearing the negative, embrace it. Use those comments and criticisms to better your company. No place is perfect and change is always necessary if you’re receptive to the idea of growth.

Do you consider your business as a startup? Let us know, we would love to connect and hear your tips for optimal growth!