5 Strategies For Building the Next Billion-Dollar Startup

startupThe entrepreneurial career path is a brutal and unforgiving one. There are plenty of challenges ahead that will seek to test out your willpower to succeed in the business. Nonetheless, starting a startup is a valiant and worthwhile risk to take. Here’s 5 strategies that will give your concept a tangible structure or foundation from which to build around in.

 

Grind It

If you ask the billionaire genius, Elon Musk, regarding how long one should work per week in order to get ahead of competition and really build a great business, you’ll be surprised it isn’t anywhere near the 40-hour work week most people punch into their time cards. Be prepared to commit 80 to 100 hours per week to your startup. While it is absolutely possible to build a startup while working a day job, the results tend to be lackluster and the process can take more time during which other competitors may have already surfaced.

 

Secure a Good Location

Many startups that have grown into or near Unicorn status are famous for their humble beginnings in cramped garages or smelly college dormitories. However, as your startup gets bigger, from a soloist to perhaps 5 or 10 people, you will need spacious meeting rooms, research facilities, and employee cubicles. Fortunately, you can find these affordable office space for rent in Malaysia, from serviced to virtual offices. These work spaces enable you to expand quickly without burning through huge amounts of capital.

 

Build a Culture

Culture is one of the key proponents of great startups. Having a culture that both employees and clients can connect to is priceless. Start by identifying what your startup hopes to achieve. From there, build your workforce and your physical offices based on your identified mission statement and objectives. You may be providing the right employee perk package, but if there is no culture they can identify with, the business will greatly suffer.

 

Be Creative

be creativeThis is especially true for startups with limited capital. When you have limited resources, you consistently have to approach challenges in creative ways. Large companies and experienced startups have considerable if not infinite resources to deploy hence they can afford to make a few mistakes. Average startups, on the other hand, do not have this edge, yet can offset it by being resourceful and quick on their feet.

 

Surround Yourself With The Right People

In general, a business is nothing more than a group of people working together to achieve something they strongly believe in, regardless of product or service. Surrounding yourself with the right people gives you the additional drive and motivation to overcome even seemingly insurmountable challenges. It also allows a startup to grow much faster since employees are constantly working at optimal levels and are able to contribute ideas to expedite growth.

 

Anyone can decide to build a startup, but only great entrepreneurs have the discipline and willpower to follow through with their ideas and work hard until they build an empire. The 5 strategies above should provide the help you need to get started.

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