Sanjay Sehgal is an entrepreneur, startup advisor, keynote speaker and philanthropist. Currently the CEO of MSys Technologies.
The definition of “success” in life is really dynamic. While some define success in terms of monetary gain, others may view it as a means of creating a contented lifestyle or, my personal favorite, being able to successfully solve a problem many people face. Success in the world of startups is also a relative subject and depends on the founders.
It is always difficult to maintain the same momentum during the different phases of building a startup. When a startup starts its journey, it often has a big boost because of the founder’s enthusiasm. Over time, however, the passion and momentum can fizzle out. As a result, the company stagnates and it is difficult to move forward. Customer interest slows down. The value and opportunities created by the product also become insignificant. So if you want your business to succeed and maintain your momentum, you need to follow a few steps.
1. Empower your workforce to succeed.
Your employees are your greatest asset. As a founder, you probably have a vision and clear goals in mind. Make sure your employees have a clear understanding of your vision and those goals. In the case of a startup, your employees are not just paid resources. Develop a team with an entrepreneurial mindset and empower them with knowledge. According to Microsoft’s Work Trend Index Special Report, 76% of employees would stay with a company longer if they received more learning and development support.
2. Celebrate every win, big or small, and learn from every loss.
While running a startup, no one can guarantee that you will only see good days. There will be bad days. There will be rejections. Customers will cancel their accounts. Valued employees could quit. But there will also be victories. You may receive a new investment. You’ll get the clients you’ve worked so hard for, and those clients can open up even greater opportunities for you. So celebrate every victory you get, no matter how big it is. In my experience, this can give your team more confidence.
3. Promote work-life balance.
This was also evident from research by Microsoft 53% of employees focus more on health and wellness in the post-pandemic world. So every founder or executive of a startup should ensure a better work-life balance for their employees. The idea that working overtime is the right choice is now outdated. Overtime can lead to burnout among employees and does not necessarily lead to better results. I believe that if you don’t let your employees take breaks, they will quit.
4. Manage cash flow well.
Running a business requires regular cash flow. This sounds obvious, doesn’t it? Unfortunately, I have found that a number of startups are dwindling due to cash flow disruptions. You can’t keep up with the operation without the money. You can’t pay your employees’ bills and salary. You cannot buy the necessary raw materials or resources to continue production. As a result, you may soon have to close the doors. A healthy startup is always focused on both customer retention and fundraising as both are necessary for growth.
5. Take full responsibility.
As an entrepreneur you are responsible for everything that happens to your company. This doesn’t mean you should take the fall when you had nothing to do with it. Entrepreneurial responsibility means not blaming and instead focusing on the solution. For example, if there is a deadlock in the workflow, instead of blaming the team, find out where the problem is and tackle it from there.
6. Prioritize customer intimacy.
Creating a loyal customer base should always be a priority for any business. That is why the first customers a startup receives are crucial. They can provide the most honest feedback that can help you customize and adapt your product to the demands of the market. And if this group of first customers is impressed with your product, they can become your endorsers. They can spread the word in the community and potential customer base you are trying to attract. Introducing customer referral programs can increase their enthusiasm to support you even more.
Building a successful business doesn’t happen overnight. This is a mission that requires vision, hard work, smart work, dedication, perseverance and perseverance. Ultimately, your goal is not just sales. Ultimately, as an entrepreneur you want a happy and satisfied life. These ideas can help you build something that helps the community and makes you proud.