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Startups

5 Ways to Crack the Startup Code

Without these things, even a person with the highest of IQ, an incessant supply of smart ideas, an analytical mind and the best training cannot make it work
5 Ways to Crack the Startup Code
Image credit: Shutterstock.com
Founder and Chairman, Vertoz
4 min read
Opinions expressed by Entrepreneur contributors are their own.

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Being an entrepreneur is rewarding. It brings with it an opportunity to offer solutions to the problems in the industry, to make an impact on society, and create more job opportunities in the market. However, the journey has its own ups and downs. It is important for the entrepreneur to maintain his/her patience during tough times. A few words of wisdom might come in handy during such times. Therefore, here are five tips to help you sail through.

Do Not be Afraid to Make Mistakes:

After all, “To Err Is Human”. Everyone makes mistakes. But, the question in front of the entrepreneur is whether he/she is learning from the mistakes, growing and starting over with a renewed speed and vigour. Mistakes symbolize fresh and out-of-the-box thinking, which itself is the lifeblood of the enterprise. A lack of fresh ideas will spell doom for the enterprise. If a person is not making mistakes, then he/she is not doing anything. That will eliminate all possibilities of growth.

Use Data To Convert “I Think” to “I Know”:

Many times, entrepreneurs base their market strategies on what they “think” their customers want. However, it is important to use data to gain real insights, which is a solid proof that helps to convert the “I Think” to “I Know”. Simply analyzing the data about the target audience brings valuable insights, upon which the entrepreneur can base his/her market strategy. This gives an edge over the other players, as one is making a better-informed decision, based on facts and proofs. This greatly increases the chances of success. Collaborating with relevant platforms and incorporating technologies that can provide the required insights, can help to achieve this.

Perfect Your Elevator Pitch:

People do not have time for you, especially your clients. Investors and Venture Capitalists probably will not spare hours at a stretch of their valuable time, to hear in depth about your business. To get the elevator pitch right, it is important to get the purpose clear. Many think that the purpose is to close the deal in those 30-90 seconds. Well, it is not. Seth Godin says that the purpose of an elevator pitch is to describe a solution or a situation so compelling that the person who listens to it wants to hear more about it, even after the elevator ride is over. The key is to keep it extremely crisp and cover maximum ideas in minimum words. It also comes in handy for networking within a short span. It is essential to perfect it to a T. No one would want to miss the opportunity to network with someone important, just in case he/she happens to catch that person without the earphones plugged in or not reading on their Kindle!

Uncertainty is Certain:

One can only anticipate the future trends, but cannot exactly predict the future. Be flexible enough with your business strategies to accommodate the uncertainties thrown your way. Acceptance is the key here. The quicker one accepts, the better one can handle it. One needs to accept the situation, and focus on things that are under one’s control. Being flexible and agile with respect to the planning and strategy will help. And, most importantly, do not forget to look at the silver lining. In the quest to handle these uncertain and unexpected situations, one grows as an entrepreneur, and the business grows as well. Uncertainty calls for finding ways to improve the strategy and the execution, which means growth for the business.

Develop Your Emotional Intelligence:

Emotional intelligence is the ability to accurately perceive one’s own as well as others’ emotions; to understand the signals that emotions send about relationships, and to manage your own emotions along with others’. It gives you better control over emotions. It also brings in more empathy and thus, enhances the leadership quality. It makes the entrepreneur more self-aware. Emotional intelligence is widely accepted as a key part of the management equation in the business world. It is the ‘sine qua non’ of leadership. Without it, even a person with the highest of IQ, an incessant supply of smart ideas, an analytical mind and the best training cannot be the best leader.

The journey of being a successful entrepreneur may sometimes get overwhelming. To paint a completely rosy picture, would be a fallacious thing to do. However, during the times when the mind seems to be clogged, a few sound pieces of advice come in handy, and guide one through, by enlightening the path ahead.

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