Get All Access for $5/mo

8 Ways Your Startup Can Master Sales and Growth Proven methods of making a new enterprise a mover in your sector.

By Nischal Shetty

Opinions expressed by Entrepreneur contributors are their own.

Beginning a startup journey is like shooting an arrow in the dark: You're not at all certain if it will hit the target — uncertainty is among the foremost challenge entrepreneurs face. You simply don't know where the market forces may lead, and unfortunately many startups don't even get the chance to mature or scale. However, you can greatly increase the chances of making yours successful with adequate planning, adopting some relevant practices and avoiding mistakes unsuccessful entrepreneurs have made in the past. Here are some key factors that can help.

1. A clear vision of the business

Without a lucid and transparent vision, enterprises won't sustain or grow. That's why it is paramount to have detailed objectives set for your organization. A great early step is to write a vision statement describing its long-term and short-term goals as well as its purpose. This acts as a strategic plan for success, and will be a compass during tough times — will give you clarity regarding every decision from monetizing to scaling.

2. Time and fund management

Working without a schedule can decrease productivity, and if you are not careful you might find yourself back at (or never leaving) square one. So, make a point of differentiating what's before you each day in terms of the number of tasks and their priority.

In a startup, there's also a decent chance that money will be limited, and that you'll need to work efficiently and with fewer resources. You'll also require funds to keep operations running at every point, of course, so it's doubly critical to have a budget in place so that progress is not hampered due to lack of planning.

Related: 6 Money Management Tips for First-Time Entrepreneurs

3. Emphasize execution

To me, this word refers to how you lay out the idea of a business in reality, and is the foundational and most critical aspect that will determine its success. Efficient execution, along with an experienced team, will help you stay headed in the right direction.

The proper implementation of plans and strategies can change your position in the market. It's not always the out-of-the-box idea that scales a business; sometimes even unique ideas don't translate well in the real world, but great execution can make a difference and help you stand out from the crowd.

4. Keep customers up front

Customers are the defining aspect of any company. If they're not happy with what you are delivering, the chances of them returning will be slim. Therefore, it's essential to keep them satisfied with any product or service. To that end, it's important to conduct surveys to gather information about their needs and expectations and modify your operations accordingly. This might seem like a lot of investment initially, but it will be worth the effort in the long run.

But remember to not go overboard with customers' demands. When a business starts to scale yet you alter course with every demand, it may lead to under-delivery. It's better to produce according to your capacity and so balance customer satisfaction accordingly.

Related: 5 Ways to Put Your Customers First

5. Don't scale too quickly

Scaling means setting the stage to enable and support growth in a company — to foster the ability to expand without being hampered. It's tempting to start to scale a business early, however, which can often become its downfall. Before attempting to do so, it's vital to develop traction by identifying a product market and target customer base. If you start selling without any plan or strategy regarding stock, staff, funds, technology, etc., the business might not be profitable.

6. Adapt to changes quickly

To shape your product's unique selling proposition (USP), you need to be agile — to quickly adapt to changes, including evolving technology. Doing this consistently will also lead to cost savings and enhanced productivity. But recognizing market changes is not enough; implementation also matters. If you cannot respond to the changes effectively, those responses could backfire. To stay ahead in the race and differentiate your product from the rest, keep an eye on the market, competitors and the economy and respond proactively.

7. Learn to accept feedback

Whether positive or negative, feedback indicates what customers expect from you and helps you make the right decisions, including ways of improving.

Customers have a sea of options to choose from. Even if you build a product based upon ample professional expertise, it's their opinion that matters, and it's your responsibility to give them a reason to stay. Valuing customer feedback increases satisfaction rates and helps build loyalty.

8. Stay socially active

The advantages of being engaged socially, including building networks in your industry, are many. First, doing so helps attract potential investors. Building a strong network on social media and creating awareness of your brand appeals to them and helps keep them close, which will help you create a long-lasting enterprise.

Promoting your brand online exposes you to a larger audience and gives you a chance to gain their trust. It also brings validation for a business, which will help you gain more customers and generate more revenue.

There will be many hiccups and challenges in your startup journey, and on occasion you're likely to feel like giving up. Keep in mind, however, that risk is an integral part of the journey towards success. The important thing is dealing with it, along with other hurdles, and moving forward while learning from mistakes and other experiences.

Related: How to Keep Your Startup Team Adaptable

Nischal Shetty

CEO of WazirX

Nischal Shetty is the founder and CEO of WazirX, India’s largest cryptocurrency exchange. He is a huge blockchain advocate and influencer with over 100,000 followers. He has been involved in the space for a long time, with the aim of bringing the blockchain revolution to everyone.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Starting a Business

They Bought an Ice Cream Truck Off eBay for $5,000. Now Their Company Has 70 Shops and Sells Treats in Over 12,000 Stores.

For the episode of "The Founder CEO," the co-founder and CEO of Van Leeuwen Ice Cream explains how one ice cream truck grew into a successful nationwide brand.

Marketing

Your Most Powerful Marketing Weapon Is Hiding in the Finance Department — Here's Why

Transform your marketing leadership by turning finance from a barrier into a strategic ally. Learn how aligning with your finance team can drive unprecedented growth and innovation.

Business News

Meta Makes $1 Million Dollar Donation to Donald Trump's Inaugural Fund

Meta CEO Mark Zuckerberg also reportedly gave Trump a pair of Ray-Ban Meta smart glasses.

Growing a Business

How Connecting With the Right Audience Drives Long-Term Business Success

Here's how targeted lead generation can help you unlock higher conversions, stronger brand loyalty and scalable growth.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.