1. Ask To Yourself Why?
When you are going to start your own startup, you should know why you are starting this, what's your goal? What do you want to achieve? What you are going to solve? Why you are better than your competitors? and What's your USP? Because these answers will satisfy you and your investors and help you and your team to make a full proof plan for your startup operations. It's like if you know where you want to go, you can easily get the best path to go there. You must have all these answers before starting any kind of startup.
2. Test the Water and Focus on Your Market
If you are going to start something, learn about the existing one. Make a list of pros and cons about the parameters which are common between you and your competitor. Study about the best process what you are going to start because as an owner you should have all the ideas about how your business will work. You need to analyze and test the market before launching your product. As a startup, you should have a very concrete idea about your targeting market and the best quality product generation process.
3. Small from Small and grow as per business need
At the time of starting thigs keep your team small as per business requirement because to control small team is easy and if you can operate with that team, it's really good. Expand team according to your business requirement. Don't expand and hiring fastly. Make plans for everything and note down the pros and cons of everything you are going to do. If you have taken any decision, you should know the scenarios so expand only as per your business requirement. Let's take an example to understand this, you have started your food startup and in starting you have only one shop as you are having more and more customers, you can start home delivery services, make branches, hire staff, and make more things.
4. Understand about your own strength and skills
You should know what and how you can do. You should have complete strength report of your team because if you are in business but didn't serve your customers in a better way, you will end up soon that's why you should have an idea about your strength and weakness. This is one of the best habits of the business owner. Let's take an example to understand this, let's say you have started your own software development company but you don't have any idea what type of projects your developers and you can do. You have taken a big project which you can't do now with this skillset, you need more time and developers to do that project. You can't deliver it on time, it will ruin your and your business image in the market.
5. Must have Advisors and Mentors in Your Team
You should always have mentors and advisors in your team because they can give you the best suggestion to grow. You can't make yourself a jack of all trades that's why you need experts you know about their own things in a better way and you can take the best advice from them.
6. Take SCORE card from Mentor
Always ask the mentor to give you time to time scorecard with advice that makes you more better and you can understand how can make your things more better. When you are doing business, your decisions and activities should be scored by your mentor by which you know what you have done and what's the perfect way to do this. Do this on a monthly basis, schedule a meeting with your mentor and ask him or her about report card with suggestions. This will really improve your business for sure.
7. KNOW YOUR NUMBERS
You should know about your numbers to pitch and take a decision. We always take a decision in business according to the current stats and conditions that's why you should know what profit you have known and how much expenses you are doing to make that profit, how much tax you are paying and any other expenses. You should know everything in a very well way. This is the key to making a successful business.