The 5 lessons of startup

Tips for startup

t we akyo urbiz.co m

http://tweakyo urbiz.co m/gro wth/2013/03/26/lo o king-back-and-learning-the-lesso ns-o f-start-up/?

utm_so urce=feedburner&utm_medium=email&utm_campaign=Feed:+blo ggerto ne+(Blo ggerto ne)

Looking Back And Learning: The 5 Lessons Of Start-Up

Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in

them!], I can say, undoubtedly, there are lessons to be learned from the experience of starting up.

Some are simple things – the ‘shoulda, woulda, coulda’ actions that would have saved time or resources Other lessons might have made more defining impacts on the trajectory, focus or growth of the business…

Much of the posts written about business development, planning and strategy, f ocus on looking f orward [which is a good thing!] however a lot can be learned f rom what has or hasn’t worked, and why that might

be the case I’m a big f an of Eric Ries’ “StartUp Lessons Learned“, and f ind his views on innovation in start-up development laudable and f orward-thinking Ultimately, learning f rom what hasn’t panned out as we’d planned or hoped can provide us with rock-solid f oundations f or growth

Based on many of the conversations I’ve had with SME clients, here are the top f ive “if I had my time over again” ref lections, which, hopef ully some of you might recognise [and act on!] or f or those of you

starting out, utilise as a starting point f or your business plan/ R&D

The 5 lessons of start-up

# 1 Spent time on carving out a tactical research project [without becoming obsessive]

Typically, there are f our areas start-ups simply despise at the outset:

1 research

2 f inancial planning

3 marketing

4 and business planning

Research is normally #1 on this list Why? Because it involves subjecting yourself to an uncomf ortable set of objectives – asking the questions of your target audience you may not want to know the answer to… doing surveys… desk research… and analysing competitors The reality with research? It is a VERY necessary evil Why? Because what you don’t know will always hurt you Of ten start-ups head in one of two directions: either into an abyss of obsessive research [which has no start or end], or the ‘head-in-the-sand’ stance [my business doesn’t need research, it’s just that amazing]

My advice? Don’t become a research obsessive; do carve out a simple, strategic plan to conduct

research which is relevant, targeted and clearly identif ies the def ining answers you need to determine your market scope, size and long-term potential

# 2 Refined the USP

Here’s one most businesses battle with at start-up, and during growth What is it, exactly, that makes us unique, dif f erent and what’s the value-add f or my customers…? Well, the answer is: if you don’t know, how do you expect your customers to know?

Frequently businesses def ine, redef ine and ref ine their USP – which can also change with time,

depending on new of f erings, products or services – revising your business model can also change your USP

Where should I start? Think about ‘NOSE’ – customer needs and outcomes, and your solutions and evidence – what is compelling about your of f ering? Start with ten words and whittle it down Remember: your USP should be succinct and impactf ul

# 3 Done the number-crunching [and sought the right financing]

A tough one, and certainly a topical issue these days However, not digging deep and ensuring your business has enough f inancial f uel in the tank could stress it beyond recovery Many businesses at start-up spend time on ornate, f ancy spread-sheets [sometimes not developed by the people involved… tsk, tsk] which bear little or no relationship to the business’s actual f inances – its projected income and outgoings

You don’t need to be an accountant… get down to brass-tacks and understand what your business’s

f inancial income and outgoings are going to look like On the subject of projections – suf f ice to say, you should be conservative in your projected income [based on research and planning] and somewhat more generous with your projected outgoings Do get help, like all other areas of start-up, if you don’t know how – ask f or help f rom a mentor / consultant It’ll be worth it

# 4 Thought bigger

This sentiment of ten comes with experience – and the realisation that your goals may have been set a little lower than was justif ied…

Get yourself some audacious aims… if your long-term vision doesn’t make you f eel a little jittery, it’s probably not big enough!

# 5 Built a growth plan / strategy

Of ten the idea of ‘growth’ at start-up is considered too “f ar of f ” – it really isn’t considered… wrong

Growth is the very essence of business development, and you need a plan / strategy to achieve it.

Even when you’re just getting going, know what growth looks like… and build a plan to guide you along

the way.

… and finally, remember the key for any business: plan, do, review.

Did you like this article?

1 Please share it with your network, we’d really appreciate it!

2 Would you like to write for Tweak Your Biz? Or sign up f or our RSS?

3 An outstanding title can increase tweets, Facebook Likes, and visitor traffic by

50% or more Generate great titles f or your articles and blog posts with

the Tweak Your Biz Title Generator.

Connect with Tweak Your Biz on:

Images: ”Ecology concept Rising sprout on dry ground/Shutterstock.com“