7 Steps to Starting Your Own Business

When starting a business, your mission is to build something that people want, minimize the risk and maximize your chances of survival.
Do not do it alone. Starting a business alone is very hard. Even harder when you don’t have the money. Find a partner who can share your passion for your product – but don’t look for someone like you. However, there are some economists who like to discover new things and take risks, so they will do so. What are the opportunities and what are the risks?

Either way, you will start your business at the earliest opportunity. Although this is not an easy task. But if you follow these principles, you can minimize risks and maximize your chances of survival.

1. Evaluate your ideas

Is your business idea a great idea? How do you know that? Don’t just ask your friends and family what they think. You will not get straightforward answers. Ask those who are not affected in your potential success (or failure). Then listen to what they have to say. The best way to evaluate an idea is to ask potential customers, but if you can’t do that, try to ask those who go ahead.

2. Find a knowledgeable person

Tell you any problems. Do not look for someone who will assert your opinions; Find a guy (or a girl) who will challenge you for your reason and decision. Even if that person is in the field related to your business, the better. This is not a formal settlement, you only need a small response. You may not like what you hear, but try to listen to their opinions.

3. Bringing customers is the key factor.

Who are they? Where are they? How do you earn customers? Those are the first questions you need to answer. This task should take up half of your time. What about the other half of the time? Take that time to make sure your product or service exceeds customer expectations. If you do well, those first customers will be your sources of reference and research later, and especially they will bring you more business opportunities.

4. Reinvest everything in business.

When starting a company, you often spend more than your customers pay to create a product that is better than they expected. Once you continue doing so, you will not get back anything for yourself. However, if you focus on profitability at an early stage, you will end up with a mediocre product or service. Such mediocrity will not get you more in business. And then after that, you will have to spend all the profits you earn in every way to find a new business. So reinvest in to open up new profits for your company.

5. Saving but being smart.

Do you need new customers? Find a low-cost way to find the most potential customers. You will have to spend more time evaluating customers in order to find the best people. But it’s better than trying to use a risky and costly marketing method that won’t get you anywhere. Craigslist.org is a good example *. It is a website where there are “less money” customers but you will certainly find some good customers there. Savings method also applies to recruitment. Do not rush to hire employees who work all day. Try to find outside resources or contract employees and pay them the same payment method that customers do with you. This way, you will take time to find the right people and certainly will take more time to collaborate with them to produce the product you like. However, if you are smart and energetic, this approach will help you save significantly on employee salaries.

6. Start marketing before you think you are ready.

Too many people start a business all the time and any small amount of money they have to build a product with so many characteristics, including good and bad. However, none of the features of the product were removed at the time the product was introduced to the customer. Look for good, low-cost and effective ways to reach potential customers in the early stages of starting a business. Try to automate your marketing if possible. And whatever profit you make, spend that money on marketing as much as possible. You can start marketing before you have the product and that’s the best you’ve ever done.

7. Don’t do it yourself.

Starting a business alone is hard. Even harder when you don’t have the money. Find a partner who can share your passion for your product – but don’t look for someone who is just like you, because they will give you the same opinion. You don’t want someone who always says “yes” to everything you raise!

Source: https://articles.bplans.com/business-ideas/7-steps-to-starting-your-own-business/

7 Tips to Grow a Startup Without Breaking the Bank

how to start a startup with no money

Making it big in the world of startups is no cakewalk. It’s hard for budding startups to straightaway lock horns with the giant successful businesses. A startup have to have X-factor to mark its presence in this extremely competitive industry.

If you are an early stage startup looking for rapid growth, it’s time for you to make the next move.

Here are seven tips to start a startup with no money

1. Stay true to the core purpose

Before you get into anything else, focus on the fundamentals. Develop a clear understanding of your core product and services being offered. Focus on what makes you different (or better) than others in the market. As there is already a fierce competition out there, make sure you have a unique selling point (USP). More importantly, being aware of it so that you can strategize the marketing keeping your USP in mind.

2. Form a kickass team

Your inner entrepreneur might be tempted to do everything on its own but to have an edge over others, you must have an incredible team behind your back. Find the right people for the right job and look for individuals with the same vision and passion as yours. It’s better to bring enthusiastic and experienced individuals who are experts in their field as they can elevate the progress rate and might open new growth opportunities for the business as well.

3. Expand your social media presence

Whether you’re a large business or a lone entrepreneur, using social media in the right manner could be game-changing for your business. Social media marketing is the most inexpensive yet powerful way to exponentially grow your brand and widen its reach. It could introduce your business to its potential customers in the most appropriate way. Thus, it makes sense to consider increasing your social media advertising budget for it can add a lot of value to your business and ensure high return on investment (ROI).

4. Collaborate with established brands

One of the best and probably the safest ways to grow a business is to partner with an already established company. Try looking for businesses that aren’t really a direct competitor but is serving the same target audience in a different way. For example, if you open any airline magazine, you would find collective ads that promote Top Steakhouses, Top Hotels, or even Top Seafood Restaurants. The concept of collaborative marketing has proved to dramatically increase the brand recognition, customer value, and customer retention for each.

5. Make every customer feel special

For a business to be wildly successful, every customer matters. If you are a new entrant or an early stage startup, make sure you treat every customer special or else they’re not coming back. This might mean going an extra mile to give them the best customer experience or discounts. As there are multiple review sites, one bad review could only spoil your image but also stop others to give it a try. And, offer small gifts, discounts, or coupons to your loyal customers, or even feature them on your Facebook page.

6. Keep an eye on your competitors

In business, it’s equally important to know what your competitors are doing than what you need to do next. It helps to know who you are directly competing with and what they are offering that you might not. In a way, you can set your prices competitively and create a relevant marketing campaign. Study recent trends, current competitors, new entrants, assess threats and use this information to improve your business threats.

7. Make the most of tools

There are many tools, software, apps out there that can take your business to the next level. These tools come packed with a myriad of functionalities. You can even customize their features as per the requirements of your business. For project planning and execution, you can use an all-in-one project management software. You can use communication tools to interact with remote workers and clients overcome time and space constraints.

Now that you have some ideas on how to grow your startup, take a moment to analyze what needs to be done and follow the right approach. Though different entrepreneurs will choose different ways but remember the growth of your business would always be a result of your choices, risks, and tools. And, that how you can achieve massive success without breaking the bank.

Source: https://www.proofhub.com/articles/how-to-start-a-startup-with-no-money

Indian Startup Makes AR Glasses That’ll Keep COVID-19 In Check

Indian Startup Makes AR Glasses That’ll Keep COVID-19 In Check

As lockdown restrictions ease further, the uneasiness associated with stepping out is only going to shoot up. “What if I unknowingly contract the virus?” is another plague that’ll take over minds all over the country when this does happen. To help ease this seemingly normal fear, Indian startup AjnaLens has developed a pair of augmented reality smart glasses that could be an effective way to keep COVID-19 in check in India. Called the AjnaTX Series, the smart glasses make use of augmented reality to layer information over live camera feed to provide useful information in real-time. With the attached infrared sensor, the startup claims that the glasses can scan up to 300 people in a matter of 3 minutes as its reading response time is less than 300ms. While thermal scanning is probably one of the most important aspects of the smart glasses, there’s much more to it. The glasses can monitor social distancing, identify individuals with facial recognition, estimate the age of individuals, track attendance, and detect if an individual’s wearing a mask or not. While the AjnaLens can be customized in their use (for instance, it can also help track attendance in offices along with temperature readings), they’re currently aimed at helping combat the pandemic. The results of the temperature readings are quite simple to understand. A red box around an individual signifies high fever with a temperature reading shown below. Similarly, an orange box means a person isn’t wearing a mask and doesn’t have a fever whereas a white box means the person is wearing a mask and doesn’t have a fever. While I might not be speaking on behalf of all, I won’t be stepping out of my house unless I know that precautions such as wearing masks and maintaining social distance are being enforced. It is here where a solution such as the AjnaLens smart glasses makes a profound impact. Not only does it help authorities in efficiently monitoring a crowd but it’s also likely to instil confidence in people who are sceptical of stepping out. Glasses like these will be immensely useful to public spaces like shopping malls, schools, commercial complexes, bus and train stations, and factories amongst other places. In fact, the startup is already in talks with multiple stakeholders including several state governments, shopping malls, and universities, amongst others, to have these glasses deployed. The price of the glasses ranges from INR 2.72 lakhs to INR 4.99 lakhs depending on the software capabilities that are chosen to be added. For inquiries and orders, you can head to their website. AjnaLens was established back in 2014 and claims to have designed and manufactured AR/VR/MR solutions for Defence, Education and Enterprise. Earlier this year, the startup also raised $1.5 million in a Pre-Series-A funding round led by Maharashtra Defence and Aerospace Venture Fund (MDAVF) and HNI investors like Nailesh Khimji, Chirayu Khimji, Jay Jesrani, and Mohsin Group. Delhi-based startup Indian Robotics Solution also came up with a similar solution, officially known as the Thermal Screening Headgear, that would help authorities scan body temperature from a safe distance. You can read more about them below.

Source: https://in.mashable.com/tech/14527/indian-startup-makes-ar-glasses-thatll-keep-covid-19-in-check

9 Mistakes lead to failure when starting a business

In the process of starting a business, it is difficult to foresee the risks in your startup process so the way to avoid making mistakes is to learn from the failures of others, here are 9 possible causes. makes your business more likely to fail when it starts.

4 Reasons Why Your Cannabis Brand Could Fail

1. Starting a business when not good enough

Good here is a general assessment of the basic skills needed of a leader such as negotiation skills, leadership skills, sales skills, … Good people fail, let alone young Not good, don’t dream about success.

2. Starting a business alone

No matter how good you are, you cannot build your own castle by yourself. The daily time is only 24 hours, even if you are so good that the earthquake will not exceed the limits of time and health.

3. Starting a business without enough experience

If you do not understand thoroughly the issues related to your business, it is very dangerous: trading is real money, wrong is losing money is synonymous with bankruptcy. These related issues such as law, accounting, capturing distribution processes, advertising channels, building relationships to support business … Find yourself a lighthouse, a person to go first in the same field to learn.

Why CRM Fails | CRM Project Failure | Skuid Blog

4. Select inappropriate products and services

Choosing a service product for a whole new business is the smartest. Of course, the element of passion and talent is an important factor to choose but not necessarily the final decision. Sometimes we are forced to do the things we don’t like in order to succeed in our career.

5. Starting a business without market research or product research

Trading any product can become a millionaire, and vice versa, even small products worth several hundred dong are enough for you to bankrupt. Beginners often have subjective and unconscious statements about the products and services they intend to do business. Your friend may be more profitable than other low-end retailers and dealers but surely he can eat large-scale manufacturers.

6. Selecting a inappropriate companion

Certainly you have witnessed many companies disbanded because they co-founded their disagreements … When they first started, everyone was enthusiastic, but if not fai is the right people for you, the conflict directly affects. to the business model is obvious.

Overthinking it - why apps fail before ever seeing a single user ...

7. Operating without a process

This even businesses are sticky, not to say the start-ups. When working without a process, everything is disturbed, takes a lot of time and it will take you away and can not do anything else. Learn the processes, models of market-leading competitors or simply better competitors to learn and improve the processes.

8. Operation without vision

When your model is only 5 – 10 people simple, but if there are many customers your apparatus bulges 30 people, then without vision and long-term strategies, then you will In the first situation is not great, In order for a product or service to survive, we must be important to the construction and development.

9. Weak internal discipline

A good apparatus is to have a good collective, the collective will be good when the sense of collective good. In a job without discipline things will not be perfect. Human nature has always been lazy and self-interested in it, not letting them into the framework that they would be reckless. Uninformed people can never do great work.

In short, there are many other reasons for failure to start a business related to your organs and external factors. Only start a business when you are ready, at the right time, should not try your best, not forced. … Consider starting a business as your life to take cautious steps!

80 Startup Business Ideas That Can Make You Money 
(chapter 2)

Service Based Startup Business Ideas

STARTUP BUSINESS IDEAS #11: APP DEVELOPMENT

3.8 Million apps on the Android store, 2 million apps in the iOS store and every single day more new apps are being created and released. You can find an app for nearly anything: Some are useful, while others aren’t so much. Creating an app and launching it is a tedious process with a lot of hard work going into it—from the coding and development phase to creating a beautiful interface and providing the best user-experience possible. Furthermore, you might also want to market your app on social media. If your first app is a success this may launch you into a career in app development with some great projects in the future.

STARTUP BUSINESS IDEAS #12: ONLINE JOURNALISM

If you have a degree in a communication field or in journalism but don’t want to work in a traditional newspaper or broadcasting atmosphere, you could look into online journalism. Build your portfolio with online companies such as  HuffPost  and then work your way to creating your own medium of news; be it a blog, youtube channel, social media channel, etc. Then you can add sales funnels by looking into advertising revenue.

STARTUP BUSINESS IDEAS #13: AFFILIATE SALES AND MARKETING

This is a great idea if you are running a channel on YouTube and have decided that you would like to turn the views into revenue. The same can be done with a website that is generating plenty of traffic. All you have to do is join one of the big affiliate networks such as  ClickBank  or  ShareASale  and you can turn your existing content mediums into a source of passive income.

STARTUP BUSINESS IDEAS #14: PODCASTING

Do you have a hobby or passion that causes people around you to constantly ask you for advice in that field or tell you that you should teach or spread your knowledge? Well, you should listen to them! You can start your own podcast about niche topics that you have a solid knowledge base about; the more specific the topic is, the better. If you already have a podcast that you are running for free, you can crack some sponsorship deals to turn it into a source of income. All you need to be sure about is whether you are creating consistent, valuable and relevant content for your audience.

STARTUP BUSINESS IDEAS #15: WORDPRESS WEBSITES

Many small business owners, especially ones that are foraying into the ecommerce world, like to create a basic website, usually hosted on WordPress. If you have a working knowledge of WordPress or have the time and resources to invest in learning about the platform, you could be earning hundreds of dollars just to launch a website. Investing your time in learning about WordPress will pay off in the long run as well because it is an important skill to have these days.

STARTUP BUSINESS IDEAS #16: OUTSOURCED CUSTOMER SERVICE

There are several businesses out there that are looking for individuals to fulfill customer service positions. This requires a fair amount of experience, good people and management skills and should be familiar with organizational structures. Platforms like  Upwork  and  Jobspresso  provide many opportunities and the best part is that if you are good at what you do, you can even hire a team to scale your business and take on bigger clients.

STARTUP BUSINESS IDEAS #17: ONLINE COURSES

Online courses are awesome! Whether you are learning from them or the one doing the teaching, there is a great opportunity here. If you are good at anything, chances are that there are people out there who would like to know how to do exactly that, no matter which field it is. People are willing to pay big sums of money to learn things online without having to get them from traditional educational institutes such as schools and colleges simply because they will still be paying a whole lot less and they can learn at their own pace. There are several platforms such as  Skillshare  that you can teach such courses on.

STARTUP BUSINESS IDEAS #18: BLOGGING

While people still don’t think of this as a business, bloggers can be some of the highest earners on the internet as they diversify their portfolio once they have established themselves and have a sizable audience base. Your blog can be about literally anything you want and chances are that there is an audience out there for it. If you are planning to start a blog, you need to constantly work on honing your writing skills and come up with fresh and engaging content ideas. Listen to what the audience wants and provide them with that, all while maintaining your unique voice. Once you learn how to perfectly straddle the line, you can get sponsors involved, use affiliate marketing and use social media channels to drive traffic to your website to monetize this process. Some bloggers are now traveling the world for free, have media empires of their own in their respective fields and are considered influencers with a high value.

STARTUP BUSINESS IDEAS #19: DOMAIN NAME TRADING

In 2009 a domain called “insure.com” was sold for $16 million. Let that sink in for a minute. This business is nothing new but there is still money to be made in this sector. Buy low, sell high and you can do it from literally anywhere with an internet connection. Of course, this requires some amount of initial investment on your part, but once you get the hang of it and learn to analyze what a good domain for this purpose is, you can be making a whole lot of cash really soon!

STARTUP BUSINESS IDEAS #20: YOUTUBE CHANNEL

With 300 hours of video being uploaded to the website per minute and 3.25 billion hours of video content being consumed each month, YouTube is currently the 2nd largest search engine and the largest video site in existence. ( Brandwatch.com, 2016 ) The website boasts an impressive one billion users, which is just about over one-third of the entire population of internet users, yet only 9% of small business owners in the U.S are known to use YouTube as a marketing tool. Since YouTube is owned by Google, videos that are uploaded on YouTube rank better in the search engine results and even more so if the video and the accompanying text is keyword-rich. Besides, you can manipulate video content to best showcase your brand’s personality. You can get as creative as you want and, contrary to popular belief, great video content can be made on a small budget. It’s all about your vision! So instead of just using YouTube as a marketing tool, you could make it a career! There’s a reason why so many people aspire to become YouTubers—there is a lot of growth potential if you capture the right audience and manage to monetize your channel.

Source: https://bootstrappingecommerce.com/startup-business-ideas/?fbclid=IwAR1dQwVIg_Ad3QZdfHr8mCjjlOo5j9mlGKrEDrAou58YHC8nkdVPo0Z_88k


 

80 Startup Business Ideas That Can Make You Money (chapter 1)


Nothing beats working for yourself. Even when you love your job and think that it’s rewarding, the satisfaction you get when you are your own boss is a completely different feeling. Not only is it more meaningful but it comes with so many benefits.

While it may seem alluring venturing into a new market, especially if you are a startup, it can be tricky, and let’s face it, pretty risky too—you are putting in more hours than at a 9-5 job elsewhere, and there will be moments where you may actually be sacrificing a lot more than just your time. Even then, it is absolutely worth it.

While thinking of starting your own business, the first thought that may have crossed your mind was probably, “What should I sell?” or, “Which market segment has the most money?” or even, “How do I start with my current skillset?”

We have created a list of 80 startup business ideas that have been split into two categories: Product based business ideas and service-based business ideas. We hope this gives you a little insight into the different segments that you could break into and what they would entail.

Skill & Service-Based Startup Ideas

Service Based Startup Business Ideas

STARTUP BUSINESS IDEAS #1: BUYING WEBSITES

Just like stocks and property, in our interconnected world thanks to the internet, websites also have a really high value. Even as you read this, websites are constantly being purchased or sold for hefty prices. There are several factors that will affect the value of a site online, such as the domain name, the amount of traffic it receives, general popularity and profits that the site earns amongst other factors. While this business can be really lucrative, it requires an in-depth understanding of the market, however, once you understand how it works, you could potentially be sitting on a goldmine.

STARTUP BUSINESS IDEAS #2: ONLINE COACH

If you are passionate about something and have a big knowledge base about the topic, you could start a career as an online coach.  Setting up a YouTube channel  with tutorials, setting up a blog to help people understand concepts, creating online courses—there is a multitude of things that you could be doing. Online coaching can be a lucrative way of making money, however, make sure you don’t oversell yourself online or to a client as their success depends on many different things that may not entirely be under your control.

STARTUP BUSINESS IDEAS #3: ONLINE ASSISTANT

Are you organized, can multitask and are meticulous about your work? Chances are that someone out there is looking for a virtual assistant with your skillset and would be willing to pay quite well. To start off, you can look for assistant jobs on platforms like  Upwork  or on remote working websites such as  Jobspresso . This job is also a great way of making contacts in an industry that you want to eventually end up in. Furthermore, as an online virtual assistant, you decide your hours, can have a flexible schedule and you won’t be tied down to any location due to the remote nature of the work.

STARTUP BUSINESS IDEAS #4: ENGLISH TEACHER

If you are a native English speaker or are bilingual but proficient in English, you could look towards teaching English as a second language to people online. This is more than just a summer of “ESL.” There are people willing to pay up to $50 dollars depending on your experience and skills and it can all be done online—which means you could potentially set up a company and even hire others to expand your client base. Just be sure to remember that while knowing English is a requirement for this job, it’s not the only requirement—you need to be patient and have the ability to explain and simplify the difficult language and cultural concepts.

STARTUP BUSINESS IDEAS #5: VOCATIONAL CONSULTANT

If you are leaving behind a corporate job with a fair amount of experience to start your own venture but have no idea where to begin, this one may be for you. There are several people out there who want to learn how to ace a promotion interview or ask for a raise, or simply land a high paying job. If you have useful tips for them, you can just start your own consultancy and people will be willing to pay you good money to learn the tricks of the trade. If you aren’t ready to start up your own website or just want to test out the waters, you should look at signing up to platforms such as  The Muse  or  Coach Me  where others are looking for people like you to mentor them.

STARTUP BUSINESS IDEAS #6: REAL ESTATE VALUATION

Real estate valuation is a great job to have because you can decide how much you want to work, where you want to work from and these parameters will decide how much you earn. You don’t necessarily need a degree in this field but you should check if you require some kind of certification in the country or state that you want to operate in. Of course, apart from the certification, you also need to have a solid understanding of the market to be able to make a living for yourself in this field.

STARTUP BUSINESS IDEAS #7: GRAPHIC DESIGN

There is a huge demand for graphic designers in the market today. If you already have the existing skillset and knowledge of design platforms such as  Adobe Illustrator, Photoshop or Sketch , then you can literally just sign up to  Fiverr  or  Upwork  or find remote jobs on websites such as  Jobspresso . However, if you don’t have the required skills, you can always sign up to  Skillshare  and enroll in a graphic designing course and then practice through smaller gigs. Businesses need graphic designers to create logos, banners, social media posts, design campaigns, products and packaging and so many other smaller processes that we don’t even realize—so keep practicing and before you know it, you may be snapping up clients with the utmost of ease.

STARTUP BUSINESS IDEAS #8: UI/UX DESIGNERS & SPECIALISTS

UI/UX or User Interface/User-Experience designers and specialists have a unique skillset that is extremely important in today’s world. A lot of consumer psychology is based on how the customers interact with a website or app interface and how pleasant or easy the experience is. UI/UX designers can literally build the face of the company or brand and they often get paid a large sum to do so too. As with any other job, the experience and work portfolio plays a big role in the future work prospects, so if you are interested in starting your own UI/UX business, keep hustling and take up even the smallest gigs, even just for the experience.

STARTUP BUSINESS IDEAS #9: PRESENTATION DESIGN

Believe it or not, there are entire businesses set up for people to hire someone else to create their PowerPoint presentations. For those who are not well-versed in technology or have a tough time getting around Microsoft Office, creating a presentation can be a major challenge and even a hurdle in their professional career. Familiarize yourself with different types and formats of presentations, such as  Pecha Kucha  or  Prezi , and you can widen your customer base even more.

STARTUP BUSINESS IDEAS #10: WEB DEVELOPMENT

Web developers are highly valued due to their specific knowledge of a complicated subject. If you can master the basics of HTML, Python, CSS, Ruby and/or Javascript, and get some experience for your portfolio, you are all set to start your own successful web development business. You can further hone your skills or learn a new language on  Treehouse.

Source: https://bootstrappingecommerce.com/startup-business-ideas/?fbclid=IwAR1dQwVIg_Ad3QZdfHr8mCjjlOo5j9mlGKrEDrAou58YHC8nkdVPo0Z_88k

A survival guide for startups during the coronavirus pandemic

5 Startup Launch Milestones You Can Hit Within 2 Months


Until the COVID-19 pandemic is over, survival has to be the imperative focus for startups. In this brief survival guide, we provide several tips for startups and their owners and managers to help them get through the crisis and stay in control of their companies.

The pandemic is very different from the financial crisis in 2008. Not all firms are losing out, with the value of some companies increasing on the  stock market and certain businesses experiencing more demand than they were prepared for . In fact, some companies are hiring.

In contrast, many businesses cannot use their  traditional supply and distribution channels and have temporarily closed or are facing reduced demand .

Challenge No. 1: Cash management

First, the biggest issue most startups face is cash management. Many estimates suggest that it’s likely to take 12 to 18 months (in a positive scenario) until a vaccine is found and approved, although the  post-crisis effects may continue for longer . Such thoughts give rise to a fundamental question: how can startups survive during this period?

Companies need to prepare for  further lockdowns . Preserving cash for this period is crucial for several reasons. While most investors honour deals,  some may not .

Furthermore, the market for investments has also shifted. Valuations are down significantly, so getting money into the business is, and will be, increasingly difficult. Even for companies operating in sectors with high demand (such as health care), if the product-market fit is likely to be more than one year away, investors will be more cautious. Additionally, certain opportunities for generating cash short-term have frozen up.

On the upside, cash-poor startups are less likely to be distracted from their end goals by engaging too much in side-shows and can focus on evolving their core business model. For the next 18 months, the goal is to make sure they can stay afloat.

Challenge No. 2: Changing valuations

A second challenge in this market involves changing valuations so business owners need to have realistic expectations. The stock market has already crashed,  but may go further down .

Startup valuations have become more conservative as well. It is harder to attract funding and companies trying to raise money likely lose even more equity. One reality for investors in times of crisis is that their expected returns are often much higher than in “normal times.” During the financial crisis,  returns were typically more than double in comparison to less volatile periods . If possible, it may be worth waiting until the market has cleared the impact of the pandemic before raising money again.

Challenge No. 3: Leadership complexities

Third, leadership has become more complex. Transparency and honesty about the situation is key to  building, establishing and deepening trust between management and employees . Excitement comes second. Dealing with emotions is as important as showing empathy and making people feel connected. It is important to stay true to values and vision.

Business leaders should consider not only having mentors, but a coach who is not involved in the company and understands the reality of your job. Coaching can contribute to  well-being, prompt self-reflection for business leaders and help in making balanced decisions .

Having to lay off key employees is a traumatic experience. The labour market for top talent is still active. This crisis is selective, affecting some companies hard while others thrive. Laying off top talent makes it likely they will find a good offer somewhere else and not come back when the crisis is over. This is a further reason for startups to act very strategically in cash management for the next year.

Challenge No. 4: Changing space needs

Fourth, the disassociation from physical work spaces, and in particular,  co-working spaces and incubators , might truncate social interaction. Startups depend on intense personal and social exchanges to stimulate creativity and experimentation; less opportunities for direct communication and spontaneous encounters might endanger respective startups’ growth.

Meeting virtually is particularly effective for drawing on existing social ties, and integrating and taking advantage of this digitalization movement will help startups emerge strengthened from this crisis.

Challenge No. 5: Consider pivoting

Fifth, pivoting your business model is something to consider during these changing times. Several startup firms in various sectors are changing the way they offer value to different customer groups during this crisis, for example by going online. Thinking about locking in existing customers and offering value to new customers with possibly different characteristics is a key to success.

A further consideration is whether to collaborate with complementary rivals, and whether to combine resources to launch new products that may be in greater demand. We have seen 3D printers being reused for protective equipment and  distilleries producing hand sanitzers .

It is during crisis that responsible management practices and fair stakeholder treatment is especially visible. Making decisions quickly, transparently and equitably will go a long way.

Source: https://theconversation.com/a-survival-guide-for-startups-during-the-coronavirus-pandemic-136560