Is your startup going to survive—let alone thrive?
Getting a startup off the ground is difficult. Many new companies fail in the very early stages before they even get the chance to grow. Roughly 472 million entrepreneurs around the world try to start a business each year. But the number of businesses in the world stays pretty constant, meaning that about the same number of businesses are closed each year as are opened—keeping entrepreneurship at a sort of equilibrium.
When it comes to growing your startup to the next level and becoming a true small to mid-size business, a recent podcast guest and founder of GMass, Ajay Goel, has learned a thing or two over his years as a serial entrepreneur. Fellow guest and entrepreneur Ashley Leonard, CEO of Cloud Management Suite, is in the same camp. He’s also built multiple companies from the ground up, and if anyone knows how to push beyond the startup challenges, it’s these two.
Combining their experience with those of a few others I’ve spoken with, here are four things you need to keep top of your mind when you’re growing your startup.
1. Stay Personally Invested
Goel has grown several businesses largely by himself or with very little outside help, and one of the biggest things that helped him along the way, was creating solutions to real problems he was having himself.
“There’s a lot of books and papers you can read that talk about solving the market and knowing your customers. That’s all great and valuable advice to follow,” he said. “If you can figure out a problem you have that no one else has built a solution for yet, there’s a very good chance that other people are having the same problem that you can solve now too.”