Survival Tips for Startup Newbies

by Darwin on September 2, 2019

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The path to greater wealth today is not found in trading stocks or funding real estate deals. You have better chances at growing your money through establishing a startup. 

At present, many young adults who have yet to pass the age of 25 are putting their ideas into motion by creating valuable products for niche markets. To be sure, the number of startups continues to rise year by year as more sophisticated technologies are being introduced.

But aside from technological adoption, young and highly motivated entrepreneurs should also come to grips with intense competition as startup markets become even more saturated. 

The challenges of marketing and financing are taking a toll on many young adults who still think that their strategy is just as good as any. This has led influencers like Neil Patel to believe that 90% of startups fail.

Unrealistic benchmarks coupled with overly aggressive marketing campaigns can do more harm than good, so you as a young entrepreneur will have to know the rules of surviving such a tense climate.  

Here’s a guide that should help you stay strong within your market.

1. Don’t aim too high

If you’re familiar with the myth of Icarus, then you know why it’s often a bad idea to set impossible goals for a startup. You want your business to foster growth, and to do that, you will have to consider real-world challenges and come up with real-world solutions to them. Ambition is okay, but you have to look at the bigger picture as well.

2. Know where to get funding

The resources you have at present should give you an idea of how attainable your business goals can be. So, if you don’t have the right amount of manageable finances in place, it’s best to know where to find them. Diversifying your capital sources is a good start as you can’t really rely on your first paycheck to fund your startup. 

Consider getting semi truck title loans or starting an online fundraising campaign. There are a lot of unique and creative ways for financing your ideas, so explore as many as you can. 

3. Create an intuitive marketing campaign

When it comes to building an initial client base, you can’t resort to spraying the internet with a whole host of content. Marketing takes time, and much of it goes towards audience research. Value is the key to getting more people to become aware of your business, so your strategy should be about knowing what it is your customers want. 

Taking the time to understand market trends and knowing what makes your audience tick are essential to building relevance across social media platforms like LinkedIn or other digital channels. Once you are able to do well in these areas, you are guaranteed a better position for scaling your startup. 

Startups take a lot of time and effort to build, which is contrary to what others believe. Even if you have the right technologies, though, your survival will still depend on how well you maximize your resources and create messages that are bound to produce the right results.

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