8 Tips to Make Your Startup Business Successful

The startup failure rate stands at 90% which is greatly disturbing for all of us who and those who look to start their own ventures. There are many reasons one can find to explain why each of the business fails in their initial period. But if we move with the right approach and planning, the chance of success can be increased.

The main focus of entrepreneurs should be to continuously innovate and think of creative ideas. According to Robert’s definition, “creativity is the capacity for imagination, invention, and creation”. Although it is immediately associated with art, creativity is also the ability to find solutions to various problems.

To increase creativity in a business startup you need to be yourself creative first and look upon your surroundings. Beyond crazy ideas of advertising campaigns or incredibly original business cards, creativity will be a companion of choice to face challenges throughout the life of your business.

When we adopt the concept of creativity in business, it is very essential to be always moving in the right direction. When your mind is thinking of a new creative idea, discuss it with the people who matter, see if this idea has been practised before in other business activities and how it can be made successful.  Also, you need other people to realise the importance of creativity in the business. Creativity and businesses should be moving parallel in the right direction. See below 9 tips to be able to move your startup business in the right direction.

Follow Mentors of Your Industry

You need to see how the industry has evolved and study how organisations find efficient methods to become creative. You don’t need to end up copying them but see things at a broader level. Look for inspiration on how your business role models were able to overcome the problems they face and what possible solutions you can get for yourself. Listen to inspirational stories around and communicate them to your employees so they can feel inspired.

Curiosity Will Lead to New Experiences

Being curious means you are tempted to know about how things are done when you see something new. Don’t let the opportunity go away whenever you come across a chance to know about new technologies and industry trends. This greatly enhances the decision-making ability when you are able to differentiate between different options available.

Invest Your Business Profits in Other Industries

Diversification is the best tool to avoid any financial crisis. The profits you generate from your business should be invested in other entities once you are stable in current business operations. There are many investment options you can use to build an income without much of your involvement. Investment in stocks and real estate has always been the hot favourite of investors for ages. Lately, the Property ISA concept has evolved and allows us to diversify even more with the same amount of investment. You can see the advantages of property ISAs here to decide for yourself if this suits you.

Be a Good Listener

The company managers and employees mostly have some useful advice on how a particular business should function. You have to be open-minded and always try to listen to what they can contribute to making your business more creative and successful. Sometimes you need to give them space and experiment things at their level, they should be freely exploring new opportunities for business.

Implement Rewards for Creativity

Traditional rewards systems have their own importance in getting routine tasks done but there should be rewards for creativity. Employees should be motivated to find creative ways and execute things in a different manner. They should be feeling comfortable while trying out new things and appreciation should be given to them for creative skills.

Allow Flexibility in Schedules

If your company follows strict schedules and doesn’t show flexibility when employees demand it then they will be de-motivated to work with a positive approach. You can allow them to be flexible in schedules on the condition of coordination between employees and managers. Set business goals and expectations from them clearly, so they know what needs to be achieved at the end of the day. Implementing flexibility will make employees happier and will be more loyal to stay in the company.

Compensate Over-Time of Employees

While planning and executing creative ideas for business, there will be days when you will be sitting around for more than the working hours decided. If employees are spending extra time for your company then you also need to compensate their time with relaxations in the upcoming working days. In this way, employees will never disguise away from meetings which will consume more time.

Conduct Brainstorming Sessions

When looking for unusual solutions or generating new ideas for increasing business, then gather a handful of creative employees or experts and discuss the possible outcomes of various ideas. It’s better to make a decision based on expert advice rather than going on own to craft creative ideas for business. The solutions sought are often found within your organisation. By utilising the full potential of people around you to achieve a common goal, you benefit from an incredible bank of knowledge and experience, as well as an extensive network of contacts.

The importance of creativity can never be ignored in businesses as the most startups became multinational just based on an idea. Try to improve creativity and build on skills to penetrate the market and integrate business processes effectively. The results might take some time but moving with the right approach is really important.