When you can create your own start-up company and make money, why would you still want to work for someone else? But when you’re contemplating on starting one, you need to keep in mind a lot of things. In such a situation, any kind of advice is gold. So, for you to get started on the right foot and potentially make a fortune here are 5 best business advices for your start-up.
Hire smart, Fire smarter
Hiring smart is essential to the success of a company. Hire the right people for the right job, same old same old. You’re already aware of that now, aren’t you? What you may be underestimating is the importance of firing smart. If you don’t get that right, you’re doomed. If someone on your team is not working out, part ways before it’s too late. It might end up in you having to work extra hours and days, in spite of that, do it. You’ll thank yourself later. If someone is not working out, in all probability it is a mutual feeling.
Communicate, Communicate & Communicate
Communication is like a ninja weapon. The places it will take you if done right is unimaginable. Just like a marriage, create a hypothetical pre-nup to set expectations crystal clear. Set things straight from the very beginning. Your team will not know what it is you want exactly unless you do not communicate. And everything will go haywire from there.
Get paid up front
Do not move a muscle unless you get paid up front. It may make you feel stingy, but that is absolutely okay. There’s no faster way for a company to fold than to carry around the debts of your clients’ unpaid bills. Chances are you will not be taken seriously if you start doing favours for your clients and not get paid for what you’re worth.
Everyone is good at something, not everything
No two jobs are the same. Managing the client and managing the process are two different tasks.
People are either really good at handling the client and average at building the product innovatively and vice-versa, but rarely both. So don’t bombard one employee with different tasks. Observe your employees and learn their strengths. Delegate tasks accordingly.
Be prepared to fail
As ironic as it sounds, whatever you do to refrain from failures you’re going to fail. But guess what? It’s alright. It is not a crime to fail and neither is it wrong to fail. Failure comes with a million things to learn from. It is a learning event. Whatever you do, learn to move past it. Pick up the pieces and create something better.
These pro tips will help you up your company’s game. But whatever it is, you must never stop learning and experimenting as you go.
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