Image by: Klearchos Kapoutsis
By Alexa Hughes
Since the beginning of business, entrepreneurs have always tried to beat each other to the punch when it comes to capitalizing on a new technology or fad, but it doesn’t always necessarily mean it was a good move for them. Moving too quickly can actually have negative side effects. That’s why it is better to follow these steps when deciding on how to incorporate a new aspect into your business.
#1) You Don’t Want Poorly Trained Employees
When you expand a business quickly you generally will need to bring on new employees, and when that is done too quickly, the trainees can suffer a bit. This is particularly important for managers who believe in your product or service and can make or break how efficient a team is working together.
You shouldn’t be deterred from growth based on having to bring new people into the picture, but rather should take the time you feel is important to choose the right people when you do bring them in. Hiring practices can also be expensive and time consuming, so it’s not something that you want to do if you prematurely and put yourself into a financial hole or something.
Having a great team who knows what they are doing and can share the passion that you feel for your business is one of the most important things that you can take into your company’s future. This should not be overlooked.
#2) You Don’t Want to Take Out Larger Loans than You Need
Most businesses have to borrow a bit of money if they aren’t entirely funded from the gate, and this can be stressful even though it’s often a crucial part of the process. That being said, you don’t want to overestimate how much money you need to launch and then not be able to match the pace enough to make any money or pay the loan back.
#3) You Should Be Focusing On the Product
Mark Zuckerburg, the CEO and creator of Facebook has an interesting perspective on the difference between starting a company to just start a company and starting a company to create something great.
“I feel like it’s really hard to decide to start a company. [I didn’t start] Facebook to start a company, I started it because I really wanted this thing personally and I believed that it should exist globally although I wasn’t quite sure if we would be able to play a role in doing that. It was just mostly through wanting to build it and having it be this hobby and getting people around me excited that it kind of eventually evolved into and got the momentum to become a company.”
Mark believed in a service that he wanted to use himself, and then since it was a good idea it continued to grow and of course become and remain a giant in the social media world.
#4) Take Risks But Don’t Be Reckless
There is a difference between trying out new things and putting yourself into dangerous situations. Starting any kind of business at all is risky for a lot of reasons, but the way that you make that work to your advantage is to evaluate your progress and what you have learned every step up the way. Risk turns into reward when you can apply what you’re learning to the next step coming up, as opposed to barreling through from one risk to the next.
#5) Allow Time For Your Idea to Mature
When you’re taking the time out to evaluate your progress you will generally find that things change along the way and you might need to make different decisions. This won’t always be changing your end goal, but it can affect the way that you get there. Changes in the market can change how you approach it, and seeing how people respond to your product or service always will.
You don’t want to use up all of your resources on a whim that might not land where you were expecting it to. Making good use of your experiences also helps to reinforce the relationships you have with your loyal employees as well, because they want to feel as safe and supported as possible within the uncertainty that exists with startups.
Your ability to be informed by the landscape around you can transform your business experience and ensure that you stay walking the right pace on the right path.
Have you been tempted to rush your business with the goal of getting ahead but find it did the opposite? Let us know your experiences and what you would do differently!