It’s never an easy task to build a business past the start-up level; it requires exceptional skills and technical know-how, besides doggedness and hard work.
Also, to be taken into consideration are the dynamics involved especially as they pertain to liabilities and assets, but then a startup shouldn’t be seen as an innovation but rather as a deja vu.
To attain the status of a startup, all that is needed to be done is to be resolutely in charge of the business that was started, peg revenue to below $20 million, and have less than 80 employees.
For businesses aiming to leave the startup level and build multi-million dollar ventures, some certain approaches, actions, and inactions have to be exercised.
Below are 6 benefits that will help businesses take these crucial actions and be able to upgrade their startups to a start-up graduate in no time.
1. Availability of role models
A few years back a startup didn’t have a roll call of trailblazers, but today you can have your choices and pick from an array of them. As if that was not enough, the social media has put many of them at your reach.
An added advantage is that most of them are quite willing to talk about their achievement, so getting one to be your role model can’t be an uphill task. All you need do is to network with them.
Annie Lawless was very forthcoming on how she made multi millions before the age of 30.
2. A great opportunity for outsourcing
You can not bottle up yourself in a hole and expect to succeed. You must engage the services of a crack team made up of hardened professionals. Fortunately for you and your business, the world has gone tech-savvy; and as a global village, you can acquire the services you need from any part of the globe within seconds.
You now have the opportunity of delegating responsibility and authority; for instance, you don’t have to be web developer, graphics designer, or have exceptional coding knowledge to build yourself a good business website -- with easily-customizable theme platforms, plugins, widgets and so on, or with on-standby professionals to outsource to, you’ll have your site up and running in no time.
This means you can acquire free resources from all around the web, or easily create a team made up of professionals from different parts of the world. A lot of startups that are more than 20 years of age didn’t have such opportunity.
3. Opportunity for VC’s backing
You don’t need a loan for your startup, you are not into a grocery business. What you need is a venture capitalist (VC). Don’t attempt a cold email, it isn’t going to work. You rather need a referral through a sound connection.
Venture capitalists apart from funding the company, tend to play a more active role in whatever company they are backing, quite unlike banks.
Philip Kingston, founder of Trimantium Capital said, “Venture capitalists want to back people whose unique insights challenge the status quo.”
4. Accessibility to the world market
What you actually need to be a startup and eventually a start-up graduate is a vibrant market. The revolution in the social media has given a mammoth leap to businesses.
Apart from the “old generation” social media, the oldest among the newer ones is the Google, which came up on the 27th of September 1998, all the others like Facebook, Twitter, Snapchat, Skype, and LinkedIn are relatively younger. Each of them is less than 20 years.
If people were able to acquire the status of startups without the enhancement created by the social media as far back as 30 or more years ago, what will stop you from being a startup graduate in a few years after you must have set up your company?
The world market you need is just a click away, from your kitchen, on your smartphone, you can access any information. People before now had to do a lot of crisscrossing, traversing continents but still became household names.
5. Ability to grow
A lot of small and medium scale outfits are usually consumed and acquired by bigger corporations especially when they start doing well in business. This, however, can never be the case of a startup that is going mega.
The sole reason is that the VCs who invested their capital are usually on ground to monitor, advise and chaperone the company since they want to recoup their investment within a short time frame and also make the attendant profit.
For this sole reason, it will work against their interest if they allow the goose that lays the golden egg to be swallowed up by a shark. The ultimate is for them to work tirelessly to make sure their baby company grows quickly and blossoms into the status of a start-up graduate.
6. Opportunity to learn new tricks
The VCs usually see the founders as their proteges and apart from shepherding them off harm’s way resort to coaching them. This gives the founder a sort of insight into things and issues that were probably hidden.
It is not a hidden fact that most angel investors were seasoned entrepreneurs who had toed the line and emerged unscathed. They know the rules of the game and a willing founder can only get better at it.
They will be very ready to pour out all the experience they have stockpiled over the years since a lot is at stake here.
How are you poised to utilize the opportunities you have to make yourself a household name? The growth potential in the world market today is quite overwhelming, not with the world population hitting the 7.5 billion mark and still growing without any sign of relenting soon.
All you need is a crack team to take hard decisions and very fast for that matter, and you will be smiling to the bank.