5 STARTUP TIPS FROM THE TRENCHES | LEAN STARTUP [TIPS & BONUS VIDEO]

HUGO AVILES, HUGO AVILES BLOGWe currently live in an era where young startup entrepreneurs have taken the liberty to embrace the technology culture that has evolved the last two decades and infused it with a twist of lime, Red Bull, and vodka. As long hours turn into nights, this is the hardest that most have ever worked in their lives. The intriguing parable is that most startups have very accelerated periods in the beginning of the life cycle, and as projects turn to gain market share and founders learn to leverage new talent, the startup will one day be able to rely on repeat sales than just pure work ethic to keep the monster going.

Here are 5 startup tips that will help you embrace those times…

FIND A NICHE

There is a significant amount competition within young startups, sectors and industries. That’s the name of the game. Thus, to get your startup ahead in the race, you need to have a good plan of attack to help make your business successful. You need to simply do your due diligence, research your ass off, and find a niche. In school we are taught generally to relate growth to action. The more you do for your startup, the more it will grow. However, this is not always the case. Sometimes, the desire to master all fields can lead to an epic down fall. The fact is that focusing on a specific target will lead to much greater success than trying to win over the entire market. The lesson, find a small defined niche and dominate it.

BE INSUBORDINATE

You need to learn to have the self reliant attitude and mindset to avoid bureaucracy, challenge the status quo and get things done. Do not let anything get in the way of your end result. The path of entrepreneurship is very lonely, but it pays compounding dividends. Time and time again, you will be tested with the many volatile variables that we call life. Learn to embrace the pain, and pursue the dream that is yours. And if it does bother you, just put it on Twitter and move on.

HUGO-D-AVILES, HUGO-AVILES, STARTUPS, START-UPSGROW ORGANICALLY

Since most young startups lack the initial funding to help them grow exponentially, startups have no choice but to grow organically. Learn to drive your company at a pace that naturally supports the growth of your team, infrastructure, resources, and most importantly capital. If the dream that you have built starts getting out of hand, you will have the resources, capital, and energy to be able to sustain it. When the time comes, and you feel that you’re growing startup has developed an efficient system that can be re-duplicated, than you will need to start thinking about taking on small equity partners. You may even want to start thinking about an acquisition, or if you feel that you can produce 30 X returns, an IPO.

SPLIT TESTING

Learn to use metric driven tools and analytics with regards to testing new price points, names of products, ect. Once you have an idea what those optimal price points, products, or services are, than take a step back to apply the 80/20 rule, also known as the Pareto’s principle. This principle simply states that 80% of your output is the result of 20% of your input or work. Therefore, if you have 10 price points, services, or names, the analytics and metric tools that you have integrated within your analysis will allow you to figure out which two will produce the most output. Once you have an idea on which two inputs produce 80% of the results, you can either repeat the split test until you reach one input driving all of the results, or you can either infuse your time, resources, and capital into the final input.

SET TIMELINES

Furthermore, you need to have the self discipline to set deadlines and goals for yourself and adhere to them. Determine the goals for your startup write them down and review them every 90 days or quarter. On a daily basis, set your goals and tasks for the day and at the end of the day review them. It is a common trap to get preoccupied in the chaos of a startup and find a year later you were disgustingly busy, but never achieved the goals you originally planned. You can revise the goals as need be, but you need to set them first to revise them later and do the best that you can to hold yourself accountable.

[BONUS] How to Start a Business” and insult Engineers by @NoahKagan

Here is a great video by Noah Kagan on the 3 Phases of starting a business, market research, and development.

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