{"id":1866,"date":"2015-02-17T20:01:49","date_gmt":"2015-02-17T20:01:49","guid":{"rendered":"\/1866"},"modified":"2015-11-03T20:43:40","modified_gmt":"2015-11-03T20:43:40","slug":"five-rules-for-startups-2","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/five-rules-for-startups-2","title":{"rendered":"Five Rules for Startups"},"content":{"rendered":"

\"Five<\/a><\/p>\n

Starting a company is often the most important decision you\u2019ll ever make in your life. You\u2019re going against all odds and entering a phase where you\u2019ll work harder than you ever have before. Money will initially be slow and social life will be non-existent. You put everything into the startup and the chances of failing are quite high. Below are some quick tips that may help reduce the chances of failing early on.<\/p>\n

1) Don\u2019t start a company unless it\u2019s an\u00a0obsession.\u00a0<\/strong><\/p>\n

A startup will devour your life. You\u2019ll live and breathe it. The last thing you want is being stuck with a company you\u2019re not passionate about. You have to be in love with it. You have to be in it for the long-term and for the right motives. If your goal is to make \u201cquick\u201d money and exit, then it\u2019s not an obsession.<\/p>\n

2) Sales cure all<\/strong><\/p>\n

Sales are the cheapest form of financing. Startups spend far too much time worrying about other functions in the business. Initially, sales should be your number one priority. Know how your company will make money and how you will actually make sales. Don\u2019t assume customers will automatically come to you simply because you have the fanciest product in the market. That thinking will take you to the startup graveyard.<\/p>\n

3) Know your strengths, hire your weaknesses.\u00a0<\/strong><\/p>\n

Know your startup\u2019s core competencies and build your team accordingly. What are some of the most important functions of your business that will make or break it? If you\u2019re lacking strength in any one of them, hire a rockstar and most importantly, pay him or her a rockstar salary or equity. Don\u2019t treat them like an employee and pay them cheaply.<\/p>\n

4) Keep it flat<\/strong><\/p>\n

Don\u2019t create marketing or finance departments in your startups, that\u2019s for big corporations to do. Keep your organization flat and open. Keep everyone in tune with what\u2019s going on and keep up the energy. There is nothing private in a startup. If you have managers reporting to managers in a startup, you\u2019ll increase your chances of hitting the graveyard.<\/p>\n

5) Don\u2019t spread yourself thin.<\/strong><\/p>\n

It\u2019s natural to get carried away when you start seeing results. After your first sale, your goal should be get the second, third and the thousandth sale, not to start thinking about expansion. Initially, it\u2019s extremely important to be tunnel visioned and focus on one revenue stream. Establish a strong sales cycle and prove your business model before thinking about other revenue streams or geographical expansion.<\/p>\n","protected":false},"excerpt":{"rendered":"

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