They are always seen striving to find ways to manage their startups in an efficient manner. Let’s have a look at 5 simple ways through which one can manage their startups.
When a startup is in its infancy, its entrepreneurs often face a challenge of sticking to the roadmap that will aid in achieving the organisational goals. They are often seen falling prey to ventures that seem out of the box, are new in concept or seem tempting enough to take the plunge. But a key drawback to this deviation lies in the use of resources which are restricted in case of startups. So instead of wandering away from the target, one should scale up step by step with the amount of resources at hand and then progress after creating a firm foundation.
Staying focused and drawing the lines between what to choose and what not often make up the best teams is what was remarked by Ahmed Naqvi, CEO and co-founder of Gozoop & Sparknext
One of the essential busines lessons learnt are the ones which are brought up through mistakes. Fear of committing mistakes could prove detrimental in the process of learning the nitty gritty of the market. The first step in learning through errors is by acceptance of the fact that a mistake has been made. The next step lies in countering those mistakes by implementing the lessons learnt through them. Any new business venture cannot expect to grow without having the courage to take risks. As in the words of Ahmed Naqvi, one should always motivate its team mates to have that courage to take risks and to feel comfortable in moments when mistakes are made.
A key feature of matrix organizations is that they follow a horizontal course of information and expertise which is contrary to a startup. A startup seems to follow a lean structure of organization in which the workforce could be seen handling engagements coinciding with each other. In matrix organizations, the reporting to the in charge is done a daily basis, which in turn generates smooth flow of information, assisting in speedy decision making process and nurturing closer ties with one another as rightly stated by Aditi Balbir, founder and CEO of V Resorts.
It is of prime importance for any successful initiation of a startup that it closely follows the reason behind its creation. It not only serves as an inspiration but also help in overcoming the challenges faced in the initial years of setting up the startup. In the words of Ahmed Naqvi, keeping in tune with your reason will draw the hidden and untapped talent towards the organization, aid in proper management of the work environment and making rightful decisions.
Setting up of targets on a month to month basis not only promotes a competitive atmosphere but also encourages the employees to be performance oriented. It is beneficial to both the organization and the team giving them incentives so that they become target friendly.