This week, I share a simple formula on how to discover if your business is in the startup phase, why being in the startup phase is not a bad place to be, and what you may need to transition into the enterprise stage
In this episode, I cover:
- Understanding what a startup may look like for you
- Reexamining your own expectations and how that may be hurting your business
- Differentiating between startups and enterprises
- Scaling in a smart, well-researched way
- Knowing when to begin your next project
There is nothing at all wrong with your business being a startup. More often than not, the only thing wrong with your business is your own mindset. In a previous episode, I explained why the question “Why isn’t my business working?” does more harm than good. This situation is no different. If you tell yourself over and over that you aren’t succeeding just because you’re still in the startup phase, success will continue to elude you.
“Your business being a startup is not a problem. It only becomes a problem if you have expectations that your business should be out of this phase by now.”
Connection to your business relationship
In my own personal experience, my startups experience success because I know how to manage my goals and perspective. You cannot expect to be an overnight sensation, nor can you force growth in your business. The most vital work to do in the startup phase is on yourself and your mindset as an entrepreneur so that you can continue to develop assets and projects that genuinely satisfy and achieve reasonable goals.
“My expectations were connected to my year one results, therefore I was able to maintain a right relationship with my business.”
Development of a stronger startup
Startups will always be startups when they lack a cohesive audience in the market, a profitability in all services, and a way to scale independently of your presence. As you build and strengthen your startup, I highly recommend leaving the scaling portion for last and focusing on finding your audience and pricing effectively. With this focus, you avoid the stress of wondering who will buy your project and what price actually works for what you’re selling.
“If your asset is in the startup phase…it’s a startup until you figure out product market fit, scalable business model, and your business is profitable.”
Solidification of an enterprise
A strong startup can be transformed effectively into an enterprise as long as you learn how to scale appropriately and effectively. So often, I see clients wanting to press the gas pedal down to the floor with this concept, surging ahead with an idea for expansion before they’re ready to take that on. Instead, allow yourself the time to do the research and build a strong foundation for your enterprise and your asset.
“Sometimes we try to build it without doing the research to know how to build it.”
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