“How can I be the best startup founder I can be?”
It’s a question every entrepreneur has asked themselves at one time or another. Unfortunately, it seems like every technique to improve your business either takes a lot of time or money (or both).
Thankfully, there are many steps you can take to be a better entrepreneur in 2017; if you apply the following tips appropriately, we’re sure that your start up will really start up.
Knowing Yourself: The Theory of Constraints
There are no shortage of books that claim to teach you the “right mindset” for entrepreneurs. Many of them focus on positive thinking and growth mentality, which is a good place to start, but to be truly successful, you’re going to need to be honest (and occasional harsh) with yourself.
If you’ve ever worked in manufacturing or production, you’re probably familiar with the idea of the Theory of Constraints (sometimes referred to as the “TOC”). Essentially, TOC is bottom-up approach to improvement in which you outline every single step of the manufacturing process, with the goal of finding the proverbial “weakest link”.
This theory can apply to your personal life, too. Take a personal inventory of your traits as an entrepreneur. For the sake of explanation, let’s say that you have realized that you have the following problems:
- Wasting too much time on social media or other “time-wasting” technology
- Taking too long to respond to emails and messages
- Having problems with employee retention
We don’t know about you, but we’d definitely choose “employee retention” as the most serious issue, and therefore, the first one you should work on. By slowly rooting out your…shall we say “lesser qualities” one by one, you can efficiently and quickly improve your skills as a startup owner in 2017.
Harnessing SEO and Knowing Your Competition
As the owner of any sort of business, you need to know what makes your product or company unique. What are you giving your customers that your competition isn’t (or can’t)? This means it’s crucial to have a thorough understanding of the other businesses that are competing for your customers.
These days, one of the easiest ways to do this is by checking out their website and social media presence. If you want to dig even deeper, you should do a Google search for “(your line of business) in (your area)”. See which websites pop up before yours on a simple search–those top few results are your fiercest competition.
It’s an unfortunate truth of business these days that if you’re not in the first page of Google results for your kind of business, you’re invisible. If you want to fight your way to the top of Google, you should start researching SEO techniques.
SEO (Search Engine Optimization) refers to an ever-changing series of techniques ranging from content to website organization, link-building, and more. With the necessary SEO knowledge and application of a few techniques, it won’t take you long to start making your way up the search engine ladder.
If that all sounds a little complicated, we understand. We recommend Red Evolution’s excellent guide for entrepreneurs and development professionals who are new to the world of SEO.
Growth Hacking and Bootstrapping
If you’re an entrepreneur, or you work in development, you’re probably familiar with the term “bootstrapping”. It’s a term that refers to self-funded businesses. Although it’s really difficult to fund a business by yourself, every entrepreneur can learn from the mindset of successful, bootstrapped businesses, including:
- Promoting maximum efficiency in the workplace
- Keeping expenses as low and as lean as humanly possible
- Putting in extra hours as the boss or manager to minimize payroll
The last 2017-centered technique we’ll examine today is “growth hacking“. It’s not as complicated as it might sound–rather, growth hacking is a catch-all term for low-cost internet marketing strategies. A few of these include setting up automatic social media posts or inbound drip email campaigns.
Although there’s no “one-size-fits-all” strategy for business success, with the right mindset, research, and techniques, you’ll make 2017 your business’s year!