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Expanding and growing a startup has plenty of challenges and trials. As your startup raises, you must increase your growth, and it’s not easy to move from just being an entrepreneur to an owner of the company.
Find your way toward success.
There’s no single path that can lead to success. It’s a different one for each person. “Don’t get hung up on one path to success because there is a myriad of options to be successful. It’s just a matter of finding the most appropriate one and being open to changing ways,”. Be open to the highs and lows, the difficulties and triumphs, and your journey.
Make the most of educational opportunities.
Make the most of the programs specifically designed for startups and entrepreneurs, such as incubator and mentoring programs and online courses. Incubators are excellent for first-time founders because they provide information and support to establish a business and get it up and running. A participant in a Techstars incubator in the year 2018 and was able to secure his first contract by participating in the program, in addition to developing precious network connections.
If you’re not eligible for or aren’t a part of the most extensive incubator programs, you can look into local programs in your town or professional associations in your area. Both offer entrepreneurs and organize events to begin to build your network and meet mentors, industry contacts, and connections for the business. Events that are held in person, as well as virtual, are beneficial as they provide networking and education. The more you learn about events, the better in building your business. “Knowing what you don’t know is important,” If you can identify your weaknesses and blind spots and weaknesses, you’ll be able to discover ways to correct these.
Be aware that there’s more than one method to obtain funding.
Raising money through a VC can be the most well-known method to expand the business. However, this isn’t the sole option to raise money. Another option is going publicly. Tried the VC option for two years before being given a different route for accessing capital – going publicly traded in Canada. “An interested party contacted us and informed us that going publicly traded in Canada could unlock capital. It’s not the same as a New York Stock Exchange exit, and it’s an opportunity to access capital at the startup exchange,.
This was a move that proved successful since GameOn acquired its assets in December of 2020. In March, the company then raised $5.8 million in financing for their pre-IPO and was listed on the Canadian Securities Exchange in June 2021. If you are looking for funding earlier in the process, such as crowdfunding or private loans, they are also alternatives. Before deciding which one you’ll take, make sure to conduct your research and investigate the advantages and disadvantages of each approach so you can make an educated decision.
Employ as you develop.
When you’re getting started, you’re typically working in multiple roles, carrying out the work of half a dozen people, and striving to hire another person to assist you. The earlier you start hiring, the more effective, even if it’s only adding a couple of individuals to your team. Even in times of financial stress, the addition of one crucial employee can be an intelligent decision.
Growing the team was a massive help to Bailey be able to elevate GameOn into the future. “One year ago, there were just us three operating the company with me being the sole founder. I’d been wearing many roles that I shouldn’t be wearing, and I was working more than usual. However, I wasn’t doing it smarter. I was walking around but not doing much. With the help of an entire team, we’re smarter and making lots of improvements,” he explained.
In today’s highly competitive employment market, One of the most effective methods to attract talents is not to restrict yourself to your geographical location and instead hire completely remote workers. “We hire for the role, not for the location, and that’s opened up a wider pool of talent,” Bailey said. Bailey. Remember that you don’t need to tackle everything by yourself. If you’re expanding your staff quickly, hiring an employee to recruit the best talent could be beneficial.
It’s also essential to hire the most critical roles first and then add the rest of the support team later. Consider which areas of your business require the most attention, and make sure you fill those roles first. While this will vary in every company, the most critical positions are typically in HR and product development, various technical roles, marketing, and content creation.
Take on the difficulties.
The process of starting a business isn’t always easy. There will be times that you’re ready to quit and feel like you can’t continue. However, if you persist through, you’ll come out your feet more robust than before. This is part of your development as a business owner. Without these obstacles, you wouldn’t be able to enjoy your success in the same manner.
Know that it’s going to be hard, But you need to find the way to continue and to make it through. Keep in mind that it’s not just one method to be successful.