How to build a strong foundation for a startup
As entrepreneurs draw up business plans as they prepare to start a corporation, there are some key ideologies that are crucial to the success of a startup.
Scott Heiferman, the co-founder and CEO of Meetup, a social network for local groups, recently shared with Mashable the values that helped bring his venture success. Although forming a company comes with a multitude of tasks and responsibilities – from filing an LLC to developing a brand – it is important to craft a business that focuses on only one task. As a startup, offering one service and catering to one market can help establish a strong foundation.
Business owners should also leave room for surprise turns. In the case of Meetup, Heiferman was surprised by the diversity of the client base, which included politicians, a phenomenon he did not expect.
Entrepreneurs shouldn’t focus on trying to come up with an idea for a company, instead, they should build a company around a project that fascinates them.
As entrepreneurs develop business plans, they should aim to be both the builder and maker of their product. The last, but by no means minor, step is to develop a strong team early on. Each employee is a major player in a startup’s success.