Going from startup to established company: here’s what you’ll need to do
The first years of a running a startup can be tough going, but once you weather the storm, you’ll achieve the stability that a sustainable company enjoys.
After a while, though, you may tire of playing small, which is to be expected if you have big plans for the world.
To reach the scale that you envision, you will need to build or hire infrastructure that allows you to go from serving dozens of clients/thousands of consumers to thousands of clients/millions of consumers.
By making use of tools like enterprise innovation software and harnessing VC funding, though, you can make it happen.
In this article, we’ll go over briefly what you’ll need to do to get your company to the next level.
1) Manage ideas in an organized manner
Larger companies do an exceptional job at generating ideas and evaluating them for feasibility. Then, once they have highlighted doable initiatives, they pursue them in a systematic fashion that makes ongoing success a regular occurrence for them.
Innovating at this rate can seem unfathomable to you now, but companies bigger than you do it everyday, so there is no way you can claim it isn’t possible.
Enterprise innovation software helps in this regard, as it manages the floating, discussion, debate, and execution of ideas in the same way a project manager handles all aspects of assignments they oversee.
From the definition phase to roll out, these programs make it easy to emerge as a market leader, provided you harness their power properly.
When your best employees can see key issues of a problem in a clear fashion, it is considerably easier for them to create innovative solutions.
2) Seek out funding from venture capitalists
If you want to make your business dreams come true, it will likely require considerable sums of cash bring on scores of new employees and purchase the infrastructure needed to make it happen.
In order to secure this money, you’ll need to hit up some venture capitalists who can help fund the plan you have sketched out for domination in your niche.
As long as you can convince them you already have a viable plan that has already made money or shows imminent promise of success, they will likely give you what you need in exchange for equity.
Show up prepared to negotiate, though, as these people are wise in the ways of business – that is to say, they aren’t doing this out of a sense of charity, but to make as much money as possible.
As such, any initial deal they offer will favor themselves heavily. Make them meet you halfway, and be wary of giving them too much control, as it is your creativity that has gotten your enterprise this far. Letting them cannibalize your business will make them money in the short term, but it will torpedo your long-term ambitions.
3) Bring an experienced mentor on board
The business world can be a harrowing place at times. Accordingly, the advice an experienced mentor can provide will prove invaluable as you navigate the trials that will lie ahead.
Seek them out by going to networking events. In the course of socializing, you’ll run into someone interested in advising your business as you proceed into the future.