I’m Starting a Business. Any Tips from the Experts?
Hey experts. I’m starting a new business while going to university, and I want to make sure that I am a success. Do you have any tips or advice that may be able to help me break through the initial hardships that small businesses make?
Any help would be greatly appreciated.
Starting a small business is a great ambition. A lot of people are working for themselves, freelancing or joining the gig market. It’s an exciting time for entrepreneurs, and there are more than enough opportunities to break into virtually any market.
Andy Powers, CEO/ founder ofClique API, is here with us today to lend his advice on the initial startup journey and how you can break through some of the barriers that keep businesses from achieving growth.
Powers says: Pick an idea that can sustain you passion for a long time in a big market. Initially you might not get it right and thus will have to pivot but if your passion is deep enough and the market is big enough you’ll find it.
One thing you can learn from people like Powers and even Elon Musk is that they have their hands in everything. Musk owns Tesla, Space X and a variety of other companies. Powers is a coach, programmer, entrepreneur and enjoys growing businesses.
A key to the success of these business owners is simple: do what you love.
But what you love also needs to have a big enough to sustain a business and pivots. Try and find the pain points in your market. Survey your demographic and then try to solve problems. Every niche has problems that are not being met. Correct these problems, and you’ll be able to succeed in the business world.
Powers is very passionate about breaking into new markets and doing whatever it takes to find the talent your business needs for success. He recently made a big move, and it’s one that is perfect for a new small business owner to hear about.
“We’d just finished shooting Game Jam The Movie. And I realized that this a great way to efficiently validate new markets for us. The creative talent to be able to do this is in Los Angeles so we packed up and moved out. It has been a fun journey,” explains Andy Powers.
Sometimes, change is required to be a success in a market.
Partnerships are also very important, and you should try to partner with others in your industry if you can. Powers’ Clique partnered with Speechmatics to expand conferencing options to 75 languages. Restaurants often partner with GrubHub or DoorDash to provide food delivery to consumers.
During the initial stages of a startup, owners often take on many roles. It’s great to take on these roles so that you can better understand your business. The first few years of business are intense, and when you learn what it takes to market or manufacture a product, you’ll have a much greater respect for the people that do work for you.
Try and outsource or hire as soon as you can.
You’ll only be able to grow your business so much if you work alone. But when you start hiring, you can expand your business. That’s when the real fun begins. Andy also recommends investing in other companies as you grow. He was one of the initial investors in Uber, and the company recently went public.