What makes a start-up grow above average?There are 6 factors that will make your start-up grow above average. For the former marketing director of Netshoes and currently ahead of Aceleradora Orgânica, Roni Cunha Bueno, the secret involves solving a real problem and having the right team. Bueno was one of the speakers at Fire 2016, an event that is being held in Belo Horizonte and is organized by Hotmart. Out of this, we coin out 6 factors that will make your start-up grow above average. It makes meaning to business growth.
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Bueno talked about his entrepreneurial experience and what makes start-ups big business. “There are some factors that make several companies grow exponentially,” he says. Find out what these success factors are.
1. Find out the “pain formula” and stick to it
According to Bueno, companies are divided into two categories. Those that have products that solve problems, or “cure pain”, and businesses that “guarantee the pleasure” of their customers, increasing people’s comfort. Can you read on and try to pattern your business in this manner?
This is because, for the entrepreneur, the first group is the most likely to be successful. “Companies that cure pain improve life, improve the world, make their customer base love it. On the other hand, ‘pleasure companies’ are not disruptive and only improve products that have been around for a long time,” he says. This is true my dear. Can you read on.
Bueno exemplifies the potential of a company’s success using the following formula:
Success potential = strength x quantity x frequency
To demonstrate the success of a company in accordance with this formula, the entrepreneur used Uber as an example. “Uber has improved the lives of those who suffer from traffic in large cities. These people feel” pain “with great strength, lasting as long as their journey and which appears almost every day. The application contributes to the improvement of everyone aspects by offering a cheaper and less stressful alternative than using the car or public transport.” Did you catch that?
It’s possible to study this image. Try to ensure your organisation is well patterned to achieve the highlighted factors.
2. Have a defined value culture based on 6 factors that will make your start-up grow above average
As a matter of fact, according to Bueno, the high-impact business culture often has some points in common:
- The belief that the impossible can be done with a lot of work,
- That it is necessary to innovate to survive,
- That error is inevitable and must be faced with understanding
- And that its employees must take care of the company as if they were the owners and never settle.
In fact, Bueno says that these items summarize the most common values of successful start-ups. “With these characteristics, growth comes more easily, the creation of disruptive tools becomes more natural and there is less chance of the company losing space for a business more prepared for the current times.” I love this. What about you?
3. Never settle
Furthermore, the founder of Orgânica stresses the importance of entrepreneurs and employees not being accommodated. “High salaries, prestigious positions, mastery of the company’s processes and even the affection of the rest of the team can impair motivation. One cannot be led by any of these factors,” he says.
This is true. In fact, a lot of entrepreneurs think these are motivational factors.
4. Engage the best hands based on these 6 factors that will make your start-up grow above average
Furthermore, Bueno believes that building a trained and engaged team is another determining factor for companies that grow a lot. “It is essential to look for people who are achievers, who get their hands dirty, and who learn quickly.”
Generally, for the entrepreneur, in most cases, it’s better to hire someone who wants to work and values similar to that of the company than to give an opportunity to a more qualified professional. “It’s no use having a genius who doesn’t feel like working,” says Bueno.
5. Adhere to “the flow”
Furthermore, the productivity of employees in an exponentially growing company is ideal when the team works in a state of mind that is far from anxiety (and, consequently, overload) and boredom. This state is called “flow” in psychology. “By keeping everyone ‘in the flow’, the company is productive and employees are happy.”
In addition, can you now fix your flow elements in the chart below and tighten up as indicated?
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These are in fact, the bedrock for your business growth. So, click to read:
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Finally on these 6 factors that will make your start-up grow above average
Please, note that these 6 factors that will make your start-up grow above average are factors that influence business start-up. In fact, they are also the 6 critical factors for new venture development. In fact, they are the factors that influence the decision to start a business.
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Founder/Managing Partner of Complete Full Marks Comsultants Ltd. An Economist turned chattered accountant and Tax Practitioner with over 37 years of industrial experience.