Tech Update: Why prioritize growth will kill your chances of success TOU

Tech Update: Why prioritize growth will kill your chances of success

 TOU

Why prioritize growth will kill your chances of success

Opinions were expressed by entrepreneur Contributors are their own.

When you are thinking of new business ideas, creating a digital platform can seem daunting and exciting. Overhead costs are low and there are virtually no limits on growth and expansion. In principle, your business can experience rapid and sustained growth as long as you drive sales and attract customers.

In these cases, it may be easier to focus on growth and assume that the sustainable business model will come together as you go. The truth is that this mentality will lead you to failure, and your brand will probably not be able to get through its first year.

Do you know that 90% of startups fail Due to self-destruction? No competition. There is no lack of interest. Not even a funding problem. They fail because they do not start with the right goal: sustainability.

(Frankly, sustainability in this context refers to the longevity of your brand, not your eco-friendliness or environmental impact.)

Combining growth with longevity is a common mistake. In fact, it is so common that about 74% of internet startups fail for this reason. Do you remember Yik Yak? JAAK? RewardMe? Groupspace? Probably not, and sadly, no one else does. All of these were the attractions of promising startups Is growing very fast, And as a result they collapsed and burned very quickly.

That is why it is always better to prioritize sustainable development. Keeping an eye on long-term success will allow scaling to occur organically as the need arises. In the world of startups, you have to think about growth as a marathon, not as a sprint. This is the key to helping early movers develop competencies that will ultimately put their brand ahead of the competition.

5 Basics for Developing Sustainability – First Mindset

1. Never skimp on compliance

If you adopt the mindset of running, you will be more tempted to follow the rules of the industry just to minimize. It’s easy to say that when you grow up you will push your compliance standards, but this is the wrong approach.

Starting with a strong foundation is the key to success. You can’t build a great platform on the Slapdash Foundation because you were in a hurry to grow. It is important to take the time to study the rules and standards for your industry. Find the highest, strictest standards and focus on building your brand around adhering to those rules. Go up and out whenever possible.

This focus on details not only shows investors and potential customers that you are a serious, reputable force in the industry, but also offers first-mover benefits surrounding innovation.

Related: What business and government should do when innovation goes beyond regulation

2. Take advantage of the limitless opportunities of online platforms

The global online platform has almost unlimited potential. There are no geographical barriers, so you can really tap into the worldwide community. You can pull out of the global talent pool, get funding from foreign investors, and take the time to find the perfect audience for your product.

Take advantage of this potential in every area of ​​your platform. A source of high quality talent. Use your resources to find a global audience that really needs and wants your product. If it is appropriate, the crowd source your funding. Building an online platform brings great benefits to your disposal, but it is up to you to make the best use of it.

3. Let innovation lead to better user results

The focus should always be on optimizing the end-user experience. How can you add value to your platform for the user? How can you give more benefits than competition? Let these ideas be the driving force behind innovation.

It can be exciting to innovate based on internal business objectives. Remember that this shifts your focus from sustainability to growth, and that it is a slippery slope that leads to failure.

Instead, constantly find customer feedback and then work on it. Use the needs and requirements of your customers to create a product that addresses these needs and provides a real solution to their problems. This places you as an invaluable resource and helps you develop sustainability.

4. Introduce advanced techniques

In today’s world there is no room for a little inconvenience or old technology. Your platform should be seamless, not only for the end-user experience but also for evaluating overall customer satisfaction. To get a clear picture of what your customers want, it’s important to use the latest technology.

For example, Novakid implements machine learning to assess a child’s emotions during a lesson. This allows the platform to automatically adapt the curriculum to better meet the needs of the student. AI-assisted tracking can benefit any online platform. This will enable your company to track consumer behavior patterns and that information can be used for further product development.

5. Focus on measuring social and economic impacts

Many metrics companies can use to determine success. Measuring how your online platform has a positive impact on social and economic outcomes is an excellent indicator of whether you are moving in the right direction.

Of course, this doesn’t have to be the only metric you see, but it’s important to include it in your reporting. Some brands may even choose to create a separate sustainability report that dives deeper into the social and economic impact of your platform. This data will show you what you are doing well but what you can do to improve the quality and longevity of your product.

Related: How to Avoid Premature Scaling Death Traps

Opportunities to sign lucrative deals and experience explosive growth will always be exciting. You cannot be a successful entrepreneur without ambition and big dreams. However, as I said before, you have to remember that this is a marathon, not a sprint.

Focusing on sustainable, sustainable development will help your business secure a strong and stable position in the industry of your choice. Always keep an eye on long-term results so you don’t get distracted by short-term benefits. This will lead you to accomplish your goals, and inevitably lead you on the path to growth.

Related: For long-term growth, scale your foundation first

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