Founding your own startup might seem like a good idea on paper, yet it takes a lot of time and dedication for it to actually succeed and eventually grow. Not only is it extremely time-consuming, it also requires the most perfect timing imaginable for it to blossom to its full potential. Startups that don’t grab this opportunity whole-heartedly with both hands or fail to strike while the iron is hot are usually unable to make an impact and generally go out unnoticed. This is exactly why, for startups and other businesses in general, time is a luxury most cannot afford to waste. It’s a precious commodity with its worth weighed in gold, just as the saying “time is money” goes, and truthfully so in more ways than one. Here’s a more detailed explanation below as to why time is so important for startups.
The right time to launch
Timing alone could make or break a new startup. Jumping the gun and diving into the treacherous waters of entrepreneurship without any previous preparation or planning has a nickname, and it’s called suicide. No matter how great your startup idea really is, going all-in won’t get you any richer anytime soon. Just as a building needs a solid foundation for it to stand tall, so does a startup. Usually, this is done by meticulous market research and analysis to determine whether there’s a demand for the things your startup has to offer. Once you’ve gathered all of the hard facts and numbers, you can proceed with planning the rest. However, you shouldn’t go to the other extreme and wait for too long, as then your golden opportunity might fly right out the window. There have even been startups for which people thought would be complete and utter flops but turned out to be immensely successful businesses to everyone’s great surprise, all thanks to good timing. But it’s also worth noting that even with the right timing, a startup may flop out for various different reasons, no matter how good or bad the idea behind them may be. This is why entrepreneurs also need to question themselves if it really is the perfect time for them to establish a startup, as it takes a lot of hard work and dedication, not to mention that it brings a lot more stress to the table 24/7, unlike a stable 9 to 5 job.
Multi-tasking and time saving
Naturally, startup founders have to resort to some serious multi-tasking, as resources are few and far between. This is because new startups have to deal with everything on their own, at least at the very start, and this includes marketing, growth, development and so on. These things cannot be done one at a time, but need to be worked on simultaneously. Hence, every little bit of time-saving counts. Technology is one of the main perpetrators that has paved the way for many a startup throughout the years, especially because it lowers the amount of time needed to complete certain tasks and objectives. For example, clever business intelligence, extensive SEO reports, and smart analytical tools mostly do all of the work for us as they have semi-automated processes. This means that entrepreneurs can focus less on lengthy research, slow information gathering and then compile all of that into complicated reports, and focus their attention on growth and development instead. In addition, cloud storage technology and various different project management tools and platforms have also contributed greatly to the preservation of time and manpower needed for startups to get off the ground.
Seeds need time to grow
The focal point of your startup isn’t just the initial idea behind it, but rather the men and women working around the clock to make it all possible. You need to build an outstanding team right from the get-go if you wish to reap the fruits of your labor in the not-so-distant future. This can be done by acquiring some young and eager talent that can be cultivated later on. Additionally, planting the right seeds is vital to a startup’s success, as, in the beginning, you have very limited resources and need to make do with what you’ve got. This is why you need people with different sets of skills with which they will complement each other to make a well-rounded team. Being communicative, friendly and a team player goes without saying, and what I mean exactly is that you need people who’ll fit into certain roles. For example, you need to have a team leader, either the founder or someone else, to organize and oversee others, motivate them and generally run the whole show. Next, you need to have someone extremely knowledgeable and vastly experienced in that business, to provide valuable insight and analysis, especially in the domain of marketing. Finally, it’ll take time for all of them to get to know each other and fit into their respective roles, but the sooner you assemble the team the better.
To sum up, when it comes down to a startup’s overall success rate, time truly is of the essence. The reason being that it’s a variable that plays a huge role throughout the many stages of a startup’s founding. From the launch date to everyday operations and growth, its tremendous impact is undeniable.