How To Start Your Own Start-Up
As you know, Biztory is also considered a start-up business. From a team of 6 in the beginning, to a full fledged team that has since doubled in size (and even tripled at one point), we have grown our business through thick and thin, experiencing constant ups and downs, and becoming the company we are today. However, there were a few things we wished we knew, starting a business from essentially nothing and growing drastically over the past few years.
If you’re thinking of starting a start-up business, here are a few things you should know.
What is entrepreneurship?
At some point in life, most people will have an idea worth sharing. Some ideas are the first of its kind and they are encouraged to put their ideas out into the world. Entrepreneurship simply means when you create your own distinctive product that you or a couple of friends made yourselves, thinking it’s beneficial enough for society and could potentially make a profit off of it. Whether it be something that can be physically held or touched like appliances or electronic items, or an app or software on a device, like Biztory, entrepreneurship begins when you have a solid and worthy idea that might ease or improve the lives of many.
Telling your story
People do appreciate a good background story, especially from small start-ups. Humans are sociable and empathetic creatures, thus creating a strong yet emotional story to consumers that might help emotionally attach themselves to your product. Take Biztory as an example, our founder, Mr Bryan Soong, founded Biztory as a way to overcome an obstacle, which was when Goods and Service Tax (GST) was newly implemented. He, along with two friends, noticed the struggles Small and Medium Enterprises (SMEs) were facing during this time, and after a client requested for them to create a simple software that helps their business with GST, Biztory was born. And the rest was history.
The key to being a successful entrepreneur is being able to master the art of persuasion. During the initial stages of starting your business, you are required to find potential investors or people who are willing to help take your business off the ground and get you started by loaning you a certain amount of money. If you manage to close a deal from a Venture Capitalist (VC) or an Angel Investor (which are essentially investors that provides capital to small, early-stage businesses emerging into the market in exchange for your company’s equity) then you are on your way to a successful entrepreneur!
Becoming a leader
Here is where you start your team. As stated earlier, Biztory started with 6 employees, including our founder and his partners, and has since grown to over 15 people with different departments, as well as hiring interns. One of the hardest things our founder has mentioned before was making difficult staffing decisions. From hiring to firing, it is never an easy task when it comes to deciding who deserves to stay and who does not. Being compassionate is important when it comes to making these kinds of decisions, and although he expresses guilt, he still emphasizes that he needs to do what is best for the growth of the company.
Growing your start-up
After managing to get your business up and running, never stop pushing to be better. To learn new things everyday is neverending, so never allow your business to grow stagnant. Even the most successful companies like Apple or Google never admit that they are the best and they never stop trying to come up with better products and solutions for their consumers. There will always be a competitor who will try to overthrow your position in the market, so always strive to be better. Remember, once a company stops growing, it will slowly but surely die in the end.
Starting your own business may be difficult, but if you adhere to all of the rules above, business will be a breeze. Remember, there is always a silver lining. Wait for the rainbow after a storm and it will all be worth it in the end.
Remember, Biztory is a start-up too.
Our cloud accounting software was developed to overcome an issue faced by many SMEs a few years ago. We aim to help start-ups and beginners alike in managing their businesses and accounting, without outsourcing accountants. We believe a business can truly be successful when business owners are able to take control of their own finances and not rely on help from others. Biztory has been made so convenient to use, you don’t require any background in accounting to understand it! Try out Biztory’s free trial today!