Startups: 5 lessons to learn for success
It’s tough for a startup to get on its feet, and so the co-founder of Bebuzzd is here to bring you 5 lessons all startups should learn for success.
Bebuzzd is a one-stop loyalty program that is digital, flexible, industry agnostic and easy to use. It permits businesses to easily build bespoke digital loyalty schemes enabling them to connect and reward their customers in a personal and efficient way. Considering customisation is key, the Bebuzzd program has a personalised loyalty system, that creates a reward scheme which seamlessly fits client’s business needs. With an easy-to-use mobile app, Bebuzzd provides small businesses with the ability to attract new customers and keep them coming back.
Bebuzzd identified a market demand for a scalable loyalty program that was not addressed by existing solutions and build the app around it. It continues to keep its ears close to the ground and keep problem solving.
Building the concept and being the first entrants in the market, was not easy. However, understanding the UAE market and structuring a strategy that would serve as a long-term sustenance, was the crust. Start-ups, as you know, are clearly different from established companies, yet there are some key similarities. For any startup to be flourishing and to have a place among others, it must keep constantly innovating, to make sure the target audience is excited about the brand. It is truly said that business mistakes are an important part of an entrepreneurial journey; the pain points from which better ways of doing things can be learned, but only if the founder is able to recognise those early slip-ups as the route to business success.
Building a startup is not simply building an execution plan for a business model that the entrepreneur thinks will work, but rather, a search for the actual business model itself. In an attempt to fill the gap, here are few lessons that Bebuzzd has learned over the last few years:
1. Don’t be afraid to break the stereotype
Success of a startup depends upon the goals and beliefs the brand has. A brand will be measured by the impactful communication they are said to bring to the audience. It is not always necessary to follow the format everyone has been following. It is important to stand out from the rest and accept the challenge. Creativeness and innovation leads to the success of the brand, which can only be achieved by setting apart from the rest. Having said that, it’s a real concern given that start-ups have extremely limited resources. Doing less and penetrating to that narrow scope is key. It requires real discipline to master this principle in a start-up environment when little is known, and resources are scarce.
2. Embrace change
A startup is a journey of questions, some of which have an answer while the others, difficult to get an answer, however to build a successful start-up one must try and get the questions answered. Most start-ups fail because they never succeed in finding the answers, however they would succeed when the founders are fixated on finding the truest answers to their most important problems. The pace of change and revolution in such an environment can be dizzying. It’s hard to build a foundation for something great when the ground is moving, hence flexibility must be the crust of the start-up. It’s crucial to embrace changes in order to appeal the very changing industry scenario and client demands. Change must be considered as an advantage to build a brand that’s impactful. Thanks to the progress of technology, it’s more possible now than ever before. Embrace the change.
3. Learning from mistakes
‘Failure is a Key to Success’. If you want to succeed, then never stop yourself of learning from failures. Mistakes will happen, it’s the story of every start-up. Make sure you learn and improve from each one. Many start-ups fail, because they do not accept the mistakes. The greatest success of any start-up is in the acceptance of failure and converting them into a success story.
4. Listen to your customers
It is rightly said ‘Customer is the King’! One of the principles of success of any start-up is, knowing who your customers are and what they want. For the success of any business it is important to listen carefully to your customers as they are the ones who bring the products or services to life at any given point. There is nothing better than a customer suggesting a product feature or opportunity that you may have not thought of. By being open-minded to consumer feedback, one can build better products / services to serve them better. Customers know what they want. However, they may not be able to tell you in black and white what they need. It’s up to you to determine what they want but based on feedback.
5. Enjoy the ride
The start-up story is filled with exhilarating highs and numbing lows. Strap in and enjoy the ride. The rewards are worth it! Some move through the process fast, stumbling into success in a matter of weeks after executing a brilliant idea, while the others move slowly, spending decades of their lives perfecting the art.