It takes a brave set of individuals to venture out on their own and start a business; these days, everyone wants to be an entrepreneur, despite the fact that nearly 75% of all new startups will fail (Harvard Business Reviews). It’s not uncommon to hear a business owner say that they failed multiple businesses before one finally stuck. Failure is often an inevitable stepping-stone towards success, so bear this in mind when starting any new venture. A great startup runs on a solid foundation built out of good ideas, hard-work, outside-of-the-box thinking, and a willingness to change. In this article, we’ll be mentioning some of the things we’ve seen successful startups do.
What’s Your Niche?
Identify your niche and corner the market. If there is a pharmaceutical need that hasn’t been met by a competitor, go all in on that particular medication. A startup will do much better if they dominate one product, rather than being slightly competitive in three. A startup is only as good as the product or service it provides, so try to identify a market need that is lacking.
Never Stop Learning
Just because you’ve graduated doesn’t mean you are not a student. Be a student of life and continue to learn every day! There is always something new to learn in the worlds of science, startups, business, and marketing. You can’t be an expert in everything, but a solid grasp on multiple facets of a business will only help you to be a more effective leader. Learning new things is exciting, and when that knowledge can be applied to help further your business, it becomes even more exhilarating.
Learn to Pivot
A pivot, in startup terminology, is a shift in marketing tactics, strategy, or a product idea. Deciding to switch direction has been one of the most common themes in every successful startup. A new approach to a business model may often be necessary after a product launch failure or through direct/indirect feedback. Take risks and learn to question your own methodologies; design choices, initial ideas, and business models are meant to be changed and modified, especially if your startup is not getting the results that you expected.
Going off the last point, it pays to not be married to any of your ideas or ideologies. There are many habits and modes of thinking that we may have picked up during prior jobs, schooling, or internships. Many times, a stubborn attitude can wreck the internal management of a company. Be flexible about new ideas and strategies, especially if they are not your own.
Know Your Demographic
Who are you selling to? You should know where your target demographic spends their time online, what they’re buying, what form of media they consume the most, and how they spend their free time. Catering to their individual comments, feedback, and lifestyles is important when building a brand that will stand the test of time.
Listen to Your Customers
Rely on your existing customers and foster a reliable customer service department. Listen to the critiques and comments of your customers, as they are the reason you are in business in the first place. Your future success is entirely dependent on how you treat your existing customers in the here and now. Know what they really want instead of assuming what they want.
Always Create Content
Building your brand requires an audience. While some sectors have more of a use for things like social media than others, fresh content helps keep your brand – and product – relatable and relevant. Content marketing such as blogs, videos, social media posts, pictures, newsletters, and guest posts can dramatically influence the reach and visibility of your company. Think about what problem your potential customers face, then solve that problem.
Pharmaceutical Consulting Companies
Pharma Resource Group is the leading consultant company in the pharmaceutical, nutraceutical, and OTC sectors, with a passion for new pharmaceutical products and startups. We can provide employees with practical experience and functional knowledge with the equipment necessary for flawless execution. If you want to put decades of hand-on delivery of real solutions to use for your startup, contact us today.