We have all heard that 90% of most startups fail, owing to plenty of issues. Many of these issues are related to managerial issues, not marketing the brand right, and much more.
Here in this article, we are going to discuss two previously unexplored tactics for saving a startup.
- Hiring a co-founder
- Engaging in influencer marketing
Rather unconventional, but in this digital world of today, it is all about experimenting and breaking free of the previous norms.
Let us move ahead!
No More One-Man Army – Find a Co-Founder for your startup
People enjoy having autonomy over their creation. Nothing new in this, since you would not want external interference in your plans. However, the competition is tough now and you need the input of several brilliant minds, rather than one.
Since the prime issue is concerned with one person trying to manage it all by themselves, one resolution to this can be is to look for or find a Co-Founder.
What is a Co-Founder? As the name suggests, it is a partner with whom you found your company. Of course, finding the right co-founder is not an easy task. However, thanks to the internet, this task has also become easy as one can simply connect with a potential partner on online platforms.
What are the best platforms for searching for co-founders?
One important detail that you cannot miss: having a tech co-founder, in case you are not tech-savvy. Even more important, you cannot have two tech-founders in the same startup. One needs to be better versed with logistics and operations, while the other needs to be the brains in the tech domain.
You can also find a Tech Co-Founder on the same platforms that we have listed above.
When choosing the right co-founder or tech co-founder, you need to look for a few qualities in that person.
What to look for in a co-founder for your startup?
- Integrity & Honesty: An honest partner is manifold better than a know-it-all. Honesty is the best policy when it comes to managing your own startup.
- Skills: These include hard skills as well as soft skills. Given the requirements of today, tech skills are necessary, even if they are basic.
- A Match of Personalities: If you do not get along with your co-founder, your company will shamble into smithereens. Petty quarrels can cause huge losses, especially where the business is involved.
- Strong Communication: You and your partner should be able to discuss everything properly. There should a strong level of trust between the two, and it is crucial that they both understand each other’s points well.
While we emphasized the importance of having a co-founder, it still may not sit well with plenty of people. No shocker in that because the joy of autonomy is unmatchable.
What is a CTO? Is It The Same as a Startup CTO?
The role of a Chief Technology Officer or CTO is concerned with developing strategies in the tech domain and leading the tech teams towards the successful completion of goals. They should have a deep understanding of business goals, and how the tech domain can aid in achieving those goals.
However, the role and qualities of a startup CTO may vary from a CTO of a large established company.
Their qualities can include:
- A strong background in engineering and tech
- Flexibility so they involve themselves in practical tasks
- In-depth knowledge of previous, existing and emerging technologies
- Sufficient project management skills
- A flare of positivity to keep the environment cheerful
- Knowing whom to keep in the team, in short, the hiring and firing
- Prior experience in startups in addition to corporate experience
That wraps up one part of the article, moving on, we will now discuss how you can use the power of influencers to save your startup.
Did You Just Google “Influencer Definition”? Let Us Help You Out!
No need to Google “Influencer Definition” if you did not know, for we will explain to you all about it. An influencer is someone who manages to influence your actions or decisions by their own actions. An easy example: Instagram bloggers.
You would definitely follow a food blogger for info about a new restaurant, or a beauty blogger for makeup techniques.
Influencer marketing is now one of the hottest ways to make money. You endorse someone and enjoy commission for it if you have big fan following on social media or something.
If you have a startup, you can try marketing it by getting in touch with an influencer. If that proves expensive, (since influencers do charge plenty of money), you can opt to become an influencer yourself. In either case, you can build relationships with your customers and increase brand awareness for your brand.
Those who manage to get a good following even consider becoming an Amazon influencer. This is because Amazon is one of the most stable companies currently. Your Amazon Salary will be much higher than your regular salary, even if they are both the same jobs! It is the second-largest employer in the United States, with almost half a million employees.
As unconventional as it may have appeared, hiring a co-founder or an influencer for your startup will definitely do you more good than bad. This is because, again, it is not a monarchy or dictatorship where one man will command everything.
You need the input and effort of several people, to launch your startup into a full-fledged successful venture. Amazon, of the most successful companies of today, witnessed plenty of failures too. However, today you see every other person scouting to make up an Amazon career.
Just goes to show how hard work, perseverance, and of course, a team effort can get you. Keep your hopes high and keep on collaborating for improved results always!