Forming a startup is a very arbitrary process. Often, startup members are formed by a group of like-minded individuals who share a collective vision. However, passion isn’t enough to fuel a business, which is why only a handful of startups end up surviving. Harvard Business Review says 60% of new ventures fail because of problems with the team. One primary reason for this is that startups focus too much on the improvement of the product or service, forgetting that having a good team is half the battle. No matter how good of a product you might have, it won’t be a success if you don’t have the right people on board. A startup needs to be made up of individuals with different skillsets who can focus on improving different aspects of the business. So with that in mind, this article will look at the five experts your startup should have for it to succeed.
Small Biz Trends says that investing in social media marketing is one of the best investments startups can make. Thus, having a marketing expert on board to create a social media marketing campaign is essential for the success of your startup. The startup industry is a highly competitive arena, so it’s important to find someone who can strategize on how to make your product visible to the world, attracting a larger customer base in the process.
A good business plan is key to startup success. A business strategist helps conceptualize this and see it through. Startups are known for running low on resources and always teetering on the edge of going out of business. Therefore, having a good business strategist is important in order to navigate these risky transitions. Geek Wire reminds us that there is no ‘playbook’ for running a startup. The strategist is there to make the quick decisions that will determine the success or failure of the enterprise.
J.P. Band discusses how 43% of cyber attacks are targeted towards small businesses, with 60% of these companies closing within six months of the breach. Unfortunately for startups the number of cyber security experts available is low, with a huge gap between the demand and the number of specialists out there. This is why cyber security has become one of the most sought after skills in business with more and more people studying it. To get a sense of the demand, Udemy has over 971,000 students currently studying cyber security through various courses. These topics include everything from preventing hacking to recognizing different types of malware attacks. With the growing number of cyber attacks happening to small businesses, having a cyber security expert not only ensures that your startup stays afloat, it also protects the information of all your customers and clients. Having an expert in this field is the best way to protect your credibility and the company.
The role of the startup lawyer is extremely vital especially during the infancy period of the startup. The ownership of the company will by and large be determined by the legal documents that were initially drafted as well as the terms negotiated with investors. Tech Crunch emphasizes the fact that the lawyer in your startup team drafts the definitive documents, which determine how the startup operates. The legal expert is there to represent the collective interests of the founders ensuring that you always get the best deal possible and are protected against any legal issues.
In the first few years of a startups’ life, funding is dependent on investors instead of revenue. Thus having a financial expert is essential to ensure that a startup isn’t running itself dry. The expert is able to determine how many sales must be made in order to breakeven. Moreover, they’re able to keep the team grounded in terms of spending and budget. A financial expert is there to project future sales and revenues as well. These projections help the business strategist in making smart decisions for the startup.
Post specially written for thecitymix.com