By Fernando Berrocal

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Many startup entrepreneurs have primarily faced one common difficulty across all development stages of their organization. Sometimes, it’s quite challenging to get “out of your own way” when it comes to the growth of a startup.  This is especially true when you're managing a business in either a fast-paced and/or a rapidly-changing field (such as the tech world). Here, we will discuss the three fundamental steps that entrepreneurs should take to create business growth.

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Determine a Defensible Space

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When a business initiative is being driven, the phrase "white space" is often employed. Is there room for organizational growth in a specific industry or has the market reached business saturation? Where is the "white space" that your products, services, or knowledge can fill? Once you have located these specific areas, you must next decide whether or not you can defend that area. When seasoned startup consultants engage with entrepreneurs of early-stage businesses, they frequently offer main fundraising advice. During this process, potential investors concentrate on one crucial inquiry to determine whether there is a legitimate, scalable business opportunity.  To confirm this, they ask the following question: "What is your competitive moat?"

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The capacity of a business to preserve its competitive edge to safeguard its long-term earnings and market share from other businesses is referred to as having a "competitive moat." If you run an early-stage technology-driven business, defining competitive advantage may be very simple since it's usually central to the platform of development. It might be a little more difficult to identify your competitive moat if you are only dependent on service-based solutions.

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The best advice that we can give you is to identify the product, service, opinion, or strategy you can "own" and stake out. There are phrases such as "We produce high-quality work" and "our startup team is very efficient" that are not included in this. These claims are "ownable" by any business professional, so try to look further than that. For many service-based businesses, this process can be quite awkward since it requires honest internal discussions about what genuinely sets you apart and makes you unique from the competition. Make a strong, audacious assertion and support it all the way through.

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Pay Attention to Business Strategic Planning

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Everyone, including startup owners, has experienced falling short of a business goal. Without a solid business strategy in place to guide them through, it's simple to slip into old habits that keep you in a loop and prevent you from achieving your ultimate goals. In the startup business environment, nothing is different. Many organizations are great at everything; they comprehend the business they created from scratch. However, they lack a plan for putting the day-to-day tasks behind them so they can concentrate on business growth. The first significant stage is to establish a clear strategy for relying on others and concentrating on growing the business.

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Most importantly, avoid developing a broad business strategy just to put it in the backseat. To make sure your strategic goals are being fulfilled, create a formal calendar for assessing progress against your plan at least once every three months. It's important to keep in mind that a strategic plan should be an iterative process and that changes will be necessary as you determine the following scenarios:

• What is working? 
• What is not performing as expected and needs special attention, and 
• What requires a complete overhaul?

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Form a Diverse Startup Team

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Lastly, the difference between success and failure might ultimately be determined by the strength of your expert network partners. It can also signify the difference between a growth trajectory that is fast or one that stays stationary. Create an advisory board to bring in talents or connections you may not have inside as a smart place to start that goes beyond your traditional founders or executive business team. A business created a cross-functional advisory team to handle and provide guidance in the following three areas: 

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• Technological Knowledge
• Industrial Knowledge
• Business Knowledge

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Consider the industry and global leaders who can aid in realizing your firm's mission as you assemble your business team. Bring in impartial experts from the business, academic, and allied fields to bring expertise, credibility, and development opportunities. Make sure you have a fascinating business narrative to share with the audience, a strong business strategy, and the correct message to grab their attention and motivate them to put their time and energy into your endeavor.

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In some key conclusions, if you want to take your organization to the next level, think about using some of these fundamental strategies. Driving development may require some risk-taking, but when your firm's risks are supported by a strong plan, a thorough grasp of your industry, and a diversified team of professionals, you have established the groundwork for success.

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Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.