Starting a new business, enterprise, or organization can be very challenging. And your ability to overcome those challenges goes beyond your skill set, plan, and even your startup capital. The type and quality of resources you surround yourself with can also determine the success or otherwise of your venture. Of course, the type of resources you need will depend on the nature of your startup. But whether you’re setting up a new business, a non-profit organization, or any other type of venture, the following are must-have resources you need to consider aside from your capital.
1. Strong support systems
Regardless of what your startup is about, whether it’s a non-profit organization or a business idea, you’re going to need a support system. Having a team you can rely on for professional and emotional support can shorten the time it takes to turn your startup into a thriving organization. Your support system can be in two forms. The first one could be professional support. Here you can work with other organizations, groups, and businesses, with the experience and resources to grow your startup. For example, if you’re setting up a 501c3 non-profit, you can find experienced partners who can help you complete all the necessary documents and guarantee quick approval. The second form of support could be emotional. And this can come from trusted friends, family members, and loved ones willing to cheer you through all the difficulties in creating a startup.
2. Reliable teams and networks
Even if you consider yourself a lone wolf, you need to work with a reliable team to hasten the success of your startup venture. And you can consider building a team in two main ways. One, identify the skill set and experience you want in a team and work with people who possess them. Your workers will be the engine of your venture, and you’ll most likely find no greater resource than them, so you need to get it right from the beginning when assembling your team. The second way is to find reliable hands to outsource some to if you don’t put together a team of your own. From recruiting agents to accounting firms, and freelancers, those you team up with will prove an excellent resource.
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3. Education or training
This point may sound a little obvious, but passion and perseverance are not enough to create a successful startup. You need the right education and training. Regarding education, understanding your competitive advantage, potential market, the industry ins and outs, and your product and services is important to help your startup thrive. In-depth knowledge and education will also help you make smarter and more informed decisions that will lower your risks or chances of failure. Also, continually equipping yourself with the right education and staying up-to-date with trends will put you at the forefront of your industry.
4. Material resources
You will also need material resources to build a successful startup. Material resources here include a physical space like an office to operate from (even if you’re running an online venture), the right type of tech solutions, communication systems, etc.
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