When you first start your own business, everything is a milestone: First customer. First rupee. First year.But after some time, things level out. You’re still growing, but you’ve been around the block a few times, and your milestones start to look different. Ideally, growth never stops. You know that you have passed through that nail-biting start-up phase, but that moment of realization when your start-up has become a full-fledged business, comes as a surprise for most of the business owners. That ‘aha’ moment (a.k.a. magic moment) plays a pivotal role and changes the entire perspective bringing peace of mind to the founder. But what determines the fact that your business has grown? Here are a few elements that establishes your start-up as a full-fledged business:
The Devil’s in the detail
Data speaks volumes. Every day consumers from all over the world consume a large amount of data. If you are following the metrics and harnessing the data to gain insight into customer preference, it’s half the battle won. Data can show how your company is growing on a day to day basis.
The five-year mark
According to varied statistics only 50% of the new businesses make to the five-year mark. In order to keep growing, you need to keep moving. Listening to your customers and making changes along the way determines you are on the right path and amidst all the chaos and madness you hit the five-year mark.
Mastering the social skills
Social media plays a major role in determining a business’ success. If you are being talked about and customers are calling you out, you are in the game. Even if they are writing to complain, they are talking to you, expecting something in return. Listening is as important as your product.
Not giving up is important but knowing when to give up is the key. Some of your ideas might not work, and maybe one small idea can become your magic moment. Adaptability and flexibility are the main factors to make sure that you are growing.
While there will be no confetti or balloons to announce that your magic moment has arrived, but you’ll have that sudden realization, a feeling – your ‘aha’ moment that you’ve created something which is getting response from the market. When that moment arrives, take a break, celebrate and pat yourself & your team on the back before you rush towards your next milestone.