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Three Important Relationships That Could Save a Startup During its First Year

Sep
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The reason why most startups fail during their first year is not because they do not achieve their business goals. It is actually achieving the wrong goals that make them fail. One of these goals is to create relationships with important parties. Any business with good skill, talent and management require a reliable streamline of clients, which could only come from other places.

 

1. Competition
Business competition is not necessarily the enemy. If two boxers do not have an arena, there is no game at all. Building the blocks for good competition is important. Tesla’s principle for providing their competitors freedom to use their electric car patents does not make Tesla a bad investment, but it rather makes the electric car market bigger and helps retain the international interest with electric cars.

2. Employees
What most Business Processing Outsource (BPO) companies and other customer-service related businesses fail to do is value their employees. Having yearly incentives or bonuses is not an incentive enough. Allowing your employees to retain their social lives and humanity while you ask some of their time and talent to offer to your company goes a long way. Employees also want to feel valued in a positive, growing environment not focused on profitability but more of learning.

3. Consultants
Consultants are more than the people who train your head of staff and other employees. They are the backbone of industrial influence. You could get good sales and marketing leads if you develop good relationships with your consultants.

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