3 Tips To Help Prevent A Failed Marketplace

Startups are being created left and right but we often do not hear about 90% of them. Unless we use the product, service, or simply have succeed to the point where the general public understands who they are. Take Airbnb for example. If you asked someone who they were 5 years ago, more than likely would think you were speaking gibberish. Now, Airbnb has become a norm in society with travel accommodations. Their success has brought them to the top of the list in their industry and even disrupting how hotels are being run.

Not every marketplace becomes a success story and a multi-million dollar company. So what are some things you can do to get to the top? Here are 3 tips we have discovered through our journey as a company and helped push us to the next level.

Strong Management Structure

Success for any business starts at the top. If your CEO or Founder(s) are not giving their all, the chances of succeeding are very slim. As someone may look like the right person for the job on paper, it does not necessarily translate to success. It’s important to hire management that is fit to be in a management position and is ready to take on the rigorous tasks. When developing your management structure, look for those who show signs of leadership qualities and a drive to succeed. Knowing how to listen and handle your employees will be a huge factor and ultimately, if your team is happy it will show in their performance at work.

If you find managers that you must keep tabs on, constantly reminding them about reports that are due, and hear complaints from your employees, then may need to find yourself a new replacement. Take your time during the hiring process and don’t feel pressured to hiring the first candidate you meet with because you simply “need someone”.

Hiring Employees That “Fit”

If you have been exposed to the startup world, you understand that there is much more than just getting the job done. The allure of full kitchens, free meals, flexible schedules, and even in some the option to work from home. Sounds great doesn’t it? While it does provide much more flexibility to your work-life balance, it can be very demanding at times. With tighter budgets, less employees are typically in the company and workers are wearing the hat of many. For example, if you were in a large company there may be a designated person for each of the different segments of marketing such as analytics, social media, or strategy. In a startup, one person may be in charge of all of that. It may not be by choice but is something that must be done to help the company.

How can you find and hire the right employees that fit your culture? As I mentioned above, it all starts from the top. With the CEO or Founders setting the standard on how the company culture is and should be through each employee. Are your team members “all in” for your product or service? Do they actually believe in what you are doing and go the extra mile to do what is best for the company? These are all important questions to think about during the hiring process and finding those who fit. Just because someone has the experience and expertise, does not necessarily mean they will be great for your company. Really get to know who you are bringing into your company and ensure they will get along with the rest of your team. Once you focus on that aspect, the pieces fall into place.

Positive Work Environment

Work in itself is already stressful enough. Whether you are an engineer, work in customer support, or an account executive they all encounter a certain level of stress. Make it easier for your team and create a positive work environment. Don’t be the office that people dread coming to work and feel it is simply something they just have to do to get a paycheck. Create something people look forward to coming into the office by providing those startup perks like a full kitchen with free food, snacks, game rooms, and more importantly a great group of people to work with. Employees will set the standard on your environment and how each individual will be interacting with one another.

Attention management: Be the leader you always wanted when you were in a lower position. We’ve all had those bosses who simply saw you as another person in the company rather than attempted to relationship with each employee. It will help give you insight on who truly fits with your mission and who may not be around for much longer. Don’t forget always set the standard high and make others want to work at your company.

Do you have any startup success or failures you would like to share? Please leave a comment below or sent us a tweet @MrktPlacePfm. We’d love to hear from you!

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