I think it’s safe to say that almost everyone has dreamed of becoming an astronaut at some point in their youth. Astronauts need to be intelligent, focused, and brave, all of which can be said for entrepreneurs looking to start their own business. Here are some tips for a successful start-up.
Much like launching a spacecraft, launching a start-up business requires laser-focus and an attention to detail. While you may be overwhelmed with the many different challenges of moving your business forward, it is imperative that you don’t lose sight of your goal.
Crowdfund If You Need To
Assuming you don’t have the $18.4 billion annual budget of NASA, you may need to do some fundraising in order to get your business off the ground. And while crowdfunding may be your best bet in the developmental stages of your start-up, it is important to take only what you need. The more money you borrow from investors, the higher their expectations for a fast return will be. Borrowing the bare minimum of what you need ensures that you will have less to make up for later on.
Have Support You Can Trust
When Neil Armstrong took his first steps on the moon in 1969, his comrade Buzz Aldrin wasn’t far behind. In business, it’s crucial to have a reliable support system behind you. A perfect example of this is the partnership between NASA and REI Systems. In their Blanket Purchase Agreement, REI Systems provides NASA clients with a variety of support and services.
Find Out What Your Potential Customers Really Value
In today’s market, it is tempting to want to stand out from the pack and be the “first” to do something. Alan Shepard may have been the first American to travel into space, but that doesn’t necessarily mean you need to market your product as the “first” of anything. Entrepreneurs that follow this business model risk coming off too niche, something the everyman can’t relate to. Appealing to a wide range of customers is one of the key components in having a successful business. Plus having cool promotional products– you can’t deny that the NASA branding team turned something that could be seen as ‘nerdy’ into something pretty cool.
Use Social Media To Your Advantage
Recently I was able to watch the International Space Station pass over my home, thanks to several posts by local Twitter users notifying the public. Now, more than ever, individuals looking to start their own business are turning to social media platforms like Twitter, Instagram, and Snapchat to garner attention and send out quick updates. Using social media is pretty much an essential part of entrepreneurship these days and can increase visibility for your brand.
Don’t Be Afraid To Fail
Did you know that Bill Nye (yep, The Science Guy) tried to become an astronaut several times but was rejected by NASA? While Nye was most likely disappointed at the time, he would later go on to develop and host one of the most-watched educational television shows in the country. They say that nine out of ten start-ups will fail, which can seem pretty daunting to someone trying to kick off a new business. However, with hard work, a great team and an open mind, you can succeed. As the old saying goes, “Shoot for the moon. Even if you miss, you’ll land among the stars.”