Vipul Rajpara is the co-founder and COO of Casepoint.
I have incredible respect for people with an entrepreneurial spirit. Knowing the work that goes into building a successful company, the effort is not for the faint of heart. Unfortunately, the heart can only get you so far. Investopedia reports that, according to the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years and 65% will close within the first 10 years.
At my company, we’ve defied those odds, but our success was not without setbacks. A combination of heart and tactical decisions led us to where we are today. For those just starting their journey, I humbly offer the following advice to smooth your path to growth and success.
1. Define your North Star.
This may seem like table stakes. Of course, you have a vision for your company or product, but your North Star is your why. Why did you want to bring this product or service to the market?
For us, we saw a clear need for a unified platform that could better serve the work of lawyers and law firms. The multiple-point solutions they used made it hard to reconcile all of the data and processes they needed to make informed decisions and advise their clients. As we built the product and honed our messaging to the market, we remained focused on the critical need to streamline the day-to-day work of lawyers so they could make more data-driven decisions for better legal outcomes. Every decision related to product development, marketing and sales opportunities we made was measured against this North Star. Doing so ensured that, especially in the early years, time was spent on the opportunities that would drive the business forward toward that goal rather than those that were simply opportunistic revenue builders.
2. Seek out expert advice.
You are the expert on your vision, but you’ll need support to bring it to life. No one is an expert in all areas of the business. Invest in consultants to build a framework you can execute on.
In the early days of our business, we were doing a lot of experimenting with marketing, trying different tactics to see what stuck. Tiring of the constant experimentation, we brought in marketing experts who helped us build a program centered around pull, rather than push, marketing. This focus on giving customers a reason to come to us rather than constantly spraying the market with varying messages set the stage for a sustainable marketing program.
Investing in experts is necessary, but don’t overlook the “free” support you can get from mentors. You may have some mentors already in your network, but more is always more when it comes to expert advice. Attend events and join industry groups to get access to leaders who can give you the insight you need. Never be afraid to ask questions. I’ve never had someone say flat out, “No, I won’t help you.” If you go in with specific, fact-finding questions, you’ll get the insight you need and perhaps start to cultivate a longer relationship—especially if you give in return.
3. Be ready to pivot.
The vision is important in guiding your growth, but it is critical to also recognize when that vision may be holding you back. The practice of defining your North Star is not a one-time exercise. Constantly ask, “Where else can we provide value to our customers?”
We started our company with lawyers and law firms as our key audience, but as data became a more valuable commodity across all sectors of business, we saw the opportunity to expand our reach. While we’ve not abandoned our law firm customers, we evolved our technology into a data discovery platform serving a number of vertical markets with a keen focus on helping government and corporate organizations harness the troves of data they hold and are legally bound to report to their constituents.
Companies fail when founders get more excited about the milestones and the accolades than the journey itself. A big funding round is something to be celebrated, but if that money is spent on things that do not tie back to your vision, the investment is wasted. To find entrepreneurial success, you must decide what matters to your mission, surround yourself with trusted experts and continually evaluate your path. With these guiding principles, I believe the promise you hold in your heart will match the bottom-line results.
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