My list of 5 secrets of women running the most exciting companies in the world is actually a compilation of Michelle Zatlyn, Adi Tatarko and & Julia Hartz’s experiences and challenges. Hartz is a co-founder and CEO of Eventbrite, Zatlyn is managing CloudFlare while Tatarko is the brain behind Houzz. These inspiring ladies have not been successful right from the scratch. I have tried to discover their serects of success in this post with an aim to help other women entrepreneurs who are new to the game.
Here is their secret recipe to success…
1. Create Something New
Zatlyn, Tatarko and Hartz all agree that most successful companies are the ones that offer something unique. It’s hard but if you are doing something that nobody else is, you are likely to taste the success quickly. Idea for Houzz came in 2009 when Tatarko and her husband bought their new home and found it extremely difficult to seek help in renovating and designing their place.
Tatarko says that the idea was not to start a business but to solve a problem and create something unique!
2. Make Sure the Market for Your Product Exists
According to Zatlyn of CloudFlare,
“there is no “silver bullet” when it comes to building a unicorn, but a good indicator is whether there’s a massive market waiting for your product or service.”
There was a huge market for providing security to small and medium sized business mainly operating online. Zatlyn was quick to realize that and CloudFlare became an instant hit.
For young women entrepreneurs the idea is to do a thorough market research before starting your own thing. Make sure that the demand for your product or services exists already rather than you try and create it, which of course is going to take time.
3. An Easy to Use Product
They might not say it all the time but your customers need an easy-to-use product. One of the main reasons behind the success of CloudFlare is the simplicity in their signup process. Users can sign up in less than 5 minutes while most of the competitors have this process of around 1 week.
To achieve this, Zatlyn advises to do the hard work before you start your business. Invest time and money in developing processes that are not only quick for you but for the buyers as well.
4. Bootstrap in the Beginning
According Tatarko, bootstrapping was the smartest decision the company the made. She further advises other women entrepreneur to have a product, which is meaningful before they go out on a hunt for investors. Spend the first year building the “WOW Product” and then reach out for investors.
5. Be Confident
Building your company from the scratch, with everything to lose can create a confidence vacuum. It is no doubt hard to feel that confidence when you’re not sure about the future of your business.
Hartz think there is a thin line between confident and over confident. When you don’t have proven track record, it is essential to maintain the balance. Be confident but don’t overdo it!
I would be delighted to hear some of your secrets to success, so don’t forget to comment below.
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