Be vigilant in peace time
Startup companies must possess two mindsets:
- Investment thinking
- Focusing on acquiring new customers.
“Don’t be complacent like grasshoppers on a string; always be prepared for potential dangers.”
Investment mindset. Every new client you take on is an investment in your future. Only by successfully managing this new client can you justify raising your prices for the next one.
In today’s world of abundant information and industry transparency, good news stays local, while bad news spreads far and wide. If you perform poorly, it becomes known in the business community. This can lead to a ripple effect, with one telling ten, and ten telling a hundred, potentially ruining your company. Therefore, choosing the right clients is extremely important.
A new client not only occupies your time but also consumes a lot of your energy. If after months of effort, the project you deliver has no value and doesn’t benefit the company, it means your investment has failed.
Foreign giants trade capital for market access. For example, if you become a supplier for a major Nordic home brand, you might lose the opportunity to become a renowned furniture brand yourself. If you supply for a foreign clothing company, you might not be able to establish your own designer brand. Or, if you enter into a joint venture with a foreign daily goods company, there’s a high chance they might sideline your trademark eventually.
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