After graduating with a degree in marketing from Syracuse University, David Mindich joined Minda Supply Company in Mahwah, New Jersey, where he spent over 30 years. In 2006, David Mindich founded Thermal Paper Direct, a provider and distributor of printer ribbons, credit card papers, and other related products. In addition to managing his company, he invests in startups and offers tools and resources to help them grow.
Millions of new startups launch every year. While there are some startups that make it big, many others end up failing. This is because starting and managing a company involves many challenges and obstacles.
One of the challenges startups face at every stage of growth is competition. Larger companies can afford to sell similar products or services at affordable prices to maintain their market share. Startups are not always capable of matching these prices. Instead, they should focus on competing in terms of value. Startups should develop strong engagement with customers to identify their needs and build unique products that customers are willing to pay for.
Hiring suitable employees can also be challenging for startups. These companies often look for talented employees who have the skills and experience to perform essential tasks. They must also possess values critical to an innovative culture, such as creativity, self-motivation, commitment, and a willingness to take risks. Employees with these attributes can be hard to find.
Fortunately, there are effective ways to recruit talented individuals. First, it is important to hire when an employee is needed, instead of over-hiring more employees than a startup can afford to pay or assign work. This strategy allows startups to get a firm grasp of the skills needed for a given task. Attending business and networking events is also a great way to converse with like-minded people and attract those who buy into the founder’s vision and are willing to dedicate their time to being part of the journey.
