When one launches a startup, the expectations and exhilaration are running high, but the thing is that the path might be full of uncertainty. Unfortunately, many startups never get off the ground. Startups are literally a journey into the unknown and entrepreneurs need to be comfortable with taking on ambiguity and multiple challenges. While there’s no secret formula that explains exactly what it takes to be successful, there are plenty of signs and indicators that point to common factors in order to help you better predict the likelihood of success for your startup (or someone else’s), let’s unpack a few of these elements.
The best startups are always willing to adapt to new technologies. Adapting to change can lead to major breakthroughs. During the early years, the startup will need to iterate the product plenty of times until they are able to find the secret sauce and get it right.
Discipline starts with self-control and is a product of a strong self-imposed personal standard. Without discipline, startups fail to succeed in business even if situated in the best economy. Self-discipline leads to positive work ethic, and work ethic leads to getting things done effectively and efficiently. It is critical to have all the team members aligned and working together to get to the finish line.
Networking is another reason for startup success. A founding team that knows powerful and influential people in the business is completely priceless and can open the doors to partnerships. Great startups have an outstanding CEO who is able to work his or her way into any organization. On the other hand, startup leaders need to inspire people and give them reason to follow them through the uncertain journey, often where team members are required to make many sacrifices such as work/life balance, salary cuts, limited or no health insurance and so forth.
Getting things done in a quick manner is one of the many reasons why startups are able to reach their goals and milestones. It makes a difference when a startup is able to launch on time or when it’s able to move much faster than competitors. Successful startups never delay the process of getting things done, and have to work as much as needed until something is complete. The most productive people are the ones who make the most of their time. Regarding speed, having knowledgable people in-house really makes a difference. I believe that the faster you can make the mistakes, learn from them and improve your offering, the better.
No matter how well you plan your strategy, something is likely to go wrong. Your success depends on the ability to face this situation and fight it.
The way you package and market your product matters. It is common to find an inferior product branded in a more exciting, appealing and unique way doing better than a superior product with a plain branding. To some business people, this may seem unessential, but it affects the customers’ buying decision. Get your team together and work on a strong marketing campaign for your product and grow your business.
Take criticism graciously and make changes where appropriate. It’s important to trust your original idea, but don’t be too proud to listen to your customers or accept change. Be willing to flex and change after listening to your customers and analyzing your target audience. Carefully prioritize and debate which feedback is most useful and beneficial to the customer and to the company’s future.