The concept of a startup is based on realizing ideas, dreams, and imagination of people around the world. A matter of cooperation and unity that everyone can help each other to improve the quality of the world we live in.
Not everyone is born as an entrepreneur, yet so many people dream for that and imagine their future as an entrepreneur. Establishing a startup is the epiphany of unique ideas, which is a very high possibility in today’s world. You don’t need to wait for a government based company to bring what you were dreaming for, No longer.
A successful startup will bring so many positive efforts to the world and its founders. A great experience, making connections with talented people, realizing an idea and of course making money. However, it all tends to the “successful” word which is not just a world.
Unfortunately these days, the rate of success for startups is decreasing. According to The Harvard Business Review, almost 75 percent of startups face failure, which is a considerable number. The fact is that nearly all of those failures have roots in some fundamental mistakes which is made by their founders.
In this article, we’re gonna show you 10 essential tips which will lead your startup to success.
Solve a real problem and meet actual needs
Not every innovation will be successful, the reason is they may not match the real needs of the market of their birthplace. To get over that you need to research very carefully and wisely about the society you’re living in.
If you look at the successful companies around the world, you can see that at the very first place they’re serving their society’s needs. Another essential thing, in this case, is to be flexible as your society changes. If a company is willing to live long, they need to adapt to the changing needs of their market.
Get rid of the fear of failure
One of the most significant problems before creating a company is the fear of failure. The thought of “What if we fail? What if it doesn’t work? What if we couldn’t continue our path?” are like poison for your unique idea.
You must know that failure is not the thing that rules you out of success, The fact is that failure is one of the most critical steps of the road of success. Sometimes it is impossible to win something or to be successful in a specific stage without facing failure.
The thing that prevents you from stepping forward is the “fear” of failure, not failure itself. Don’t let it surround you.
Be flexible and follow the market
It is mentioned in the first paragraph about flexibility, yet it is so essential to make a specific line for it too.
Sometimes companies bring something which takes its niche on the market, finds demands and consumers. This is not the end, as time passes and people change. The fact that the founder(s) of a company shall not fall in love with their idea. They need to dedicate a space to pivot and change or improve the way market changes.
As an example, we can take a look at Kodak. The lovely photograph accessories and cameras company which were once the king of its market. It was a pioneer in innovation and creating high selling products. However, as soon as they stopped to be flexible, they lost their place. Such a cruel world…
Be careful about your ideas
Your ideas are yours, don’t underestimate them because thoughts are priceless. You should keep your plans as close to you as you can, and if you’re willing to share them with someone, It would be better if it is with a very trusted person, or your possible future sponsor(s)!
Sometimes you’re going to talk about your ideas in public, a smart move is to make everyone sign a non-disclosure agreement to keep your idea safe. There are always people out there, listening to the talks, and waiting to catch some ideas to own them.
Competition is an elevator not a stop sign
Another kind of fear that some companies may face is the fear of competition. Sometimes a company is a pioneer in an idea, which is very cool, but being alone in a market can be annoying too. It may cause the company not to be as innovative as its first days. At the same time if a competitor enters the market, it shouldn’t make them afraid, vice versa, it is proving that the first company is doing right.
The opposite of this that you may want to enter a market which has places for more competitors,
And you have an idea which lacks there. Don’t be afraid to compete, trust yourself, and just go on.
As an instance, you can take a look at what Xiaomi has done in the smartphone market. A highly competitive market which is very saturated, and it is hard to start and make a place there. Yet Xiaomi believed in itself and entered a market to compete with giants like Apple, Samsung, LG, etc.
Give value to criticism
There is a gap between negative words and thoughtful criticism. The former is harmful energy which you have to stay away from while the latter is something you need to listen, think, and learn about. The ability to differentiate these two is a fundamental matter while running a company.
Criticisms are more like presents and signs to lead you to your target. You should take care of them, respect them, and use them if they are logical and valid, according to your goals and objectives.
Experience is gold
Bringing young talents to your company is very important and helpful, but when you’re beginning your plans, Experienced force will be much more effective. Especially in the tech world, which is a rapidly growing field for companies to start, experienced managers and talents will lead you to grow and progress much easier and faster.
You may say that experienced personnel will be more expensive. However, it will absolutely worth it. We’re not talking about a fully experienced team, even some part-time managers or seasonal talents would be beneficial.
A team of young talents with no experience will cost you time and energy to train and teach them to learn and level-up to your priorities, no matter how fast they learn, they will cost you more than the cash you pay for the experience.
First steps need experience and knowledge.
Spend money to make money
You cannot make money without spending money. This is a fact so you should consider that if you’re gonna establish a company or business, you need to use your wallet and pay some cash for it.
In the world of business, there’s no space for vileness, you just need to calculate and estimate how much would you earn according to your spending money. It’s a matter of return on your investigation.
At the same time you should consider that it’s not all about the money you earn in return, the fact is that it can return as a psychological, social, or influential benefit to your company.
Be patient and wise when fundraising
Most startups, after establishment, choose to raise money for their ideas and projects. It is essential to be patient and not in a hurry for money to come. At the same time, you should let your eyes to stay wide open to see from which sources the money is coming.
The excitement of early investigations on your company shouldn’t make you accept them blindly, but you have to review them wisely to take the right ones who can help you move forward.
Some investigations may be able to ruin all your plans.
Don’t forget to relax yourself
It is correct! While most entrepreneurs think they have to push hard, sometimes even double the time which ordinary people spend, you have to give yourself space and relax.
Just sit back and stay away from the stress and high volume of different thoughts. Of course, you need to expect a time for that, if not, the high amount of responsibilities and hard work will damage you and your business.
A healthy mind and brain will always create and function better.