Be the 25 Percent: 25 Tips to Make Your Startup a Success 2

shutterstock_177799460It will come as no surprise to learn that the majority of startups fail. But thanks to research by Shikhar Ghosh, a senior lecturer at Harvard Business School, we can at least put a number to the failure rate75 percentand hopefully avoid becoming part of it. With three quarters of venture-funded startups failing to succeed, how can you make sure that your new business won’t be one of them?

Here are 25 tips to help you land in the lucky 25 percent:

1. Know your purpose

What need does your startup address? Why will people care? If you can answer these two major questions you’re already well on your way to success.

2. Do something you love

If your heart isn’t in it, the temptation to bail during difficult times will be high. If you’re able to do something that you love, you’ll have much more motivation to keep persevering. Startups require more than a 40 hour work weekmake sure this is something you’re willing to do around the clock!

3. Believe in yourself

Self-doubt can be crippling, so it’s important that you believe in yourself. If you know that you’re putting 100 percent into making your business a success, you’ll find that self-confidence often follows.

shutterstock_1455187964. Surround yourself with supportive people

While you don’t want to surround yourself with “yes” men, it’s also important that you don’t have to constantly contend with people putting you and your business down. Don’t waste your time or energy on the defense.

5. Learn from criticism

Relentless negativity is of no use to you, but thoughtful criticism can be very valuable. Any opportunity to improve an aspect of your business should be warmly welcomed.

6. Challenge conventional wisdom

Learn to spot when helpful advice is merely a suggestion to conform to the popular paradigm of the times.

7. Keep learning

Think you know it all? Think again. There’s always more to learn, so be wary of becoming too complacent. Everything you learn is an opportunity to improve your business. That goes for mistakes as wellall startups will suffer from mistakes, but the entrepreneurs that learn from them are likely to be in the successful 25 percent.

8. Pick a good name

“Good” can be a subjective qualifier, so you should try making your decision based on what your target audience would enjoy.

9. Serve your customer, not yourself

While you should rightfully feel ownership of your startup, remember that ultimately it’s there to serve your customer and not youvanity projects won’t last long. Keep the customer in mind with every decision you make, and you’ll build a product or service they can get excited about.

10. Find out what your customers want

Blindly assuming you know what your customers want could prove costly. Fortunately, researching it first doesn’t have to be expensiveyou can search forums, ask questions on social media, or spend some money on surveying opinions (and save yourself a pricey mistake!)

shutterstock_17199014011. Raise the right amount of capital

While you need enough money to give your startup every chance of success, bear in mind that having too much can make you lazy and all too willing to part with your cash. Of course, you may want the option to access emergency fundsyou’ll just have to make sure you can stick to a strict budget and define what exactly an emergency is.

12. Plan thoroughly

A business plan is much more than a necessary evil to help you get fundingit can act as a guide and keep you focused on the task at hand. It’s easy to get caught up in the minute details and lose sight of the big picture.

13. Don’t plan forever

Don’t get caught in the trap of thinking that since you’re planning you’re being productive. Planning must make way for doingpreferably sooner rather than later, so use your time wisely.

14. Carry on planning

Once you’ve done a bit of doing, go ahead and go back to planning. Constantly re-evaluating your business and the direction it’s going in can help you find opportunities for growth.

15. Anticipate the future

Nobody can know for sure what tomorrow will bring, but if you keep yourself informed and learn how to spot upcoming trends, you’ll be much more likely to successfully predict the future.

16. Adapt

However, no one can predict everythingyou’re only human, after allso make sure you and your business are flexible enough to react to surprises quickly. Don’t follow in the footsteps of movie rental company Blockbuster, the latest business to have failed in recent years because of their inability to roll with the punches.

shutterstock_18629298217. Network online

Harness the power of social media to help connect you with potential employees, partners, clients, providers, or people that can promote your product or service.

18. But don’t forget offline opportunities

Step away from the computer, put away your smartphone, and find people in real life at conferences and networking events. The connection you can make with a person face-to-face is naturally stronger than one mediated between screens. And of course, don’t forget a professional business card to turn your encounter into a relationship.

19. Surround yourself with the right people

Networking is a means to an endyou need to establish who is worth your time and who isn’t. Don’t underestimate the value of someone useful, and similarly, don’t underestimate the destructive potential of someone who isn’t.

20. Be dedicated to work

Launching a startup is not like having a regular 9 to 5 jobif you want to avoid failure, you have to be prepared to fit your life around work. It may seem like working for yourself will mean better hours, but to be successful, you’ll most likely be going way over the standard 40 hour work week. On the bright side, whatever results from your hard work is entirely your own.

21. But find time to relax

While any entrepreneur must expect an increased workload, you still need to find time to unwind. Without being able to occasionally relax, you’ll inevitably suffer from burnout, causing more damage to your business.

22. Negotiate everything

Whenever a price is quoted to you, remember that a healthy proportion of that is profit margin. Can you lower that margin for your benefit? You might not always be able to coordinate a discount, but it’s worth remembering one of life’s most important rules: if you don’t ask, you don’t get.

shutterstock_18141602023. Develop an elevator pitch

Of course, if you want to convince the vital people that you’re worth their time, you’ll have to capture their attention within 30 seconds. If you can develop an elevator pitch that will intrigue people and show your idea has potential in that amount of time, you’ll inevitably be afforded more time to discuss matters with them later.

24. Start marketing

If people don’t know you exist you can’t expect positive results. Whatever your budget, there are things you can do (like tip #17) to start getting the word about your start up out nowtweet, contact blogs, and tell everyone willing to listen about your new venture.

25. Don’t give up

In many cases, startups don’t failthe people behind them give up. The single most effective thing you can do to make your startup a success? Refuse to throw in the towel.

  • https://www.max-profits.com/ Max-Profits

    Great article!
    Thanks for the help

  • Shiena Chin

    The best way to improve your odds in success is to move slowly and carefully in starting a business or a plan. There are many steps and tips out there, but everyone should start with a plan. Yes, and find tools, place, and money. With that, you business would be successful, just believe in yourself and in your ideas. Great post!

About the Author Rob is the Head of Digital and Moo.com UK. Read more »

How LivePlan makes your business more successful

LivePlan: Online Business Planning Software

If you're writing a business plan, you're in luck. Online business planning software makes it easier than ever before to put together a business plan for your business.

As you'll see in a moment, LivePlan is more than just business plan software, though. It's a knowledgable guide combined with a professional designer coupled with a financial wizard. It'll help you get over the three most common business hurdles with ease.

Let's take a look at those common hurdles, and see how producing a top-notch business plan sets your business up for success.

Click to continue
RATE THIS ARTICLE 1 Star2 Stars3 Stars4 Stars5 Stars
Loading ... Loading ...