I understand that this is heart breaking but almost 9 out of 10 startups fail. But reality checks are much needed and the sooner the better. What is this 1 startup doing or doing differently that the rest 9 aren’t, read on:
1. Bring the right product to the right market
Make products that people want and no denying the fact that not all products are for all markets. So make sure that you are launching your product to the correct audience. More importantly, create what people really want, not what you think they do.
2. Never assume and never miss on details
A successful startup does not close its eyes to details. People don’t say that this is not my part of job and I don’t care about it and someone else will surely look into it. A successful startup works towards a common goal and is not driven by individual objectives.
3. Never stop growing
If you are not growing you are not going anywhere. Successful startups grow at a rate that is every entrepreneurs dream. They keep a check on how each action of theirs impacted their business growth. Don’t be satisfied in terms of growth, there is no set limit. Remember if you are not growing you are on the shrinking track.
4. A diverse team that complements each other
Bring in the best of all worlds, if everyone on your team is alike, it is not a good sign. Get together variety that fills in for skill that are missing. No wonder, mostly that 1 company that remains out of 10 is the one with Co-founders!
5. Be flexible
Successful startups are flexible, they don’t get stuck at one thing, they do little experiments and see what best suits them. A startup should be agile and not chained!
6. Mind your network
Sure take this as a warning- your network and networking skills play a vital role for your startup. Surround yourself with positive, successful people. Draw inspiration, seek advice and may be money ! There is a greater purpose that social networking site serve than selfies.
7. Raise the right amount of capital at the right time
Raising capital isn’t cool, unless you know how you are going to utilize it. Successful startups stick to their budget, define emergency spends and do not let availability of capital, deviate them from smart-hardwork.
8. Be futuristic
Well known mobile brands and internet giants at one point of time are things of past today, ever wondered why? If you want to sustain your growth story, think ahead of the time. Be informed, spot trends and work on them.
And its still OK if you could not spot the trends well ahead of time, learn to adapt to changing times. Be agile and stay relevant to your target audience.