We often hear about how a couple of people came up with an extraordinary idea, started a small firm and converted it into a big-shot organization, for example, Amazon or Google. But for these handful of successful startups, there are hundreds that fail. So what is it that helps the successful ones succeed and that others lack?
Startups are full of excitements and walking into the unknown. The only flip side is that startups are also risky. There are no certain reasons as to why a particular startup succeeds and others don’t.
But the following are some qualities that can take a startup on the road to success.
- Idea and vision: A great idea alone cannot help a startup succeed. It is very important for this idea to be coupled with a great vision is what helps a startup thrive in today’s competitive world. A vision is what entrepreneurs need to ensure the success of their startups. A startup needs a visionary leader who is capable of efficient attainment and use of resources.
- Planning: The next important thing for the success of a startup is planning. This pan must consist of targets, operations and more along with the core ideas and goals. A thorough pan is the one that accounts for alternative situations that might arise. Both short term and long term plans must be created. A plan can only help a startup become successful if and only if the plan is efficient and diligently adhered to.
- Strong Leadership: For a startup to become successful, it must be headed by an efficient and headstrong leader. A leader is the one who makes decisions, sets the pace and goals and inspire others. A leader can make or break a startup. Poor leadership is one of the reasons why most startups fail. An efficient leader can successfully get the team to work together towards their targets and overcome any hurdle that might come their way.
- Efficient fundraising skills: No company can be established without finances and capital. A startup without smooth funding and cash flow can hardly stay in business for a long time. Liquidity is at the center of all business operations. Efficient fundraising skills are probably the most important skills necessary for the success of any startup. Without finances and capital, a startup is bound to fail. A successful startup has adequate funds to finance their business activities along with any unexpected expenditure that might arise.
- A great team: The more, the merrier. Establishing and running a startup is not a one-man job. For a startup to succeed, along with a great leader, it also requires a great and efficient team. It is impossible for a single person to undertake all the activities and operations required to run a company. A leader’s job is to guide. It is the employees who actually operate the company. Thus, for a startup to succeed, it is extremely important to build an efficient and dedicated team.
- Effective financial management: Just acquiring funds is not enough. It is very important that you know how to manage those funds effectively. Effective financial management includes proper allocation of resources. It includes deciding how much funds to allocate to which department or how much funds to allocate to which operation. Financial management can ensure that the company does not make unnecessary expenditure and thus run out of funds for necessary operations.
- Flexibility: For a startup to become successful, they must be ready for whatever that might come up their way. The most successful startups are those that are always willing to adapt to the changing technology and circumstances. In today’s rapidly changing technological world, it is very important for a startup to be flexible. It is as important for a startup to listen to the consumers and make the required changes, as it is to trust their original ideas. Being rigid does not help anyone get anywhere. Often, adapting to changes makes the business operations of a startup more efficient and less expensive. Thus, for a startup to succeed they must not only adopt the changes but, in fact, welcome positive changes.
- Marketing: Last but not least is the strategy of marketing. Developing an amazing product or technology is not useful unless you make it known to the world. For a startup to succeed, it is very important to build a strong marketing team and market the product in a way that it leaves an imprint on consumers’ minds. How you package your product and how you promote it matters a lot. A not-so-good product that is marketed well can become more successful than a good product that is not marketed well. Marketing is not as difficult today, as it used to be. So to become successful, the startups need to invest their efforts, time and money in developing strong marketing strategies.
Following these strategies is only the first step towards the long road that leads to success. It all depends on how patient and determined you are. It is difficult to succeed in an overly competitive world of today, but it is not impossible. There are many inspirational startups that now are giants in their respective fields. Whenever you, as a startup owner, feel like giving up, you must ask yourself, “If they can, why can’t we?”