The Secrets of a Successful Startup
The idea of starting a small business of your own can be very appealing. If you’ve got an idea that you think could make a great business, you are keen to earn money for yourself working flexible hours, or you’ve just had enough of working for other people, you might be eager to give it a go. You certainly wouldn’t be alone. More people than ever before are shunning traditional employment in favor of working for themselves as freelancers or business owners.
Despite the appeal, many of us hesitate. We worry about the risks. Giving up a career to go it alone can be scary, and it’s made even more so by the countless reports of failure. Some studies suggest that up to 40% of new businesses fail within the first two years.
While it’s true that many businesses do fail, of the ones that succeed often have a few things in common. Here is a look at some of the secrets of successful startups.
Plenty of Passion
If there is one thing that you need to make your business work, it is passion. Starting a business is tough. If it’s not something that you love, and feel passionate about, you won’t be willing to put in the time and effort. You won’t be able to handle the knock-backs, and you will give up when things get tough. Make sure that it’s something that you are committed to before you take any risks.
A Strong Support Network
That commitment, to giving up your time, to working long and stressful hours and facing the tough times head-on means that you need a strong support network. Successful business owners have people that understand cancelled plans and early nights. They have people that will always be there for them when they need to vent, or a shoulder to cry on.
If you want your business to work, to grow and to last, you need to be organized. In the early days, you’ll need to organize insurance for your business and deal with any legal issues. You’ll need to write business plans and secure financing. You might have an office to set up. Later on, you’ll need to organize your staff and manage your time well. The best small business owners are great organizers.
Goals are crucial to success. They give us something to aim for, and a way to stay on track. But, only if they are attainable. It’s great having big goals for the future, but to be effective, you need to break them down, setting yourself small achievable targets to help you on your way. Successful business owners always have goals to keep them on track.
One thing that many business owners struggle with in the early days is self-promotion. They are scared of putting themselves out there, frightened of judgement and rejection. So they avoid it. To do well, you need to be seen, and to be seen, you need to put yourself out there.
A Willingness to Learn
To do well in business, you need to be open to learning, both in the early days and moving forward. You should never make the mistake of thinking that you know it all. You should take every opportunity to learn new skills and gain new knowledge.
Categories: Outside Contributors