If you want to launch a startup, chances are, you’ve heard that the odds are against you.
Every month, there are over half a million businesses started. Half of them close their doors by the two-year mark, and only 25% last for 15 years or longer.
That doesn’t mean it’s impossible to find the golden egg. It only means you have to work hard for it. Here, we’ve got nine of the best startup tips to help your business succeed.
1. Love What You Do
Finding a job that you love is age-old advice. Usually, it takes the form of, “Do what you love.” But there’s a key difference between doing what you love and loving what you do, and the latter is far more important.
Here’s the thing.
If you’re running a startup, it’s going to be an uphill battle. There will be hard times, not enough money all the time, and a lot of people telling you to go get a real job.
If you don’t love what you do, it’s going to be a lot harder to keep your startup above water. You can do what you love without loving what you do, especially during the crucial first few years of developing a startup. Loving what you do will keep you going a lot longer.
2. Find a Problem and Solve It
If you want to create a successful company, look for concrete problems your customers have that you can solve on their behalf.
In particular, you want to solve a problem that meets three key criteria:
- You can find a solution, within reason
- The problem and solution are acceptable to customers and management
- Solving the problem has the potential for significant financial impact
A lot of the time, entrepreneurs do this by finding ways to surpass a current performance plateau, especially concerning technology.
3. Do Your Research
Once you think you’ve found the right idea, it’s time to do your homework.
This involves diligent research and a bit of initial capital to find potential buyers for this would-be service. After all, it doesn’t do any good to solve a problem if people aren’t willing to pay you to solve it for them.
This can be as simple as sending around a survey to your potential buyers. That said, be wary of confirmation bias–people who disagree with your idea can still offer a great deal of valuable feedback.
4. Learn to Lead
There’s a difference between launching a startup and leading a business, namely the number of people and moving parts involved. As such, it requires a different kind of leadership, and you need to know how to do both.
Commit yourself at the outset to learning how to be a leader. If needed, invest in an entrepreneurship coach to help you figure things out.
5. Learn to Sell
Regardless of anything else your business does, the ultimate goal of a business is to sell something.
If you don’t know how to sell something, your business won’t be successful.
When you decide to launch a business, take the time to do an honest assessment of your salesmanship abilities. Take a look at the areas that need improvement, and figure out what you can do to improve them.
And when all else fails, don’t make compelling promises that you can’t keep. It doesn’t matter how good at sales you are–if you can’t keep your promises, no one will buy from you.
6. Keep Learning
Noticing a trend yet?
If you want to run a startup or business, you need to be a perpetual student. We don’t mean that you need to constantly stay in school–you need to keep learning.
There’s always more to learn, especially if you’re starting a new business, so be wary of thinking that you know everything.
After all, everything you learn is another opportunity to make your business better.
This is especially true of mistakes. Every mistake is an opportunity to do better next time. The businesses that take the time to learn from their mistakes are the ones most likely to make it.
7. Be Resilient and Observant
You’ve probably figured out by now that starting your own business is an uphill battle.
In the early stages, you’ll have failures, criticisms, and insults big and small. You need to know all the new developments in your niche and the competition you’re facing if only to make sure you register trademarks first.
Settle in for the long haul, be resilient, and keep your eyes and ears open. If you love what you do, it will all be worth it.
8. Make Sure You Have Sufficient Experience
Having sufficient knowledge and experience is a huge step forward if you want to stay competitive.
If you have experience in one area but lack in others, make sure to surround yourself with a capable team that can balance each other out. For example, if you want to run a business but don’t know much about finance, it’s a good idea to bring on someone who understands how to manage money.
9. Serve Your Customer, Not Yourself
This might sound obvious, but a lot more entrepreneurs make this mistake than you think.
You feel ownership over your business. That’s a good thing–it means you’re mentally, emotionally, and monetarily invested.
But remember, your business is there to serve your customers and solve a problem for them. Keep the customer in mind with every decision you make.
More Startup Tips for Entrepreneurs
Ready to take this startup tips to your business? Take the plunge and follow your passion.
If you need more advice, check out our blog for more posts like these seven signs of good leadership in a startup.
