The research found that among every 10 startups, 9 unfortunately fail. It is n surprise that majority of startups fail to succeed due to plentiful reasons. With the declining of almost 90% of funded startups, it may be hard to admit that your new business won’t be one of them.
Though there are some who marked an outstanding gap in the market and carrying out a huge rewarding business which is isolating them away from the list of failures. What is the success story behind their worthwhile business? What goes wrong with the startups that fail often within the initial years? The answer of all these questions lies behind the strategies and tips that they implement while leading a startup. Let’s have a look on these important tips that will help you in landing the lucky land of success.
1. Start With An Aim
What is the goal of your startup? Why and what will people know about it? Start your setup with the purpose or mission that can lead it to the heights where it will be known to all.
2. Do What You Love
It is prudent to go ahead with the work in which you are deeply interested. Don’t try to run behind the business idea which is greatly flourishing in the market but not at all of your interest or knowledge. Choosing such startup idea may act burdensome to you and success will hardly reach you. It’s better to raise the business with your field of concernment. Do something that is loved by you.
3. Believe In Yourself
If you are planning to launch your own venture, first bring trust in yourself. Unless you can’t have faith in yourself, establishing a successful business is long way ahead to you. Be confident in what you are doing. Don’t let self-down ruin your business. Think bid, think new, think creative and work accordingly.
4. Pick An Excellent Name
A good name is very important to launch your business. An impelling identity of your brand or product is more likely to place you in the list of successful businessmen. Choose a perfect name for your brand which best suits your niche.
5. Don’t Neglect The PPPP
Everyone wish to own a startup which doesn’t fail. But what if you start neglecting the four important factors: patience, persistence, preserve, and prudence? Certainly overlooking these four aspects can become the huge reason for your lifetime failure. These are the keys to open the doors of successful business.
6. Surround Yourself With Compassionate Group
To build a strong network is worthy towards working on unfailing business. Establishing a good networking is very important at times when you own a startup and aim not to ruin it. Don’t depreciate the value of someone who can better accompany you in undertaking the startup plans and achieving the success in the same. Choose only those who can positively help you in any condition and motivate to the best of your work.
7. Manage Risk
Implement the strategies in your business which can efficiently manage the risk factor. While working on your startup, not only focus only on generating the huge earning with it but also give emphasis to risk management. Be prepared to any kind of business ups and downs and face every situation smartly. Your aim should be limiting the risk and at the same time increasing the revenue.
8. Money Management
Money management is very important if you want your business to be financially strong. The term what we call ‘saving’ is highly significant for a startup as well as an established one. A company’s financial crisis signifies it as a failure and throws it in the dark list of those.
9. Try Not To Be In Debt
Debt is the worst part of anyone’s personal or business life. Especially when you are concerned with running a startup then having a huge debt can be the curse to your business. Properly manage your expenditures. Don’t flow money like water as initially it is very important to build a financial status so as to execute plans for the betterment the company.
10. Backup Yourself With A Secondary Source Of Income
The reason behind failing many new startups is the lack of secondary source of income. Running a startup with risks often destroys the income streams and people find it easier to pull off their business rather than continuing it. Hence it is sensible to have an alternate source of income which can best act as the backup.
11. Adapt Network Online
Create an online networking platform to advertise your brand or product. Lack of promotion has very adverse effect on the brand reputation as well as revenue generation. Don’t waste the scope of using significant social media platform to promote your business. Let more and more people know about your startup.
12. Don’t give up
Failures might come to you during your initial stage of setting your business. But it not at all means that everything freeze there. Many times, startups don’t fail still individuals behind them kickback. Don’t ever give up, learn from the failures and go ahead with the new start. Make sure failure is never the conclusion of the story.