With the plethora of start-ups flooding the markets often the million dollar question that arises is whether all of them are actually successful. Building a multimillion firm in a matter of 12 months is a possibility which is difficult for many of them to achieve.
Even firms who are nowadays riding the success bandwagon have had to go through their share of failures. Being passionate, hardworking and not giving up on your dream are just a few of the prerequisites which help you reach out to heights.
Most of the people who actually failed either did not try too hard or they just gave up on the dream before it could get fulfilled. Having a hands-on approach, setting realistic goals and trying to move ahead one step at a time are just a few of the measures that can be taken.
Apart from that not repeating the mistakes made by either and avoiding being hasty is also something that needs to be paid attention to. Having a go-getter attitude and not letting small setbacks bother you is something that goes without saying.
Read on further to know what the success mantra which works when it comes to setting up your start-up is and help it grow further.
1. Solve A Problem You Are Passionate About
The first step in starting a business, while challenging, is arguably the easiest. You need an idea. The best companies were formed by people who solved a common problem, created convenience or discovered something missing in their field or society. And often, they were willing to commit all of their time and energy to this discovery because they were passionate about it. Without passion, those hard, early years will seem unbearable and leaders will be more inclined to give up.
2. Leadership Is More Than Vision
Being a leader for your team starts with the idea and direction that is foundational to your business, but success ultimately depends on drive. You set the example for the rest of the company with your attitude, work ethic, and determination.
3. Create Relationships With Your Customers
Once you have officially launched your company and promoted it, the key to building a successful business is building customer loyalty and happiness. The cost of acquiring new customers can be high. Instead, follow up with users and create ongoing touchpoints. Serve customers by sending out surveys and listening, learning and sincerely caring about them.
4. Find The Mentors You Need
As you start to develop your business, you’ll want to have an advisory board in place to help offer advice and guidance to help you navigate the entrepreneurial labyrinth. Don’t be afraid to ask people to mentor you; often they are glad to be asked and eager to help guide others as they were once guided by their own mentors.
5. Don’t Get Comfortable
If the enemy of progress is comfort, then learn to enjoy being uncomfortable. Make big goals for yourself and your team. Try building your customer base by four to five percent each week and oversee these goals by having an active management role.
6. Always Play An Active Role
Founders are pulled in a thousand different directions with funding, recruiting, partnerships and strategizing, but the most successful companies have hands-on leadership (not to be confused with micromanagers). Create a positive culture in your company by learning to manage your people and to set aside specific time for them. Happy employees lead to happy customers, which will lead to growth.
7. Have Signed Contracts
Once again, paperwork might seem boring and unnecessary when you’re working out of your garage, but they can make or break your business. Every agreement you have should be formalized with a signed contract to protect both parties from future legal fights, which are costly in terms of both time and money.
8. Protect Your Intellectual Property
From the outset of your business, your intellectual property (IP) is the most valuable asset you have. Identifying and protecting all the IP you create is crucial to the long term success and viability of your venture.
9. Don’t Be Afraid Of Competition
Being the only company is a particular market can be daunting, especially as you try to generate attention for the problem you’re looking to solve. But don’t let competition entering the space put you off; competition is proof that you’re onto something, and can force you to focus and improve.
10. Establish Your Expertise
Part of the success of your business depends upon your reputation as an expert in the space that you’re working; after all, no one wants to buy something from someone who doesn’t know what they’re talking about. Writing and speaking about your particular area of expertise is a great way to get your name out there and establish your bona fides.