It is said that after about 5 years, a startup’s chances of success and failure balance out. About 90% of startups shut down for some reason or the other. But there are ways to ensure yours doesn’t. Increase your chances of success with these expert tips and tricks and rest assured, your business will be safe for the long-term.
Every good business starts with a good plan. The first step is always writing down your goals so you can build from there. This falls under the umbrella of a Business Vision, which should include details of what you will be doing and how you plan to do it. Long-term objectives can be flexible but entrepreneurs should try and make them as specific as possible to ensure measurability.
Entrepreneurs are typically very passionate about their work. They can really get into the nitty-gritties of the product(s) and even though it might be bothersome for others, this obsessing, this quest for perfection, can really help boost market share.
But good businessmen are also experts on their competitors and the market. To secure your startup, make sure you’re abreast with all the major trends in your industry. Transformation isn’t necessary for every change but when you hit the right one, pivot and embrace it, lest you get left behind.
Know the right people. Business is all about connections, whether it’s for word-of-mouth marketing or scoring the right talent for your workforce. More specifically, engage potential mentors and strategic partners, especially during the growth phase of your startup, as they can add real value to your strategic operations.
Also, good entrepreneurs know there is no ‘I’ in teamwork. They ‘network’ internally as well, maintaining a positive corporate culture for their employees.
As a founder, you may find it hard to distance yourself from your venture. But you can and you should. Constant focus on one thing leads to burnout. To avoid that, remember to take out some downtime for yourself and your loved ones. No business is ever worth the peace of mind.