If you are planning to start a business, you are probably aware of the rather daunting statistics for launching a successful startup. The difference between success and failure is often a few years of hard work, timing, vision, and sometimes luck. At one point, the vast majority of successful entities were startups. At this point, you may already know that at least 90 percent of startups fail, which is a tough lesson to be learned. While there is no blueprint to success, here are the top 5 dos for startups.
Begin with a Solid Plan
Every successful company has to start with a good plan. Writing a business plan is about focusing on what is in your mind. Include both short-term and long-term ambitions. The short-term goals should discuss what you plan to do and how you will do it. Although the long-term part can be a little flexible, be sure to aim for accuracy in that you will not need to make major changes later. Remember not to engage in an industry you know nothing about. Do not focus on how brilliant you or how fast you learn since many times in startups there is no substitute for experience. Embracing an area you are familiar with gives you a competitive edge meaning you can better speak more intelligently about your vision to key stakeholders.
Professional networking has the potential to push your business to the next level. So far, at least 88 percent of consumers trust online reviews as well as recommendations from family and friends. Understand that entrepreneurship is a leap into an unknown world especially if it is your first time starting a business. The difference between a successful entrepreneur and one overwhelmed by the industry shocks is the willingness to ask for help. Look for help from successful and really smart entrepreneurs on how to network and where to begin if you want to put your idea on an accelerated trajectory. Look for dedicated networking events in your area and attend.
Commit 100 Percent to One Idea and Play the Long Game
Many entrepreneurs consider pursuing a couple of ideas at the same time thinking that trying several shots is a sure way to get one in. Rarely does this strategy work especially for first-time businesspersons. Successful companies always put laser focus on one idea. However, do not think there is quick success. Ideally, the first 5 years may not be too bright meaning as a great entrepreneur you have to prepare for the long game mentally and financially without giving up.
Stay away from Competition
Many industry giants are where they are as a result of the utilization of extensive resources, many years of experience, and familiarity with the consumer industry. Understand that their success did not happen overnight. It takes time to develop a name and become an industry tycoon. As a beginner, do not try to compete with such tycoons. Alternatively, you could focus on working hard to beat your immediate competitor. You only need to understand the insurance costs and use the available resources well to get the chance of going up against the giants. Focus on having a target market and ensure your goods and services are solving a particular problem for them.
Choose your Employees with Caution
As you advance, you will realize it can be difficult to retain employees. They come and go as they look for a transition. As you begin your startup, you need people will be inclined to your vision. The CEO of Apple Steve Jobs says he is successful because he only hires competent people who will fall in love with Apple. You can only do this if you take enough time in the hiring process. Rushing into it will only give you missed opportunities of hiring people who could have made your company soar.
With a startup, you will experience more risks with little information on where to begin. Many times, the best opportunities are hidden and hard to find making it difficult for a founder to get to the next level. For your startup to succeed you have to surround yourself with the right people, strike a healthy balance, and be in a position to change with the times.