We’ve come across a bunch of articles stating which mistakes most startups are doing, those provoking their failing in the big bubble of tech that is Tel Aviv or, for example, in the Sillicon Valley. There’s exceptions and we’ve been stating 5 common mistakes you can avoid whilst starting your business from scratch. As for what I’ve read, some are stating there are signs when a good start up is going to fail. Even if it seems true in some circumstances, I, for most, am cheerful and hopeful. Here’s why.
Insider tip: there are 5 signs a start up will succeed and I’m disclosing them. Read on.
#1 Has engaged customers
One of the core features of successful entrepreneurs is appreciated regarding the engagement of your customers. Out there, so many start ups fail due to the insufficient validation fo their customers assumptions. Do you have customers that are willing to pay for your services the prive you’re asking? In the era of internet of things, entrepreneurs scale too quickly before validating the initial market place and business industry adequations. It’s also quite important to streamline your future costs.
A successful start up scales its growth on 3 basics and essentials features: steady, engaged and paying customers.
#2 Money saver
As today, there’s never been a better time to start a business from scratch. Depending of your industry, there’s also perhaps never been a more challenging moment to obtain credit or funds. Leaning operations to be granted funds will be the name of the game, and the ability to stretch and conserve funds, even if in later stage greater funds become available, here it’s a significant sign that points out success.
#3 Communication skills
We’re in the era of millennial where communication and mastering social media skills is an element of strength. Word of wisdom from venture capitalist and philanthropist Alan Hall, “every great leader and every great company communicates well”. They communicate either good or bad news with a straightforward language. They communicate with skills and it’s such of importance for any investors. You can’t grow and thrive in a vacuum.
#4 Explore and solve
To built a successful company, first requirement as in any industry is to know your customers, and what they’re trying to achieve and the daily issues they’re facing. It means listening and put aside your own agenda of what you think, and be able to perceive a solution that will fir their requirements. As such, the ideas is to solve one problem at a time. The more you get closer to your customers, the more you’re facing a whole array of problems. Don’t stop to this step. You can’t take on each one. Instead, keep it simple, it’s better to deeply explore the one you’re solving right now.
#5 Stay humble
Good, your customers are paying and investors are interested in the development of your proposals. Money incomes don’t mean your responsibility ends. You do have people to answer to. Remain humble and be responsive with your customers. Indeed, it takes more than money to build a successful company. Do not trouble yourself with the last investment a huge investor did. Figure out what people that will pay for your product is your number #1 goal. Once you have that answer, you’re on your way to success. It’s a rare accomplishment that deserves to be pinpoint.
All is said –