The world is fast and so are their demands. The revolution of exponential technologies and disruptive startups has significantly changed the way we live, work, and play on this little blue planet says Saivian. Every day we see a new startup sprouting around us with its innovative ideas and business models. But only 0.00003% of startups succeed while 99.99997 fail to realize their potentials (PwC Report). There are many factors that contribute to the success or failure of a startup but there’s one thing that stands out among them all–the founder him/her! He/she is THE driving force behind every innovation you notice thereafter. Now, I’m not saying that you can’t become an entrepreneur if don’t have what it takes. Anyone can start a startup if they have the passion and perseverance to do so. But it’s important to know what you’re getting yourself into before taking such a big leap.
There are many things you need to know before starting a startup. This article will list the 10 most important ones.
1. You Need a Lot of Money:
A startup requires a lot of money to get off the ground. You will need to invest in things like office space, marketing, and employee salaries says Saivian. In most cases, you won’t be able to bootstrap your way to success.
2. It Takes a Lot of Time:
Startups require a lot of time and effort. You will need to be prepared to work long hours and put in the hard work required to make your business successful.
3. You Need to Be Passionate:
Starting a startup is not for the faint of heart. It will take a lot of determination and drive to see your business through. You can’t just be average when starting a startup, you need to have the passion needed to work long hours towards something that you truly believe in.
4. You Need Business Savvy:
Running a successful startup is more complicated than most people think it is. It requires an understanding of things like sales, marketing, leadership skills, human resources management, production planning, and purchasing.
5. Be Prepared for Failure:
Just because you are passionate about what you’re doing doesn’t mean that everything will go as planned. At some point in your journey with the company, there is a good chance that you will take a hit. Be ready for it, and be prepared to pick yourself back up if things don’t go as planned.
6. You Need to Have Great Employees:
“No man is an island.” This age-old proverb holds true in business as well – you can’t do everything on your own. If you are running the show, then make sure to find great employees who are equally passionate about what they are doing. They are the backbone of every company out there, so make sure you hire well!
7. You Need to Build Good Relationships:
One of the most important things any business needs is relationships with their clients. Make sure that your marketing efforts translate into actual sales, and that you are always putting your best foot forward when it comes to customer service.
8. You Need to Stay Updated on Trends:
The business world is constantly changing, and as a startup, you need to be at the forefront of those changes says Saivian. Make sure you are keeping an eye on industry trends so that you can adapt your business model as needed.
9. You Need to Have a Good Work/Life Balance:
No one can work 24/7 and maintain their sanity. As much as you may love your business, you need to make sure that you are taking some time for yourself as well. This means setting boundaries and not working all the time. It’s to take a break every once in a while to recharge.
10. Research Your Competition:
Don’t be afraid to do some competitive research! Learn about your competition by reading their press releases, trying out their products or services, and finding out what makes them different from you. That way you can come up with a plan to go above and beyond the status quo in order to get ahead.
Starting a startup is not easy but it is definitely worth it! If you are passionate enough about what you are doing then everything else will slide into place eventually explains Saivian. It will take time, diligence, planning, and money but if done right it’s an experience that no one should miss out on!