There is a consensus that almost 9 out of 10 startups fail and the failure occurs during year 1 to 5. Therefore, it is only a matter of time before a startup stops functioning. To avoid failure, entrepreneurs should stick to a set of rules and take them seriously. On the blog “Startup: Definitions, characteristics, and types” we touched upon the characteristics of startups.
On this blog, we will try to further elaborate on the essential features that a startup should retain in order to initially survive and finally succeed in this competitive world. The qualities discussed below are unanimously considered the integral parts of a successful startup. They may not bring you immediate or even constant success but they are the features shared by all successful companies.
- First and foremost, you should be interested in and passionate about the business endeavor you intend to make. Remember! This interest is a motive force to all your business dreams and can enable you to work harder and surmount obstacles. It is justly regarded as a sine qua non for the advancement and success of your business.
- By launching a startup business, you are actually stepping into a world of unknowns and uncertainties. You should already bear in mind that you may lose your money and face numerous obstacles. To better deal with these unfavorable circumstances, it is absolutely a good idea to already accept that you are going to experience a process that is too risky. This acceptance will enable you to be mentally and psychologically prepared to encounter challenges and react wisely and appropriately.
- To be able to compete with your rivals, look attractive to investors, and flourish on the market, you need to constantly come up with innovations. Once the introducing of innovations is discontinued, you can almost make sure that your attempts to build up a successful business will meet with failure. So, be innovative as much as you can!
- It is always important to initially decide on your target market. As long as you are undecided about your target market, you won’t be able to research and learn about the requirements of that particular market and stay focused on your business aspirations. This decision making is more important particularly when you happen to consider a new territory or country to launch your startup business. Once you are decided, you will have the chance to painstakingly research on how to solve a problem in that new geography and meet the needs of its market.
- Then, the knowledge about your customers’ needs in that particular geography will help you develop a product and/or service that meets their needs. So, it is important to understand the needs of your customers and the way they like to be treated. Remember that there is always a need to remain updated on what they actually require as their needs, tastes, and desires may change.
- Customers will always remain loyal. They might have questions, suggestions, and objections that need to be fully and immediately addressed. To keep yourself abreast of the customer’s experience with your product or service, you need to create or use a platform – e.g. apps or social media networks – through which you can learn about it. This will help you go through the necessary changes to adapt to your customers’ wants and needs accordingly keeping your customers happy and loyal.
- Be open to new adjustments! Either small or big, adjustments are always necessary and can save your business from failure. To be flexible about changes is a must and can help you adapt to different circumstances. This easy modification to respond to altered circumstances can lead to the growth of your startup business.
- Remember! You are not supposed to be the only player of the game. To keep moving forward successfully, you need to bring a team of professionals together who are not only knowledgeable but they are also as passionate as yourself as the founder and owner of the business. They should share the same values and visions as you do.
- Stop recruiting new employees! As long as your employees are great and professional enough, there is no need to hire new people. Rest assured that they will remain focused on the vision and values of your company when they are respected and valued. So, try to retain your team members!
- Try to make yourself and your staff members as communicative as possible! To be able to impart information and be fully aware of the tasks and expectations within a company, all team members including the employer and employee(s) need to develop efficient communicative skills. You, as the employer or the founder of the business, need to ensure that every single member of the team is communicative enough.
- To keep the ball rolling, you need plans. If you wish to run your business successfully, you should have viable long-term strategies. The idea of launching and also running a business is not something that comes from the middle of nowhere; it demands strategic planning. In order to function well and successfully, your startup is expected to come with some careful planning. So, don’t forget to develop a strategy for your business which is effective and can be easily implemented.
- If you want your business to succeed, you should also focus on effective marketing. A well-developed marketing strategy can help you seize opportunities in the best possible way and increase your sales while relying on limited resources. To proceed successfully with your marketing, there are a host of tools and methods you can use. Blogging and social media networks, for example, can help your business to achieve what it is planned to accomplish.
- Feedback really matters. Be always prepared to get feedback from your customers, advisors, investors, and employees. Feedbacks can make you aware of your possible shortcomings and mistakes providing you with an opportunity to make up for the losses. If you wish to succeed in your startup business, welcome feedback!
- Learn, learn, and learn! As the founder and owner of the business, you should never stop learning. You might think that you are seasoned and knowledgeable enough to run a business and therefore need to learn no crafts! Truth be told, this is not the case in reality. As we live in a changing world, we need to update ourselves and keep pace with the latest technological and commercial developments and also with the changes in customers’ needs.
To simply stick to the rules pointed out above may not suffice for the case if you aspire to run a successful startup business. What is certain is that you need to go above and beyond in order to maximize your chance of success. Also, getting help from experts can help you be on the right track and pave your road to success. So, don’t forget to consult with experts and seriously consider seeking help from them.
Note: We are here at Bay&Co to help you start or bring your business to Canada. Either it is a startup or mature business, we can help you with your transition and growth in Canada throughout the entire process. If you need assistance, please do not hesitate to contact us.