The ultimate secret to start-up success

Nowadays start-ups spring up from all coners of the earth, some become successful while others are not as much lucky.

Yet even the ones termed not lucky to succeed learned some valuable lessons in their first attempt and if they were to try again, or start afresh, they wouldn’t be doing that from the scratch but from the experiences they gained from their first attempt.

For me as far as start ups and enterprise are concerned, i don’t see any failure unless you stopped trying, unless you stopped failing you will be considered a failure.

Building a startup does not have a magic bullet, infact the single quality that differentiate the successful startups from the less successful ones are resilience and grit i.e. their ability to keep forging ahead nomatter any circumstance that arises.

In the past 15 years a whole lot of start ups have arose and a good number of them have become quite successful especially in the tech industry.

Start-ups like Uber, Airbnb, Pinterest, Jumia, Ai, Meta, Blockchain, Space x, Tesla etc have recorded ground breaking successes, yet they have not been around for a long while.

In this short post we will be discussing the ultimate secrets to successful start ups, why some succeed and other don’t.

1. BUSINESS IDEA

Businesses are centred on ideas and innovations i.e. the one single problem you are here to solve, that is the basis of most businesses especially the successful ones.

Successful start-ups don’t loose focus on their idea and why they started the business. The idea conceptualization as well as the execution keep them in business.

Start ups are adviced to have a vision about their ideas, a vision into the future if they truly wish to build something that will last. It is this vision that keeps them grounded and focused to the core of their business.

2. QUALITY OVER QUANTITY

Successful startups know the difference between quality and quantity. They focus more on the quality of their products and services rather than the quantity.

It is passion that drives quality, the passion to provide nothing but the best.

It is the quality of the products and services that will determine if the customer will return next time, and research has shown that it is the repeat customers that have the massive impact on the sales of business not one-time customers.

3. HAVE A BACK UP PLAN

Things will not always work out as planned, it is the normal way of life in businesses even in life generally, that is why it is of importance that start-ups have a back up plan incase things go the wrong way.

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Every plan that does not work is a learning opportunity for start-ups to adapt and innovate themselves out of those undesirable conditions.

Successful start-ups know that back up plans is a weapon that they must have in their arsenal, it gives them the confidence to navigate through the turbulent waters of entrepreneurship.

4. OPPORTUNITIES AND CHALLENGES

Successful Start-ups are always in tune with trends, opportunities and challenges, this is what differentiate the successful start ups from the less successful ones because they are able to harness the opportunities and challenges to their favour.

The world is abound with a whole lot of opportunities and with each opportunity comes it’s challenges.

One of the best definition of success is preparedness meeting with opportunity.

Start-ups should leverage on existing opportunities around their enterprise, face the endemic challenges within each opportunity and only through this way will they be able to summout the rigorous challenges and come out successful. 

5. MARKET DEMAND

Every business requires a market or a market place and these market are actual people who need the goods and services your start-up produce.

The task here is in doing a thorough market research or analysis to identify and understand your market.

No Market, No Business; this underscores the necessity of market survey and analysis, get to know your market, get to know how you are able to reach them and you will surely be in business for the long run.

6. BUDGET AND EXPENSES

Budgets and allocations are vital to the life of start-ups, expenses are incurred at every step of building the startup.

Resources are always limited, thus the judicial management of the available resources will make the maximum impact on the enterprise.

Marketing, Advertising, Production and distribution all require budget and expenses, the key to success is in the efficient allocation of the resources at hand to create valuable products and services as well as maximise profits.

7. ANALYSE YOUR STRENGHT

Start-ups should analyse their strength as well as their weakness. In economics it is termed the principle of comparative advantage.

Compare and contrast your weakness as well as your strength to understand this principle which is of utmost importance to the sucess of your enterprise.

This is called SWOT Analysis.

Here you have it, the ultimate secret to successful start-ups.  Wish to venture into entrepreneurship? Kindly go through this secrets and see what insight you may gain from them to advance your business.

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