If nobody ever told you before, the truth should come out now: the vast majority of startups fail.
Unfortunately, this is simply a fact of life. It’s a tough world out there and everybody is competing for the same piece of the pie.
Unless your startup has a unique idea behind it, it’s almost certain that you’ll be entering into a crowded field where you are up against as equally smart and dedicated professionals as yourself.
Even if your idea is the most unique in the world, you could still fail if you don’t go about putting it into practice in the right way.
Here we’ll take a quick look at some essential areas you need to focus on if your startup is going to stand out from the crowd and beat those survival odds.
Having a real vision
If you only have a great idea, you don’t have all of that much. If there is no clear vision behind the idea, how can you chart the path that you need to follow to achieve success?
You can’t.
Unless you have a fully defined vision of how the idea mutates into a successful company, nobody will be able to get on board with your journey.
A clear vision is essential for you as a guide for your progress, but also for those you want to help you make this vision become a reality.
Turn your vision into a concrete road map of how the future is going to look. This is not a small undertaking but it will prove invaluable over the coming weeks, months, and years that you are going to dedicate to making things a success.
Always Communicate
At the outset, it should not be difficult to keep communication as open and flowing as possible, as you most likely will be working with a relatively small team. If it is, you’ve already got a problem as this is a collective process.
Communication with your partners, team, investors, suppliers, and customers should always be kept as clear and fluid as possible. It is through honest communication that you can engender buy-in from all of those people you need to help make your startup turn into a success story.
If you are a good communicator and this helps spur on the growth of your startup in its early days, make sure you remain committed to this ethos as your team starts to grow.
Employees need to know that they can always ask questions. As a leader, you are an inspiration to your team. Showing them that you are available and open to their suggestions will ensure that you create an environment where everybody is pulling in the same direction.
Speed
Getting things done on time is key if you’re going to establish a reputation as a startup that actually means business. There is nothing worse than a startup that builds up anticipation and then repeatedly fails to deliver on its promises.
Of course, everything will not always go to plan. But you need to keep delays to an absolute minimum.
If you have to work like a maniac to deliver on time, do it. You’ll suffer in the short-term, of course, but you’ll be thankful for that extra effort later on.
A big part of speed and efficiency is also having the right people working with you. If things are not going to plan, you need a core team around who can identify why and ensure the same mistakes do not keep on repeating themselves.
Be a social butterfly
Of course, no matter what your product or service is going to be, you’re going to need to be out there in the social media world. And if your product or service is one aimed at less social media savvy audience, you must still be getting out piles of content out there in terms of blogs, videos, and even podcasts.
Clicks, views, and engagement will all go a long way to establishing you and your startup as a leader in the field.
And this social interaction also has to extend to how you interact with your peers. Networking and making the right contacts can prove to be invaluable as you look for ways to get your startup established.
Getting to know powerful and influential people will immediately give you a massive advantage over those more less socially inclined competitors who are working hard but burrowing a solo path.
Don’t stop, even when you get there
It’s very important to remember that even if you are making things a success, it’s a guarantee that not everything has gone as smoothly as it could have done.
The startups that grow into successful companies are those that assess all aspects of their journey and pick apart the areas where things could have been done better.
This journey is one of continuous learning. If things go well and you decide that you know it all, you’re almost certainly setting yourself for a fall in the not too distant future.
When things are going well, it is the perfect time to focus on creating a culture where a learning culture is created. Encourage different parts of your team to interact and share their experiences and expertise.
And don’t be afraid to look outside to see how others are also having success and how that could be applied to your company. Invite people into your organisation to offer fresh insight on how to manage some of the issues that you have faced in your journey.
As all startups are in some way unique, they all face different challenges and problems. The one unifying fact that exists, however, is that it is incredibly difficult to achieve success.
These five key points could be added to a list with 500 more, but in paying attention to the above, you will be focussing on some key areas that should help build a solid base for your future success.
