Do you have a great idea for a new app, an e-commerce store, or a new line of beauty products? You may be ready to take the plunge and launch your own start-up business. But before you do that, it’s time to step back and be realistic. Start-up businesses have a frighteningly high rate of failure, particularly in the tech sector where an estimated 90% fail. So how can you make sure that your fledgling company is able to beat the odds? While there’s no perfect recipe for success, looking at the qualities that the best start-ups have in common is a good place to start. Here are six qualities that you may want to mimic to give your start-up a fighting chance.
You don’t necessarily need to think of an idea that will cure cancer or end world hunger, although that would be amazing. But the best start-ups tend to be founded on some sort of idealistic principle, at the very least being the idea that their product or service will help make life better in some way. They want to change the world, even if it’s only within a small niche industry.
- Innovative twist on existing idea
That being said, it’s not necessary to reinvent the wheel to launch a successful start-up. In fact, many of the most successful businesses simply make life easier using a pre-existing concept. They may take an existing service, and simplify it for a better user experience. By following this model, they are creating a product or service that they know is already successful, increasing their own chances of success. For example, Facebook wasn’t the first social network, but it took the basic ideas of other popular networks like Myspace and Friendster and made them easier to use and more appealing.
- Ability to adapt
The start-ups, and start-up owners, who are able to adapt to new trends and consumer demands will be the ones most likely to succeed. The tech industry in particular is very fluid, with new ideas and technology changing the market on a regular basis. You must be able to roll with the punches and be somewhat flexible with your product development if you want to get ahead of the competition.
- Provide opportunities for employee growth
Even the best business plan won’t succeed without a good team to see it through. However, a problem that start-ups can have is a lack of funds to attract top-tier talent. They may overcome this by motivating employees in other ways, whether it’s through ongoing training opportunities, flexible work scheduling, and rewards. It may be helpful to implement a training and assessment program right from the beginning – a course like this at training.com.au can be a good place to start.
- Clearly defined company culture
Along these same lines, a shared company culture is another feature that successful businesses have in common. Employees and owners alike should ideally have similar values, and understand what they want the business to be like. A positive company culture will motivate the entire workforce, and help attract new talent as the business grows.
- A realistic budget
Finally, successful businesses are always aware of the bottom line. They need to have a business plan in place to obtain loans or venture capital, and a realistic budget to manage these funds once they are received. Without this, even the most promising start-up is doomed to fail. Don’t be one of them!