A process map is a useful tool that helps you visualize all the steps in…
You will fail! That is not being ugly, that is not being pessimistic, and it is not a negative judgement on your abilities. It is just a fact. What can you do to get some success out of the startup experience and make a difference next time?
Diving Into the Pool of Failure
The facts are that nine out of ten startup adventures will fail. That is something that is so sure that you can write your startup post-mortem before you launch your new business. To brighten things up a bit, here are three things that a successful startup gets right:
1. Market Ready Products – Don’t make something that has little or no market interest. It may sound like the prefect product to you, but what does your public think? Do your research, then do it again.
2. Pay Attention to Detail – Entrepreneurs that fail tend to think that if they focus on the important stuff and let the business stuff happen organically, everything will be OK. Not true! A successful startup focuses on every detail of the business. Learn to juggle the balls and be good at it. It is your job.
3. Be Ready to Grow FAST – Don’t pull back on the reigns. Think ahead to exactly what it will take at any given time to handle significantly accelerated growth. How will you secure growth capital, resources and support? Rapid growth means you are on track. Embrace it. Be ready for a rocket ride. Growth leads to more growth, so be ready.
Building Startup Success
Look, if you are a startup that is enjoying success, you better be thankful you are in the top 10%! Now, it is going to be a rough ride, filled with challenges and struggles. Learn to embrace it and be responsive. Don’t ignore anything. Learn to work on your business, not in your business!