The past two centuries have witnessed a change of focus in the business world. Independence, freedom and success are the three watchwords taking the business world by storm. Entrepreneurship has become a symbol of success due to the ‘business cream of the crop’ it has produced in the last few decades. It inspired the world through producing the world’s business elite and millions of successful businesses which emerge from the ashes. The result has been a ripple effect consisting of millions of startups every year with the hope of achieving a share of success demonstrated by business giants. However, the sad reality is that not all make it to the Promised Land. There is definitely more to it than watching an inspiring Steve Jobs biography and getting on to the road of independence. This article answers the basic question‘What exactly lies behind the most successful startups? These 10 basic rules should uplift and inspire your way to success.
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1. ITS NOT ABOUT MONEY, PASSION COMES FIRST
If you are into business because you want a fat bank account with 60 billion dollars like Bill Gates, good luck with how far you can go. Any startup should have a clear answer as to why it is in a particular business and the answer should definitely not be ‘to make money’. The old saying ‘money is not everything, aim higher’ has an absolute application to business. Take a critical look into all the extraordinary brands in the universe and analyse their humble beginnings. One thing will always stand up and that is they were all born out of a sheer desire for something greater. They were all born out of a passion to make a difference. Money was never the sole objective, they were earnest souls who out of a strong desire to change something, endeavored to extraordinary efforts which led to unprecedented success. An inner purpose or passion, goes a very long way in changing simple startups to revered elite businesses. It is the only thing that will fuel you and keep you going despite the odds and cruel discouragements.
2. COMMIT TO EXCELLENCE
I will definitely quote Dr Ben Carson’s famous words ‘DREAM BIG!’ Settling for less or average is a good option if you want your startup to achieve nothing more than mediocrity. Never set out to just make a difference, but rather set out to make a big and better change in other people’s lives. All successful startups always have a great purpose and idea which is usually beyond comprehension to the average trader. They never put limits to how far they can go. The concept of limit rarely exists and they are always committed to do the best they can do to achieve their goals. Most often, startups find themselves in fierce competition with other established businesses which may have similar aspects. To a committed startup, it is always a case of David and Goliath knowing there is always a way no matter what the odds offer on the table.
3. BE REALISTIC
The concept of dreaming big is surely attractive and can easily play on our inner drive to succeed but if not handled with temperance, it is a genuine threat to the very existence of the startup. It is possible to drive across the continent of Africa by a vehicle but it is an entirely different thing to try cycling across the Atlantic to America. The difference is that the former is a realistic dream while the latter is total absurdity. It is absolutely important to set goals for any startup but it always pays when you make sure they are SMART. That is they are Specific, Measurable, Attainable, Realistic and time bound.
4. EMBRACE CHANGE AND FLEXIBILITY
Here we are looking at the very definitive trait of successful entrepreneurs, that is, opportunism and flexibility. A chameleon has one striking feature that enables it to stay alive and it is the ability to change its color depending on the immediate environment. This not only helps it to evade danger but gives it advantage when looking for prey. It thrives by conforming to the changes of the natural environment. Startups discover they are existing in an ever-changing business environment which can lead to a downfall if not taken care of. Enduring startups always have mechanisms to accommodate change. Successful entrepreneurs always take full advantage of the changes by identifying new opportunities through rather adverse changes. They’re able to sniff out better prospects from the chaos while everyone is bitterly complaining.
5. DISCIPLINE AND TIME MANAGEMNET
You may have the guts to brave through adversity and stare failure in the face but without discipline, nothing can be made real. Most of us have great business ideas and aspirations. Some of us even endeavor to make them come true by launching startups but few have the required level of discipline to transform the plan into a reality. A startup always comes with responsibility that calls upon you to make several personal sacrifices. One incredible asset in business is time management. Time management is key to achieving those small goals that later translate to bigger objectives. The alarm clock should definitely be part of every startups inventory. Those who understand the value of time soon will realize the alarm clock is usually the practical solution towards solving those oversleeping problems and inability to live by deadlines.
6. KNOW YOUR CUSTOMERS
Customers are what makes businesses viable. You might as well forget about sustainability if you do not have a plan on how to find and keep your customer base. Great businesses always do their homework towards understanding their customers. It always pays to understand the nature of your product, the associated customers and what motivates them in their everyday lives. Customers will only buy a product if it meets a certain need and perform as expected thus it is important to understand their motives, passions and desires.
7. KNOW YOUR COMPETITION
Any startups business plan should always have this universally important trait. Defining who you are competing with directly affects how effective your strategy is. Unless you are highly specialized in a particular niche there will always be fierce competition and failure is inevitable if there isn’t a plan to counter this. Always define your competition and incorporate this knowledge into your strategy to save the frustration that comes with being crushed by bigger businesses.
8. BE TOLERANT TO RISK
It is essential to have a strategic plan and absolutely essential to always try to be logical but let’s face it; launching a business almost always comes with risks. To an entrepreneur, it is even a bigger because entrepreneuers embrace growth as an important trait. This evergrowing drive to achieve more brings in even greater risks. A rigid set of rules may sometimes pose a limitation on the growth capacity of the business thus any startup should realize being tolerant of involved risks is part of everyday life.
9. STRATEGY
This cannot be overemphasized. Strategy represents your approach to launching the startup to make the most of the available opportunities. Always define your work plan in a clear business plan exploiting all the advantages and opportunities for the business while putting in control methods to ensure it is adhered to.
10. BRACE FOR THE INEVITABLE TOUGH TIMES
Business is never a rollercoaster ride to the realm of the elite. It has never been for the faint hearted and plans may not always turnout as expected leaving the owner in a very lonely place. Resilience and self-belief is key to a business being able to endure the tough times. This stems from the first principle which is passion and purpose. If you set out on a quest to discover what your passion can do. There is absolutely nothing in the world that can stop you.
In a nutshell, these are the necessary tools one needs in order to build a successful startup. It is rarely question of logic alone or character alone. A successful startup is a product of internal drive to change manifested through a well-coordinated effort to make it come true.