Did you know that around 75% of all startups fail? Out of those 25% that don’t, less than 10% meet their goal they set for themselves when they first started out. And there are a couple of reasons for that. Obviously, your idea and the target audience play a big role, but we’d argue that money can be made from just about anything. Even if your idea sounds crazy or ridiculous, at least one person somewhere in the world is in dire need of your services. Obviously, having one client is not a good business model, but you get the idea. Execution however, is the main reason why most startups fail. Here are some tips on how you can increase your chances and turn the odds in your favor.
- Taking risks
You have to be willing to take risks without being too scared of failing. You have to understand that short term failure doesn’t mean you can’t be successful in the long run. The most successful entrepreneurs aren’t afraid to fail because they know they can just get up and try again. If you have to, conduct some background checks online on some companies similar to yours and see what they’re up to. Do anything you can to enter that long road ahead of you as prepared as possible.
- Networking is everything
Remember that connections mean the world when you’re just starting off. Strong connections will keep your business alive until you catch the break you were looking for. Find and create allies, don’t just assume you can walk this road alone. No one, not even the biggest of corporations, can take on the business world completely alone. Everyone has allies and businesses they like to work with, and so should you. Before you know it, it’ll be you who’s helping out fellow startups.
- Become a guru
Find a niche that’s relatively new or unoccupied and become the best at it. It’s no use entering a segment that’s already littered with thousands of ideas, websites and businesses. You’ll just be another statistic that didn’t get off the ground. Instead, find something a bit new and unexplored and dominate it. Studies suggest that startups which manage to find a niche and become excellent at it often end up on top.
- Flexibility is key
Don’t just assume that everything will remain the same. If something works now it might not in a year or so, and vice versa. Look at what the market wants and adapt to it. Listen to feedback and act accordingly. It’s the only way forward.
Anyone who’s willing to put in the time and work extra hard to make their dreams happen usually succeeds. When you want something really bad and are willing to sacrifice time and money to get it, you’ll find that almost always, the starts seem to align in the end.
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