Twenty Tips For Startup Success
Part of living and working in the startup world is learning from mistakes, both your own and others’. You have the chance to see what differentiates the companies that ended up having success from those that ultimately fell flat, and with any luck, you can spot those lessons before making the same blunders yourself. And while in life occasionally it’s best to let others make their own mistakes so they can learn from them, there’s no reason not to share the collective business wisdom. The ultimate goal of this series is to avoid mistakes that hurt not only the founders but the livelihood of those who have chosen to follow them in their venture.
In this series on Twenty Tips for Startup Success, we’ll be going into greater detail on the following topics:
Solve a real problem and meet real needs with your product
You can have an invention or product that is creative and exciting and imaginative, but the most important measure of success is meeting a real need for the market that you’re trying to serve. The best companies are the ones that meet consumers’ needs and are able to adapt as those needs change.
Leadership is more than vision
Being a leader for your team starts with the idea and direction that is foundational to your business, but success ultimately depends on drive. You set the example for the rest of the company with your attitude, work ethic, and determination.
Put the right team in place
The vision for your ultimate goal may be singularly yours, but you’ll need help to get there. In order to achieve your ultimate goals for your business, you’ll need to surround yourself with people who understand your vision and fit into the culture and mindset of your company.
Find the mentors you need
As you start to develop your business, you’ll want to have an advisory board in place to help offer advice and guidance to help you navigate the entrepreneurial labyrinth. Don’t be afraid to ask people to mentor you; often they are glad to be asked and eager to help guide others as they were once guided by their own mentors.
Establish your culture as the foundation
In the absence of direct guidance, it is the cultural ethos of a company that wins out in informing the decisions and work of those at your company. Your company culture should say not only who you are but who you aim to be.
Protect yourself with a business entity
Paperwork might not seem important during the early days of your startup, but operating a business without a business entity in place can put your personal assets at risk. Unless you’re willing to risk everything you have to make your business succeed, talk to a professional and set up a business entity to protect you and your family from potential ruin.
Have signed contracts
Once again, paperwork might seem boring and unnecessary when you’re working out of your garage, but they can make or break your business. Every agreement you have should be formalized with a signed contract to protect both parties from future legal fights, which are costly in terms of both time and money.
Treat your ideas carefully
It’s a good habit to have to keep your ideas as close to the vest as possible and not to tell them to everyone who’ll listen, but ultimately you’ll have to talk about them if you hope to fundraise and grow your business. When talking about your ideas in...