Life has many colors. It blooms at a time. And doesn’t bloom at the other time. You will not win every game. All your initiatives will not be successful. It is a natural phenomenon. We will be going to put recommendation on- how can I make sure my startup will be successful in next 3 years? This article is going to discuss some full-proof business startup success factors that won’t let a business startup collapse. Get these success factors. There are many other success stories and case studies around, you will find many advice for startups, go through all of them to find out common goal and the way to achieve them.
#1. Blue ocean Strategy
You will find high competition in red ocean businesses. Get out of this already overwhelmed red ocean ideas. Nurture blue ocean ideas with new business concepts that has not been in the market yet. This lesson is an important business startup success factors. Relate this advice for startups with your venture. Also blue ocean concept has high value and demand in the market. You should know pros and cons of a blue ocean strategy.
The first thing you have to have to grow your business is the patience. It is on of the core qualities of an individual. We can’t assume that the path of our startup will be smooth, and expected always. There are it’s and downs in life, in business too. We have to understand this reality of life.
You have to keep your vision clear and logical. Make short term plan to achieve these. It will gradually reach you to your desired vision at the end. This lesson is an important business startup success factors. Connect this advice for startups with your venture.
Don’t let your business focus distracted by the lures. Stick to your business goal at any cost. However, you should have your different plans to achieve the same target. This alternatives will allow you to have a broad options to navigate successfully.
What is your business target? How much clients you target to have? How to achieve your business goal? When to change your product innovation? Enlist all things in written. Update your strategies time to time and follow them strictly.
#6. See what others are doing
The best way to have a thorough idea is to closely look at similar companies, or startups, their history and trend. This lesson is an important business startup success factors. Having good idea on their competitors, and products line, will enable you to further improve your mission.
#7. Alternative plan
Keep your plan B. Every business will not flourish. Better to think of plan B from beginning. It will, at least, allow you to reach your destination in an alternative way. Harmonize this advice for startups with your business.
Conduct research on the same startup which are already successful in the market similar to you. All of their strategies, campaigns, liabilities, profit and loss, business ideas, product innovation, etc, etc. Harness your business acumen.
Check their progress, how did the other startups do in the past, how are they doing now. This investigation can be made on established companies of the same kind. What did they do in their initial phases up to the 3-5 years. This lesson is an important business startup success factors.
Find out what mistakes your competitors have undergone.Did the other alike companies or startups do any blunder? What was their mistakes on the way? These will be your pivotal points of improvement. Relate this advice for startups with your venture.
Make continuous analysis of your mistakes, errors and wrong decisions. Accept criticism. Handle your hard customer positively. Take liability of tour every action and customer. This way you can grow up trust and reliance your target market.
#12. Business ethics
Honesty and ethics in business is very important. You can be successful in some unethical ways. Bit this is not business. It is a win-win deal, where both parties should feel that they have gain something. Be transparent, truthful and honest. When you say your products and services are good, these should be good. This lesson is an important business startup success factors.
#13. Growth analysis
You will be required an analyze the probable demand in next 3 years to make sure the prospects. Demand of your clients, your service line and production can intensively be managed. Attach this advice for startups with your business vision.
#14. Products line
You will be required to do continuous research on innovation in products you will have.
A reach product lines will help you sustain a long. You are not selling your products, you are selling your customers’ solution. Give them that feeling and confidence.
#15. Add value
Your clients will be asking for the best possible product or service against their return of investment. Keep adding value to your products continuously. Items should be unique. You can offer best clients, gifts, or concession either. People want their solution, give them that.
Business is a matter of trick. Smart businessmen present their products or services in an innovative way. Presentation matters. Successful businessmen are innovative. They make their every action innovative. Relate this advice for startups with your business goal.
#17. Retain clients
First time clients should be your all time clients. It is not that much easy to retain them. Obviously you have to provide them best product and sincere service. Develop permanent relationship with your clients. This lesson is an important business startup success factors. Give their opinions high value so that they start to feel ownership.
#18. Quick learner
You may not have enough time to recover from a downfall. Learn as quickly as you can. Sometimes, you may need to learn from your own action, or, sometimes, you may require from others. Whatever the situation, learn faster. Keep applying your learning in your experience.
#19. Adopt change
We live in a business world that is ever changing. This rapid transformation of business makes our need, appetite and taste changeable. Relate this advice for startups with your success.
As a good businessman, you need to comply the change. Adopt every possible changes successfully. If you can foresee the changes earlier, it will be good to take you to a safe future.
#20. Supply Chain Management
Know your SCM very well. Most of the business movement depends on a successful SCM. Know your sourcing, rate, backups, shipment time, quality, options, transport etc. elaborately. This lesson is an important business startup success factors. You should know about the profit on bulk buying of raw materials.
You can outsource a good portion of your business operations. Everything you need not to produce by own. By this you can save some money and resources. For example, you can depend on your designing part from a third party. This lesson is an important business startup success factors. There are many other alike things.
Keep everything in writing. Develop policies and procedures which may be required all through your journey. Every penny you earn, every money you expend, job responsibilities of your employees, your business goal, action plans, calendar, clients’ profile, business profile, everything.
Documentation is a good piece of notebook of your operations. Keep note in a notebook or in your mobile. It will not give your important data or idea to be lost.
You should be thinking about developing significant part of your business online. Website, email campaigns, brochures, corporate documentary, etc should be developed properly. Follow this advice for startups with your venture.
Use of technology in business will help you greatly by saving your effort, time and resources. Keep your data in Google drive, use Android mobile, collaborate your business work online, use apps and gadgets. This lesson is an important business startup success factors. Try to accommodate your task through technology.
Promising entrepreneurs are flexible in their business journey. Flexible means to accept changes of the previous decisions with a view to a better outcome.
All of our decisions cannot be the best one every time. Keep it changing for improved outcome. Sometimes, you may need to accept a better opinion from your subordinate, accept cordially for the sake of your business progress. You are not for the written and rigid policies, rather, policies are made for your benefits.
#26. Role your investment
As an entrepreneur, you should seriously handle all your financial issues. Invest meticulously. Most of the businessmen fail to sustain long due to an unexpected stuck in funding. Don’t invest all your capital at a time, keep some money in hand all the time. Reinvest when you can draw some profit or money back from your sources. This advice for startups could be helpful for you.
There are some must follow philosophies in every business. We also have to follow these regardless to startups and giant business organizations. This lesson is an important business startup success factors. To me, some of important philosophies are:
- If you can’t smile, don’t open tour shop
- Your satisfied employees are the best customer
- Customer is always right
- Close your deal successfully
- You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.
- Break the internet
- Cash from chaos
- Details matters
- Eat your own dog food
- Educate your audience (clients)
#28. Read startup success stories
You will find many startup success stories on the internet. Read those startup success stories for your understanding, motivation and learning. Startup success stories will let you know how painful and toilsome was the early days of the successful entrepreneurs. Thus, Startup success stories and case studies will be a great learning material for you.
It is true that all the theories and bookish knowledge will not be found useful. Rule is rule, but don’t rely on them blindly. Customers, innovation and reality can not be foreseen entirely. No one knows how business uncertainties will strike you. Be prepared for improvisation. This lesson is an important business startup success factors. Use your seances, experiences, or intuition to handle unforeseen iceberg issues of your startup. Get this advice for startups by the heart.
#30. how to start a startup with no money
The common question asked by most of the people is how to start a startup with no money! Yes, investment is a vital factor in any startup. I will not suggest to invest as many as you can at the very beginning. Then, how to start a startup with no money? To me, its not possible dear if you really want to be giant one day. But I can advice to go cheap. Be careful while investing. Outsource your business requirement as much as possible. You must keep something in your hand. Roll your money. Seek venture capitalists, or seed money from the angel investors. Partnership can be a good idea to distribute investment load.
Success will not come in a day. Stick to your startup up to 3 years by following the discussion topics. Read other blogs on the internet to have a 360 degree perspective. Your continuity is a valuable factor. This advice for startups can be a great factor to decide your business future.