The Art of Building Successful Start-up Businesses

Written by: Michael Thomas
08/23/2019

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Amazing startups are being created every day. Start-ups are brilliant ideas that make the world a better place for everyone. Equity combined with human incentive releases potential to help you achieve unbelievable goals. There are so many people building meaningful startups right now and when you start a company it should be your first priority. They are wonderful businesses but there are many successes and many failures. There should be a unique truth and novelty to the idea but the execution matters just as much as the idea. The most transformative ideas have a growth curve that the world has never seen before.

When you are starting a business it is important to make sure that your customers are ready to start buying. If the timing is off then you may have difficulty bringing in revenue. When you have a product to market and a pool of customers at the right timing you are bound for success. The market can actually change and then so will your idea so you need to be willing to adapt. You should look at your business and the dynamics involved with the marketplace as well as your customer. This will let you know if you really have the right offering for your customers and persistence can be a large part of the journey. You may have to adjust and wait until the market is actually ready for what you have. If you have early adopters they will likely adapt to change along with you. Do not be discouraged if the end-product does not match your initial idea. If you can learn to pivot when you need to you can develop a business plan that works. Some great ideas involve solving large scale problems. A good idea without good execution will not produce effective results. On the other hand, a mediocre idea with excellent execution can be very successful. Your idea is essentially only as good as your abilities for execution. Identify your competitors and go above and beyond their level of execution so that you are a market leader.

Focusing on creating a product or service that your customers love will build dedication among them. If your customers love the product your success rate could be extremely high. There are very few ideas that will fit well into this category but once you nail it you are sure to be successful. Your innovation should come from improving the way that things have been done in the past. When you are starting a company things may seem to move slowly and you may not see traction for months or even years. You should have a high tolerance for pitfalls so that you have the perseverance to take on challenges when things do not go as planned. When you focus on delighting your end customer these challenges will become easier to handle. Even at the peak of success, you should never stop finding ways to delight your customers.

There are typically lots of needs in the beginning stages of a business. You have to figure out finances, marketing, and tons of other things. The world works by people getting things done so if you hire quickly you can focus more on the growth of the company. Start-ups typically have more than one founder and if your team is small you can keep or invest more of the earnings. The entire team should have a deep focus on the goals that you are working towards. All of your team members should be in alignment with these goals. This will give you time to focus on the things that are going wrong. There will be problems that you want to work on and then more pressing problems that you need to work on. You should have a plan and process in place to expand and maximize your resources for success. Find people that can execute the processes within your system. Take a look at opportunities for improvement as you are spearheading innovation and growth. A good strategy will let you know when your business cannot sustain without capital. The difficulty is focusing on the big picture and growth when things could potentially fall apart quickly. Try not to deviate too much from the path and your end goals.

As a startup, you need to know what investors are looking for. Investors act very differently, some are very focused on finance and see numbers that make sense. Other investors want to see hyper-growth and how you started with very little and experienced insurmountable growth. So investors are betting on actual numbers or potential for growth. If there is a very clear path of customer generating revenues, the relationship will be that much more rewarding. A lot of people get investors based on an idea which can put the company in a vulnerable place. Having access to capital can do great things for your business. You need to show that your sales increase progressively. If you are great at landing funding then you have a much higher chance of success. You should spend just as much time trying to raise money as you are putting into bettering the business. During your start-up journey, there will be periods that are pleasant and other times that are very stressful. The idea matters just as much as the people behind it. The team should be efficient, effective and adaptable. Ultimately if it is an idea that you love then you should try to push it forward.


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