10 Reasons Startups Succeed

General stats show that 9 out 10 startups fall out of business. The remaining goes well and expands rapidly. Here are 10 qualities or characteristics successful startups capture.

  1. VISION

A clear vision is an intelligence every business leader needs in order to pass the finish line. It will be the major force an entrepreneur will lean on when leading the startup. It will serve as a compass in hard and soft times. A Startup needs to envisage how to generate financial value from the very beginning. The first income counts, especially for investors.

 

2. TEMPO

The high tempo is one of the strongest characteristics of a startup. Acting and operating in a quick manner make startups reach their goals and milestones with the highest efficacy, predominating the competitors or launching business or product faster. Successful startups never delay or postpone processes. Even mistakes are considered as a lesson. Faster the mistake is realized, sooner the product improvement is brought to life. 

 

3. BUDGETING

The stronger concentration on a general goal and high operational speed make startups allocate finances and spendings with high accuracy. Money is designated accordingly and separated. When resources and time are limited, money is invested only with task orientation, instead of planning costs in general  mode. 

 

4. NETWORKING

Networking and intensive communications mount another reason for startup success. The strong network can find influential angel investors or funds in a very short period. In combination with researching tools, active social networking skills can depict the demand factors on the market. The strongest startups have an outstanding CEO able to cope with any type of organization. At the same time, they inspire customers and people, giving them reason to join or follow. 

 

5. DISCIPLINE 

Discipline stands on self-control and is a result of strong self-imposed standards or regulations. Even acting in the strongest economy, a startup is doomed to fail if not applying high discipline measures. Self-discipline leads to high ethics, which brings efficiency in the work environment. Only team players can constitute the group that brings a startup to the finish line in a shorter period. 

 

6. PTIVITY 

The best startups are always searching for new technologies. They also use permanent researching skills to be updated. Thereof, they cope and adapt to new environments very quickly and efficiently. Moreover, quick adaptation frequently brings major breakthroughs. During the initial period, startups are able to test their products and services so many times that they become perfected. 

 

7. TIMESAVING

Successful startups allocate time very accurately. They prefer to prioritize tasks and focus on the foremost objectives. They manage time mostly in monochromic mode, which refers to a method arranging events sequentially or in a linear pattern. 

 

8. FUNDRAISING

Cash flow is crucial to any business. Successful startups are the ones that have sufficient capital to run their operations. The primary duty of a CEO is to find funds. For such purposes, startups apply to the institutions and/or technologies acting between startups and angel investors. Usually, fundraising refers to the process of gathering voluntary financial contributions by engaging individuals, businesses, charitable foundations, or governmental agencies.

 

9. DETERMINATION

Strong determination is necessary for success to take place. A successful startup emphasizes the significance of determination when building a business and never quits, especially when the road gets bumpy. There are many obstacles that will arise and the startup managing team needs determination to overthrow these challenges.

 

10. EXECUTION 

Practice shows that the idea is only 2% and success relies on the remaining 89% referring to an execution of the business idea. For this part, the experience of the team is critical as their backgrounds will give a hand towards making better decisions. 

 

In summary, startups are always looking and searching for opportunities. They think outside the box and permanently question the status quo. They learn from their own mistakes and react rapidly to fix them. They permanently research and never stop finding new demand factors.

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