If there is something that is hot in the 20th century, it has to be the wave of startups that is washing up on the business world. But, while so many young entrepreneurs start their venture, with a hope of success, only a few of them succeed. Why is that about 75 percent of the startup ventures fail? Well, we bring to you the answers in this article. Read along:
(1) It is no surprise that startups need people who are willing to do their job, and even more than they are required to do. Startups need doers. Entrepreneurs who have the ability to make decisions intelligently and quickly are the ones who tend to take their businesses towards the road of success. They are required to work outside their comfort zone and have their hands on all parts of their business – marketing, sales, technology, finances, etc. It is important for them to do work of all kinds to figure out what works for the business and what does not.
(2) While most startups focus too much on finding investors for their business, they forget that it is more important to focus on finding customers, what they are looking for and how to grab their attention. It is important for all startup founders to understand the mechanism of the market. It is important to find answers to questions like: What is the one problem that they are facing? How can your product be a solution to their problem? Can technology be applied to solve their real life problems? And, can your product do it better than your competitors? How much are they willing to pay for a product of this sort? The focus should be on the customer, their satisfaction, and to develop the product or service to make it more desirable to the customers.
(3) It is important for new companies to practice grace, generosity and peace. Your customer’s problem is your problem, and you have t do everything to make happy. So, it is very important to have an efficient team who can deal with the customers. Compassion and gratitude is another key to success, and are compulsory especially for new businesses.
(4) If Apple is one of the greatest companies in the world, and Steve Jobs is an inspiring man, it is because he believed in his goal and did not give up on every hiccup. Perseverance and persistence are the X-factors of success in the business world.