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4 Components of Startup Success

4 Components of Startup Success

Startup

If there is something that is hot in the 20th century, it has to be the wave of startups that are washing up in the business world. But while so many young entrepreneurs start their venture with the hope of success, only a few of them will succeed. Why is that about 75 percent of startup ventures fail? Below we’ve listed some reasons why the majority of startup businesses fail:

1. Most startups need employees who are willing to go above and beyond for their company. Startups need doers. Entrepreneurs who have the ability to make decisions intelligently and quickly are the ones who tend to take their businesses on the road to success. They are required to work outside their comfort zone and have their hands in 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. Many startups tend to put too much focus on finding investors for their business and neglect to find enough customers to keep them in business. It is important for all startup founders to understand the mechanisms of the market. It is important to find answers to questions like: What is the one problem that targeted customers are facing? How can your product be a solve their problems? Can technology be applied to solve their real life problems? And can your product do it better than your competitor’s product? How much are they willing to pay for a product of this sort? The focus should be on the customer, their satisfaction, and how to develop the product or service to make it more desirable to your customers.

3. It is important for new companies to practice grace, generosity and peace. Your customer’s problem is your problem, and you have to do everything you can to make them happy. So, it is very important to have an efficient team who can deal well with customers. Compassion and gratitude are another key to success, and are compulsory qualities to possess, 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, no matter how many problems he faced. Perseverance and persistence are the X-factors of success in the business world.

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