successful startup traits

10 Successful Startup Traits

  1. A Perfect Budget.

A perfect budget and an accounting system to ensure the budget is followed. All too often businesses have failed that looked primed to succeed and expand because of a lack of funding. A closer look almost always shows that these companies had the money to succeed, but squandered it. Even if you are able to obtain venture capital investments, it is incredibly important to budget every single penny you intend to spend. If you nor your co-investors are particularly skilled at accounting, hire someone that is. They don’t have to be a full time employee, as the internet is full of freelance accountants that work for a fraction of normal cost via the internet. Then, once a budget is made, it must be adhered to completely, or adjustments need to be made to the budget prior to any spending outside.

  1. Self Discipline.

The concept of self-discipline has changed considerably over the last hundred years. Today, with smart phones, tablet computers, and the ability to obtain whatever you want with the press of a button, finding a truly disciplined person is rare indeed. When running a  business, exercising self control and sticking to a budget can require a remarkable amount of self discipline. Making your startup successful can require the exercise of self discipline in many areas other than money. We find that the best way to adhere to strict discipline is to have a refined set of goals for each employee rather than just telling them what hours they need to work (this can apply to everyone involved with a company, not just the employees, but you follow my meaning).

Startups require more energy and investment than a business that has been around and is already successful. Requiring certain hours to be worked when those hours may conflict with what needs to be done is counter-productive. Decide what needs to be accomplished, then when it needs to be accomplished by. Make a plan that, if followed, will allow you to successfully achieve those goals and your deadline date, then stick to it, regardless of whether a few days require long hours. If you manage to get far behind in your work you’ll be far more miserable while having accomplished nothing.

      3. Timing. 

In the eyes of many experts, nothing is more important to the success of a startup than timing. Specifically, timing and how it is effected by opportunity. The ability to see a business opportunity opening up around you and maximizing on it as quickly as possible so as to beat out the competition in the marketplace. By that same token, trying to anticipate a business opportunity and setting out to early can be just as big a disaster as waiting too late. Think you have a good idea and that the right time is now to begin working on that startup? If you aren’t sure, consult with a marketplace expert. They can analyze the market for your idea and determine when would be the best time to start a new business based on your idea. They can also analyze your potential competition to give you a better idea of the big picture.

  1. The Right People.

 This one seems self-evident at first glance, but your choice in people is so critical that it deserves multiple evaluations. Bringing on people with which you have personal relationships can often lead to discord within the company. Further, the people that work both for and with you must be of the type you can trust when you aren’t around. Unless, of course, you intend to work 24/7, which is difficult. At the outset you may not be able to afford a full time staff. In this case it is entirely acceptable to look into interns, part time help, and student workers that will both come cheaper and quite often are willing to work harder. This provides you with both a less pricey option at the outset while giving you the opportunity to see a person work prior to bringing them on full time.

  1. Business Growth Analysis.

A business growth analysis is done in conjunction with the budget. The basic aim of the business growth analysis is to foresee your growth patterns. You must always be considering the needs of the business to allow for future growth. Business growth always depends upon the product or service that the company offers. This, in conjunction with an evaluation of your competition and appropriate marketing techniques will lead to the growth of your business if done properly. A good business growth analysis will also contain an analysis of current market trends as well as any changes in those trends in accordance with the products provided or services offered by your business. This is most successfully done by aiming your study at the specific groups most likely to purchase your product or service. Take a look at our Business Growth Analysis Package for more information.

  1. Competition Watch.

 You always need to keep a close watch on your competition. How are they marketing their products? How is that marketing technique working in comparison to the techniques you follow? By keeping a close eye on the competition and how they are expanding business, you will both find more motivation to achieve your goals as well as letting you know where you stand in the marketplace. If you find competitors more successful than you, determine why that is so. Then make it a priority goal outpace the competition by whatever means are necessary to do so.

  1. Speed a/k/a Getting Things Done.

Getting things done quickly so as to reach your preset goals and milestones according to plan. No, things don’t always work according to plan. To truly succeed, however, you have to deal with the setbacks accordingly and reach your deadlines quickly and efficiently. However that has to be done, do it. Successful startups never delay the process of getting things done, and work as much as necessary until something is complete. The old adage is true, the most productive people are those that make the best use of their time. If mistakes are made, the quicker you learn from those mistakes and make adjustments, the better off you are.

  1. Social Skills.

Being able to network successfully is of utmost importance in a successful startup. Co-investors that know powerful people within the industry and have top connections are invaluable to you. Those are the types of people you need to obtain high end venture capital and lucrative production investors. Furthermore, the person at the top has to be even better than most at networking as well as dealing with employees. The ability to handle employees under pressure and guide them through both the good and bad times of the company is important. The ability to inspire those same people to even greater achievement is even more important.

  1. Maximize value.

I struggled with how to word this one, and “maximize value” seemed suited. Startups are often working on a shoestring budget, while having extravagant expenses. This means you must be able to optimize your time, money, and resources beyond what you thought you were capable of. Often times this means eliminating things from your life you never thought possible because they are of no value. If necessary, itemize every penny you spend for two weeks. Go through that list, circle everything whose value isn’t (1) necessary for the sustainment of life, such as basic foods, place of residence and basic clothing or (2) necessary for the success of the business, and eliminate it completely until such time as you are able to afford it reasonably again. Sure, it’s going to suck, so always keep the end game in mind.

  1. An audience.

Whether you are offering a service, selling a new product or working in the tech field (which invariably involves both to a certain extent) you need to know your target audience in advance, and that target audience needs to be aware of you, what you intend to offer and why they want to work with you in advance of your product or services actually being made available. With the technology and information available to us today, if you learn to maximize it finding your audience is no problem. Use social media by writing about whatever you are going to offer. Search out people with interests similar to those that involve the product or service you intend to offer. Create your website well in advance of launch date, publicize it and talk to people about it. Find alternative ways to get the word out. Finding popular bloggers that focus on similar subjects or creating your own blog(s) is one place to start.

These certainly aren’t the only things a startup needs for success. Ultimately, a top notch product unlike something currently on the market offers the possibility for success if demand is present. In the service industry, offering a service that exceeds the competition in production while maintaining a great value is paramount. But if you can achieve all of the above, you are well on you way to success. When you achieve that success, just don’t forget us little guys here at formcorporate.com. Good luck!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *