If you are a new entrepreneur or just about to become one, at this point, you’re probably asking yourself if it’s all going to be worth it in the end. The fact of the matter is that success often involves taking a huge leap of faith, and this rings especially true when it comes to starting your own business.
Based on startup statistics compiled by SmallBizGenius, there were more than 582 million entrepreneurs worldwide in 2017. 4.5% cited the inability to find traditional employment as their reason for starting a business, while 75% were motivated by their desire to become rich.
Whatever your motivation, the important question you should be asking yourself is: are you prepared to take on what lies ahead?
There are some characteristics of successful startups, and those that are listed below do not guarantee massive results. Still, nothing beats experience when it comes to teaching us a thing or two about life (or in this case, achieving startup success).
1. Balance of technical and business knowledge
On top of commitment and hard work, every company leader/founder should have a combination of these two to be able to navigate the competitive business world. They should be knowledgeable in terms of product launch and development, efficient in managing finances, and skilled in communicating and expanding their network.
To ensure that business operations are running smoothly, the founder and the rest of the team should also know how to raise funds to provide sufficient capital, as well as how to budget in order to hit the next major business milestones or update tools, technology, and software.
2. They learn from feedback
The successful growth of startups is also rooted in their ability to understand their customers’ needs. They do market research to observe, listen, and learn but also keep an eye on their competition. This presents an excellent opportunity to learn from what competitors are doing well and notice where they’re lacking.
3. They get things done faster than competitors
Successful entrepreneurs do things fast. They do not delay processes, and they launch products and services on time. This is why it’s crucial for business founders to build a competent team. They hire in-house professionals who are quick to adapt to changes and the latest business trends. Even when they have a mountain of things to do, they are still able to manage their time well and be productive.
4. They have an unwavering dedication to succeed and quickly recover from setbacks
Any successful business has had its fair share of mishaps and setbacks. They know that failure is unavoidable, and they use it as an opportunity to learn and achieve the desired results. Based on research, their effective ways to recover from failure include:
- Having a support group like family, friends or mentors
- Waiting for the right time and not making any impulsive decisions
- Getting an additional source of income
- Making sure that they have a survival plan, which they revisit every month
- Having the right attitude
For even more stats about startups and what it takes to make one succeed, check out the infographic below.