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11 Things Every Startup Needs for Success

Roy Castleman Aug 30, 2019
The truth is, most startups fail; as many as 90% according to Fortune, and most failures are result of premature scaling, according to a report from Startup Genome. Whatever the cause, many businesses simply do not meet the objectives, and even suffer financial loss. What are the key points startups need to make the game less risky?

Investment

A study from CBInsights found that 29% of failed startups fail due to lack of funds. Each startup must make careful accounting decisions concerning how much capital is needed, and how long the business can survive without sufficient returns. The costs and risks must be matched against potential output.

Staff

Startups need more than just staff who only follow instructions. Business Coach for Visage International, David Couper, defines entrepreneurial employee as ‘one who sees his work not as a job but as his own business’. Loyal and innovative team members who want company success are a necessity for a startup.

IT support

There are few SMEs in the world that can operate without technology. A large number of startups are data-driven, so it is of utmost importance to take your IT approach seriously. An IT support company can build your company's critical infrastructure, while offering consultation where needed and fast responses in trouble.

Product

The transient nature of startups allows them to respond to fresh opportunities and then scale accordingly. But what will be the next big thing?

The startup needs to identify a problem and address it without losing focus. While developing the product, it must watch out for obstacles as high costs, steep learning curves, low adoption rates.

Market

Startups can identify ideal customers and the market they represent. What is currently missing from the market and can be met by the skills and abilities of your enterprise? Ambitious startups will find scalable problems, but all must see if certain needs are yet to be met and aim to fill the gap.

CRM

Customer Relationship Management (CRM) is the new approach to customer interaction, retention, and management in the internet age. It organises customer data; tracking sales, contacts and leads through various channels of communication. Softwares like Zoho CRM or Freshsales aid businesses by techniques that put customers first.

Timing

Today, opportunities are available for a limited period, and depending on the product, timings can be critical. Startups with limited funds should follow the market carefully to ensure they don’t act too quickly or too late. Planning is important and those ready to act fast will prevail.

Discipline

Discipline can be the key to productivity for management and employees, but it will be important for those accustomed to conventional corporate structure. Even when everyone is motivated and engaged, a system of routines and deadlines must be in place so that everyone accounts their time and productivity.

Planning

Figures from CBInsights found that 17% of startup failures can be attributed to lack of a business model. Even with a winning product, planning is essential for new businesses. A well-thought-out business model, shared and discussed with partners and advisors is essential for the success of most startups.

Passion

We are all driven by our innermost beliefs. When passionate, we are more likely to succeed. Elon Musk says ‘focus on making a product that your customers love’. It takes a lot to go out on our own, or with a group of colleagues. To be a part of the 10% of successful startups, we must work for a product we love so that our customers do, too.

Passion for Purpose

Despite the costs, hard work and low rates of success, people are still attracted to launching their own startup. Maybe for the independence, to achieve a personal goal, or to make it big. But the path to success is faught with many challenges, and fruits of labour are only for those who can stay focussed and see it through.