While start-ups are about innovation and traversing new paths, some rules need to be followed in order to ensure their success. Undeniably, the world of business is a competitive one. Thus, following some fundamental guidelines is bound to enhance your chances of success.
Here are 6 rules to follow if you want to experience start-up success:
Follow your passion
First and foremost, passion is imperative to any start-up venture and will give you the boost you need to persevere when things feel tough. Understandably, when you are genuinely passionate about what you do, you’ll have the energy even on the toughest of days. Especially when there are obstacles and setbacks. Unsurprisingly, following your passion gives you the motivation to kickstart your business and put in the energy and time needed for start-up success.
Have a concrete plan
Once you have identified your passion, it is time to put a solid plan in place. While passion and vision are, of course, imperative to start-up success, business planning is essential for these goals to be achieved. Understandably, creating a business plan can seem overwhelming at first. However, it is crucial to business success and enables you to map out your goals. As a result, developing concrete ways in which you will achieve them.
Author of The Art of Start-up Fundraising & Social Entrepreneurship, Alejandro Cremades shares some great tips here on creating a brilliant business plan. Some key things you might find on a business plan include but are not limited to:
– An executive summary
– A description of your compnay
– Services or products offered
– A marketing plan
– An operational and logistical plan
– Organisation and management information
– A financial plan
Incentivise your team and create a positive work culture
Importantly, a huge part of running a successful start-up is about ensuring that your team are happy and feel valued. When they feel supported, they are bound to give your business their all. Consequently, this will impact your business in positive ways. In order to ensure ultimate success, incentivise your staff in meaningful ways. Recognition, rewards, or simply giving them a platform through which to share and implement their ideas and goals are great examples.
Innovate, innovate, innovate
Flexibility is key to start-up success, and you have to continually have your finger on the pulse when it comes to changes and innovations within your field. Thus, thinking outside of the box and being open to change, keeps you relevant and ensures you will always be able to come up with a solution, no matter the issue at hand.
Network with people who inspire you
Naturally, when we engage with people whose input and advice we value and revere, we can feel inspired, and this can propel our entrepreneurial success. As such, it is important to network with innovators in your field. Amazingly, you can take every opportunity to learn and grow and build your connections. Not only will these interactions yield potential business relationships, but they will also expand your worldview and broaden your knowledge.
Don’t be afraid of failure
Renowned basketball player Michael Jordan once shared this powerful reflection on failure:
“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life, and that is why I succeed.”
Thus, it was only through failing and trying again, that he became such a success. Failure, while often lauded as something solely negative, can be a building block that forces us to change direction, try something new, and throw caution to the wind. Since innovation and determination are critical for start-up success, it’s important to see failure as a teacher and use it to our advantage.
Thus, start-up success, while dependent on innovation and creativity, also relies on following some tried and tested rules. By following these 6, you can boost your chances of start-up success. Do you have any start-up success stories to share?