Starting a business is like embarking on an exciting adventure.
It is an opportunity to build something designed to solve problems and that can potentially become a wildly successful entity.
It is the dream of every business man and entrepreneur to establish a business that will eventually grow to become a prominent and necessary part of the society while of course reaping the benefits.
However, starting a business is also a risky venture especially with startups.
The margin for failure is quite wide because the startup process can stretch for an extended period of time and a lot of effort and forbearance is needed to sustain it until it takes off and is able to sustain itself.
The startup scene is known for lacking sufficient and reliable information to work with and also being highly uncertain about outcomes.
Entrepreneurs often have to resort to heuristics like overconfidence, illusion of control, availability bias, the law of small numbers and escalation of commitment to help them manage the uncertainties that come with startups and make decisions in the best interest of the business.
While these strategies mostly work, there are other tried and true tips guaranteed to increase the success rate of a startup.
1. Provide solutions to a problem in the market
This is where it all begins. The uniqueness of a startup is what sets it apart from others and makes it more likely to be successful.
Businesses are established to solve problems in society in exchange for financial reward.
Explore the market and society. Find that void that needs to be filled, run a thorough research on the issue and how to fix the situation, draft a plan and gradually set it into action.
Running with the crowd is fine but to really make it in business, the uniqueness of the services and solutions offered is what will make it standout and greatly increase its chances of success.
2. Seek mentorship.
A wise business man understands the inestimable value of mentorship. The wisdom of older and more experienced entrepreneurs can make all the difference in whether or not a startup succeeds.
As earlier stated, startups are rife with risks and uncertainties. Fortunately, there are certain business principles that are consistent and with proper application, positive results can be anticipated.
A seasoned business man who has applied these principles time and time again to the point of mastery is a priceless asset to a startup.
He will help in advising and guiding the founder in the direction the business should take, mistakes to avoid making and advantageous relationships and investments to make.
The voice of a respected and successful businessman in a startup is one way to increase its chances of success.
3. Be fast and adaptable
The world of business is highly mercurial. What is in today can change in a hot second.
Adaptability is key. It is important for any entrepreneur to be able to receive process and act on information quickly and intelligently as this could mean the difference between success and failure.
One of the worst places for a startup to find itself is lagging behind when other businesses are making progressive and competitive strides.
The goal is to maintain relevance and remain at the forefront where they can be discovered and patronized by customers.
In the rapidly morphing world of business, adaptability is an invaluable skill in business and any startup that hopes to grow past its critical stage, take off and become successful needs this more than anything.
Startups, like infants, are very fragile entities that need all the attention of their entrepreneurs.
Their rates of uncertainty and failure is high because they are such peculiar businesses with a small margin for error but when certain tried and true business principles are properly and consistently applied, the margin for success widens and once it takes off, the rewards is exponential and deeply satisfying.