To create a successful business involves many things. Entrepreneurs should be able to identify them and make use of them. Pitfalls are sure and can’t be totally avoided but they can sure be overcome with the right mindset and resources at your disposal.
Statistics show 90% of startups fail after one year according to Forbes. This is a hard and bleak truth, but one that you’d do well to meditate on. Most Entrepreneurs even want to write their failure post-mortem before they launch their business.
This is not to discourage you from doing business but to let you know what you’re up against.
What are the characteristics of startups that succeed?
There are plenty of characteristics of successful startups. My goal isn’t to list them all for you, but rather to point out some of the most significant causes of success.
1. Perfect Product for Perfect Market.
Making research is necessary for growth. Most entrepreneurs want to create a product without proper market research. Lack of market need is a bold step to failure.
It’s not just about creating a product but creating a product that solves a problem or fills a market need. The right product for the right market
If you’re going to spend your time making a product, then spend your time making sure it’s the right product for the right market.
2. Never ignore anything.
The Dijiwan’s leaders wrote this…after their company folded
A good product idea and a strong technical team are not a guarantee of a sustainable business. One should not ignore the business process and issues of a company because it is not their job. It can eventually deprive them from any future in that company.
You could see they had a great product, a strong team… What did they lack?
They overlooked the key aspects of the business process. Everyone sits at the fence of their responsibility without the care to be a watchdog for the other. Success in business is not about the position you feel but the impact you make.
Everyone belongs to every department when looking to create a successful business. Nobody sits only at where they believe they belong.
There is nothing wrong if the CEO will take part in knowing a little of the CMO’s responsibility and fill the space when there is a vacuum temporarily
A startup can’t segment its responsibilities. Things are far more organic in a startup, and roles and responsibilities will surely overlap. Small things can turn into large things. Some of the most important components of a startup are those pesky issues of business process, business model, and scalability.
Successful entrepreneurs understand that they must work on their business, not in their business. Getting caught up in the minutiae of presentations, phone calls, meetings, and emails can distract the entrepreneur from the heart of the business.
3. The company grows fast.
Who says that fast growth is unsustainable? And who even cares?
Growth — fast growth — is what entrepreneurs crave, investors need, and markets want. Rapid growth is the sign of a great idea in a hot market.
To create a successful business can be an uphill battle, you need to rollup your sleeve and learn to grow fast
The founders of Wantful (inactive), confessed that they did not accomplish “highly accelerated growth required to secure later-stage venture capital.” They needed funding, but when the company didn’t grow fast enough, they weren’t eligible to secure more funding. That was the beginning of the end.
Growth leads to more growth, which leads to even more growth. A startup should not be satisfied with marginal single-digit growth rates after many months of operating. If the growth doesn’t happen after a certain amount of time, then the growth will not happen. A company that is not growing is shrinking.
The second major reason why startups fail is that they “ran out of cash.” Why did they run out of cash? Because they didn’t grow fast enough. If your startup can grow fast, you can effectively bypass some of the biggest startup killers — losing to the competition, losing customers, losing personnel, and losing passion.
Rapid growth early on is a sure sign of future success.
4. The team knows how to recover.
Every startup is backed by a team of people. The more versatile that team, the better chance they have of succeeding.
“Versatility” is often viewed in a limited sense, that of possessing more than one skill or talent. Versatility in the startup environment involves much more than someone’s skill set. It involves a mindset. Startup teams must possess the ability to change products, adjust to different compensation plans, take up a new marketing approach, shift industries, rebrand the business, or even tear down a business and start all over again.
How to Make Use of the Internet to Create a Successful Business
One of the tips mentioned above is that you need to speed up your growth and to do this, you need to put a few things in place.
1. Have a Website
Having a website is so important that you need to take advantage of it.
No matter what your business or profession, a website can generate business, promote goodwill among customers and prospects, and deliver strong marketing messages – whether your business is small, large or in-between, well-established or brand-new.
Unless you’re a small business owner who is not interested in growing your brand, you need to have a website.
These days building a business website or eCommerce store is easier than ever: it doesn’t cost much money, you don’t have to know how to code or design, your online store is not restricted to business hours, and it’s one of the best means of free advertising. Every business needs a website. Here are 5 Reasons Why Every Business Needs a Website
2. Make Use of Your Website
Having a website isn’t enough, but making use of it to generate more money is the focus of having a website. A website can bring more customers, clients, publicity, etc to your business. The potential of a business website is high and shouldn’t be ignored.
To make full use of your website, you need to:
- Market it
- Integrate Social Media Buttons
- Collect emails
- Blog (Teach and give free resources about your product/services/niche)
- Interact with Site Audience (Allow visitors to comment)
3. Register on OnlineBusiness Directory
Most businesses now do this, and there is a high probability your competitors are doing it.
There are several online business directories like yellow page. Find these business directories and register your company there. This will not just bring prospective customers or clients to you but also, in turn, make your website have high-quality link back and domain authority.
If truly you want to create a successful business, you must be ready for the competition…
One of the best of these directories if not the best is Google Business. All you need to do is to have a Gmail account.
This gives you a local advantage over your competitors
4. Have a Growing Social Media Account
We are all in the age of social media and everyone must join the wagon or they’ll become obsolete to their generation, living in the oblivion of what’s trending.
Many businesses now make use of Social Media to promote their products and services. Big and established brands in every sector now do this. Learn to take advantage of technology.
To create a successful business, you need to learn from the big players in your industry. Little things still matter
You will also need to know that you don’t need to be one every social media platform on earth. Pick the ones that already have your market space.
Remember social media platforms are different. Each one with their market focus. LinkedIn is more of B2B, while Instagram is more of Fashion, Travel, Vlog, etc (B2C). Knowing the purpose of each Social media will help you scale up without a hassle
5. Do Advert
Successful business still do adverts, have you ever stumble on Facebooks adverts on other sites, I’ve seen tons of adverts from big players in several industries, and you should also do that. Have a spare at little as it may be, you can still do a small scale advert.
Have done adverts on several instances on Facebook, Google, Twitter, Instagram, Pinterest, etc. And they cost far below what you think.
To create a successful business you need to leverage on tech tools and use it to scale up higher and faster that anyone will think