Planning for the success of your startup company isn’t a singular event. These three things are what your business needs to have a fighting chance in an overly competitive market and help you achieve startup success.
1. The right product
The only way you can take a larger share of the market, get customers swooning all over your business, and outperform even the most established brands in your industry is for you to develop your own product.
While it seems such a formidable task to aim for, you don’t have to start from scratch. The most important thing to remember is that you have a clear concept of a product that will provide genuine value for the intended user.
If you think about a common factor among startup companies lacking confidence to proceed with their business plan or always experiencing one too many roadblock along the way – it’s because they just offer a rehash or mediocre version of an existing product in the market!
Don’t worry too much on how many people will buy it or not. Once you’ve realized that your product can actually fill a real gap in the market – however tiny that is – you’ll set your startup company for success and you won’t get a hard time convincing customers of the value of your product.
2. The right mindset
If your mind isn’t right, then your decisions aren’t right. Without a clear picture of what your startup success looks like 6 months or 6 years from now, you’ll never be able to course correct.
Don’t be fooled by overnight startup success stories you find on the Internet. Building – and sustaining a successful business isn’t easy and take more than just a smartly-written business plan or a one-time capital investment from an angel investor.
Keep expectations realistic.
The toughest, bumpiest ride is during the first years of your startup journey because you’re still adjusting your product and figuring things out. Expect mistakes and blunders along the way but don’t be too hard on yourself. Instead of throwing in the towel at first sign of struggle, just put in the work that is required and keep pushing through until you achieve your target.
Work on your soft skills.
Leadership, teamwork, and good public speaking skills, among many others, are soft skills that are essential foundation of your startup company. Don’t take them for granted. Work on improving them because it’s something that you will definitely need to get your team back on track even after disasters hit your way.
Make consistency a habit.
You don’t have to be great at everything you do and it doesn’t mean you shouldn’t aim to be good at anything that you have to do but the key is to do it consistently. You will only get better at something if you try to do it over and over again.
2. The right timing
Fulfilling an existing demand in the market – or even creating an entire market out of unfulfilled desire/preference – is all about getting your timing right. Launching too early or too late can make or break a startup company.
When is too early?
It’s when your announcement for a new product excites people. The truth is, even though people say they look forward to try something new, most of them are creatures of habit – try it on for the first time and then go back to their old product just because they are comfortable with it or feel they are compelled to exercise brand loyalty. So if there’s no demand or commotion about what you have to offer, it’s an uphill battle you’re facing ahead.
When is too late?
If you’re diving in on an already saturated market for the first time, heads-up: the world doesn’t need your brand X clone or brand Y knockoff. If your product can solve an existing pain-point but you’re dragging your feet to launch, it’s likely too few people will care to even notice about it.
There you have it! By no means is this your ultimate magic formula towards startup success and future business sustainability but they certainly form a significant part of the masterplan.
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