The benefits of owning a startup are obvious especially when the business succeeds. Some of these advantages include the following:
- Ability to become your own boss
- You can create a product from scratch,
- Adding value to the life of people around you
- It gives you the chance to make some money along the way.
According to The Harvard Business Review, most times, about 75 percent of startups fail. So, what could be the cause of such failure? Or, what goes wrong to make a whopping 75 percent fail?
The reality is, not everyone is meant to be an entrepreneur, whether by nature or by learning. To operate a good startup, you have to be able to take up the proper role. This might mean handling things and behaving in ways that don’t come naturally. So, you don’t fall like that 75 percent. Here is critical advice for startups that the professionals believe are necessary for becoming a successful entrepreneur.
As a starter, the best thing to do is to learn the importance of heeding the best business advice from many of the world’s top entrepreneurs and startup owners. The summary is that it takes a lot of hard work to start, run, and grow a business to the point of making a profit. You might discover that the most impactful lessons have might come from your biggest failures though. Sound funny, huh?
Understand your niche
Many startups succeed because they have found out a niche and have dominated that market. By discovering a service, product or feature no one else has thought of or at least effectively pulled off, you stand to give your company a shot at success.
Be a risk-taker and be willing to fail
Failure does not prevent you from ultimately succeeding. In fact, failure is often a necessary step that will trigger your success. The best entrepreneurs do not allow the fear of failure preclude them from going for what they believe to be a great idea. Some of those risks won’t get lost, but those ones that pan out will be the ones that define you.
Be flexible and listen to your competitors
Even if you capture the perfect market, it might not necessarily remain the same forever. Markets can change and consumers want innovation and cutting edge technology. If you cannot turn the wheels and react when the winds of change blow, you will be blown away by the wind of change.
Cherylanne Skolnick, a career coach affirms thus;
“Resist falling in love with your initial idea so you can discover what the market actually wants and is willing to pay for – and then give it to them.”
Network all the way
When you haven’t gotten your business set up the way it should be, connections will help to keep it running. When you do, those initial helpers will become great allies. Soon, you will be in a comfortable zone to bring another struggling startup into the limelight.
A career expert, Clare Dreyer, says:
“Make connections and keep a record on each person you meet.” “Ask for their advice and help. Keep in touch with them along the way and build your network before you need it! Quality relationships are the keys to the kingdom.”
Be a complete learner
As an entrepreneur, you must always be a student always willing to take advice, listen to other ideas and learn from those who have been there before you.
Andrew Medal, a writer with Entrepreneur.com writes:
“Entrepreneurship is about solving problems and learning on the go.” “It’s exciting to learn new things and as entrepreneurs, we should be learning something new every day.”
Do not to go broke
If you cannot pay your rent, buy clothes or groceries, then you cannot add value to your life. That is when you will need to determine exactly what you need to do to help yourself financially while you pursue your entrepreneurial dream. Therefore, a part-time job could be your savior. It would provide financial relief as well as an excellent networking opportunity.
Take care of yourself
A startup is not successful if it destroys your health in the process. Nothing is as precious as health, which is why you shouldn’t sacrifice your well-being for the sake of your startup. In fact, what might seem like hard work could ultimately misdirect your career.
Losing sleep, eating unhealthily and allowing yourself to become stressed are expressways to shorten your life span. By taking adequate care of your health, you will have the energy to carry out your goals.
By following this expert business advice for startups and allowing them to guide your entrepreneurial spirit, you will become a giant one day.