5 Shocking Ways Successful Startups Have Gotten It Done
:: By Anna Gale, Fueled ::
Those familiar with the business world know the dire odds that face entrepreneurs when they start a new company.
Despite the fact that 8 out of 10 businesses fail, there are startups still getting it done. Here are five "shocking" (because they are so tried and tested) ways new companies have succeeded.
1. Successfully Monetizing Good Ideas
Plenty of people think that all a person needs for a successful startup is to have that one smart idea. The fact of the matter is, ideas are worth less than a dime a dozen. The startups that succeeded almost certainly began with an idea that hundreds of other people had, but never popularized. Thinking of that smart idea and devising a strategy to profit from it is the key to success.
2. Proper Timing
Good startups time things well. Controlling something like timing can be difficult, but it's part of the way the majority of successful startups have succeeded. They enter the right market at the right time and they proceed from there. They also apply the appropriate amount of effort throughout running and developing their businesses, regardless of the setbacks they encounter along the way.
3. Market Knowledge
Startups do not develop their ideas in a vacuum. Successful people that have started these kinds of businesses know what is currently out there. They will either try to adapt something extant, or close a gap in the market entirely. Some markets are already saturated, and some markets are so new and have so little presence that there isn't much for anyone to do, regardless of their abilities. The market that the entrepreneur wants to enter needs to be at the right stage of development.
It's difficult to overemphasize the importance of networking. In the modern era, where standing out among the competition is more difficult than ever, having the right contacts is often the only thing that gives a new startup the proper edge. Networking has also gotten easier in the modern world, with the advent of social networking sites and mass communication technology. This has also made it easier for more people to participate in the networking game, thus creating an even higher volume of competition among startups that are already up against difficult odds. The entrepreneurs that succeed at networking are ultimately the entrepreneurs that will succeed at their startups, so it is important for all business owners to brush up on their networking skills before they even attempt running a business.
It's important not to underestimate the amount of dedication that beginning a startup takes. One of the reasons that many people never really go through with their new businesses is that they try to turn their businesses into something that they can do in their spare time. Successful entrepreneurs frequently have no spare time to speak of, and spend almost all of their time involved with preparing the business.
In the early stages of a startup, many business owners will spend all day on the project and work well into the night. Once the business has some momentum, they may begin to relax their pace and dedication somewhat, since it can be difficult to sustain that level of dedication. However, the early stages are the stressful stages. To say the least, they are akin to a final exams week in college.
Anna Gale is a marketer at Fueled, the leading iPhone app builder in New York City, renowned for its award winning mobile design and strategy.