Every day there are hundreds of thousands of startups which open their doors and hope to succeed. But with a sea of competitive ideas, there’s a differentiating factor between those which fail and those which succeed. It’s always tricky taking a leap of faith, but to succeed, you need to have that “X” factor.
Not every thriving startup is supported by investors. Success is about the habits you develop in your startup to (hopefully) achieve greatness. But either way, whether you’re supported by venture capitalists or not, a successful business takes dedication to keep your business relevant and competitive. It also requires an effort to attend innovation and tech conferences in Africa to see what trends are out there.
Here are a few tips to consider when looking to increase the odds of your startup’s success.
Start with a clear purpose
You constantly need to focus on your goals to ensure that you’re working towards them. Have one core idea, without feeling the need to focus on several areas of your business. This is the quickest way to lose focus of your purpose and forget the reason behind your startup dream. You need to stay committed to one idea and constantly work at bettering it to meet the needs of your customers. If you have a clear understanding of where you’re headed, you will always be able to measure your performance.
Take advantage of different challenges
When most startups open their doors, they tend to have a niche market they want to explore. Usually, you specialise in certain areas that you’re confident in. And you try to keep within those boundaries. While this is the safe way to do business, startup owners need to take advantage of difficult challenges. These are the projects that are going to differentiate you against your competitors. Try not to limit yourself to what you do, without trying to succeed in other areas. If you don’t take the opportunity to develop your skills and grow your business offerings, you’re going to be overtaken by other companies which are willing to test their limits. You need to be open to innovation. After all, you are a startup. People will understand a mistake on something you’re not a professional at far more than if you were a massive corporate company.
Include innovation in your business plan
You need to embrace the latest digital technologies to help improve your business. And you can find out more about this by speaking to influential leaders in the industry or by attending tech startup conferences near you. It’s important to note that successful business owners have a clear understanding of who their customers are and what they want. It’s about being able to identify their pain points and structure your approach to solve those pain points. If you’re able to provide a product or service that really adds value to your customers’ lives, you will constantly be able to build around that foundation. There are so many entrepreneurs in the world with brilliant ideas and expertise. The ones who succeed are the ones who are willing to go out of their comfort zone to try new things and educate themselves about the market.
Build a diverse team
As a startup owner, you need to hire people to assist you. It’s impossible to wear several hats for a long period of time as you will not be able to touch on everything. This may even lead to burnout. So, the beauty with hiring talent in the startup space is the ability to offer people opportunities based on their skills, not necessarily their experience. You are able to mould someone into the ideal employee you want. It’s also important to hire employees out of absolute necessity as you don’t want to over capitalise on your overhead expenses. You also need to focus your energy on hiring diverse employees.
Seek funding where needed
The reality of any startup is that you need capital. You need money to build your business and to keep it afloat. Often times, businesses think that they can keep themselves going as long as possible before they seek funding. But that is usually too late. You need to realise that success doesn’t happen overnight. Most startup companies give themselves two to three years before they see a difference. And, unfortunately, not every company is able to wait that long to see the return on investment (ROI) on their bottom line.
Be patient. Always.
On the back of the previous point, you need to be patient and you need to be motivated by the right things. By this, it means that you need to have a clear understanding of what you want. Of course, every business owner is motivated by money. But think about other motivating factors during this time. For example, your reputation, your idea (and how it’s impacted your customers’ lives) and your growth potential. Focus on the positive, and encourage your team to learn new skills to help make your business more resilient. Visit technology conferences and digital marketing talks where you will learn from other startups. The vision you have for your business is going to take dedication and plenty of hard work.