8 Tips to Boost Your Odds of Startup Success
Startup Tips for Entrepreneurs
Last Updated: By TRUiC Team
There’s really no special formula or magic bullet when it comes to business success. There aren’t any shortcuts either. In this universe we all play by the same rules and face the same odds, regardless of who we are or what kinds of startup resources we have at the moment.
However, that being said, there are ways we can increase our odds of success in life. In the same way we can increase our chances of being in the right place at the right time by getting out of our chairs, out from behind the screen, and into the world.
Startup Tip #1: Start Soul-searching
This tip is a little cheesy-cliche, but it’ll help you a great deal if you genuinely apply yourself. When you dig down to the core, a big reason many startups fail is because they’re founded on impulse and brought to market early.
One of the wisest decisions you can make is to avoid the entrepreneur bandwagon of washouts who failed to validate their concepts and ideas before throwing everything and the kitchen sink at them. When starting a business, it’s essential you know what you want, the type of business you intend to build, and if there’s proven demand.
Self-assessment and startup idea validation are key.
Startup Tip #2: Redirect Your Nervous Anxiety into Your Business
Chances are that you deal with a certain level of anxiety. The vast majority of us do.
We encourage you to try to channel this nervous energy into your business. It’s more easily said than done -- especially if you’re used to constantly resisting and fighting those feelings. However, it’s well-worth the practice to convert your anxiety into fuel for your business.
Startup Tip #3: Plan Your Business
Obviously you have no clue EXACTLY how much money it’s going to take to get your brand to where it needs to be. That’s impossible unless you have a crystal ball. Even so, there are plenty of ways to make educated projections -- even if you don’t have a business-based education.
One solution we focus on here at Startup Savant is business planning software. Leveraging these tools allows you to:
- Better formulate, crystallize, and curate your pitch
- Collaborate more effectively with team members and partners
- Prepare for investors, crowdfunding platforms, VCs, etc.
- More easily tackle budgeting, marketing, and financial projections
Startup Tip #4: Take Team-building Seriously
The days of corporate slave labor are ending at this very moment with an obnoxiously loud thud. Employees want to be treated fairly, with respect, and taken seriously.
But you need to be very choosy. Quality contractors of all kinds have tons of options thanks to online outsourcing. Take steps to ensure the people you bring aboard are aligned with your brand culture, your vision, and agree with the work ethic you expect.
Outsourcing can make or break you, so tread lightly or hire a savvy VA/assistant to tackle this part of the business for you.
Startup Tip #5: Force Yourself to Stay Positive
No one’s suggesting you live in self-delusion if you’re in a rough patch. Most entrepreneurs and startups are having a tough time because of how rapidly everything is changing.
What we’re saying is don’t take yourself, other people, or even your brand TOO seriously. If you begin to break down mentally, physically, or spiritually because of stress or depression then you need to step away for a day, week, month, etc.
If you don’t, you’ll burn out.
Startup Tip #6: Practice Empathy
Empathy is the ability to put yourself in someone else’s shoes, to see things from their perspective, and to feel what they’re feeling. So is it any wonder that the #1 way to achieve supreme customer service and product development is through empathy?
Modern society seems hell-bent on squashing this natural aspect of humanity, but it’s essential that we embrace it. We need to practice stepping outside of ourselves and meeting people where they’re at. Keep in mind that it doesn’t always have to be in negative contexts -- you can learn from being empathetic of other people’s happiness and success, too.
Startup Tip #7: Prioritize Business Goals By Relevance
Not all business goals are created equal. There’ll always be those that are more important than others. Focusing your attention on multiple goals at the same time isn’t ideal so you have to get seasoned at prioritizing FAST, before the market swallows you whole.
Startup Tip #8: Think Bigger
There’s really no limit to how big you can think, or how spectacular a future you can envision.
The trick is staying in that frame of mind as often as possible. The trick is committing, believing, and staying true to your vision even when the tide is against you.