Save Your Startup From Failure—Follow These Rules
Starting a business is no easy feat, but believe it or not, keeping a startup on its feet is even more taxing. With the odds stacked against founders—statistics show that 90 per cent of tech startups fail—we're welcoming all the wisdom we can get, like a recent article in Inc. that outlines the essential rules first-time founders should follow to keep their venture afloat. We're highlighting a few of our favourite pieces of advice below.
Get going. The first step is fairly simple: You have to actually start to move forward. Most entrepreneurs who are reluctant to take the plunge don't actually believe in their business or trust they will have success. If you wait too long, you'll get distracted and pulled in so many different directions that you'll lose your window of opportunity. Bottom line: You can't pursue something you haven't started.
Keep tabs on your competition. Businesses and companies that you view as your competition will also be your biggest source of intel to help you shape your success. Take note of what's trending in your industry, as well as what's working best for your competitors, and concentrate on how you can do that even better. Never stop educating yourself in this realm.
Welcome change with open arms. It's common for entrepreneurs to spend so much time and energy on strategy from the start that they fail to adapt and make necessary changes for the business to thrive. Sure, it can be super frustrating, but embracing change, which might be as massive as restructuring your entire business model, is the only way to keep moving upward and onward to achieve success.
Hold on. You will face countless roadblocks and challenges along the way, but if you truly believe in your business and your purpose, you have to push on even in the face of adversity. Rise to the challenge, find a route around the roadblock, and learn from every obstacle along the way. But, most important, keep moving on.
For more startup inspiration and wisdom, read one our favourite business books The Lean Startup.
Are you a startup business owner? If so, share with us your best advice on starting your own company.