1. Confirmed Customers
This is a set-in-stone rule that consummates entrepreneurial planning. Are you sure in advance that the product or service that you have to sell will have, or has, the customer base required to become a success? Many start-ups with good potential fail to adequately validate a customer base. A successful start-up measures its development on the foundation of verified, reliable, paying customers.
2. Good Planning
It’s been said over and over again, that having a good business plan is key to a successful business. Actually, the truth lies somewhere in the middle. You need some type of plan to know where you are going, but you must be flexible as well. A start-up that has actively planned a means of moving ahead, whether on a national or international level, and has a solid one to five year agenda, and is making perpetual and visible progress to meet important targets is poised to succeed.
I am a big believer in creating a business map and not so much a business plan per se. Keep it simple and definitely achievable, something that paints a clear picture in your mind of how you would like to see your startup mature in the coming years. The business world is evolving very rapidly nowadays, especially in the tech start up scene and it is good to keep an open mind and open plan when it comes to creating your goals and vision for the future.
3. Easy on the Cash
Living below your means is a maxim that applies to businesses as well. A conservative operation is the way to do it these days, and private corporate jets are out! An entrepreneur who can “take it easy” with the funds, even when there is plenty of funds available has a better chance of solidifying and keeping their business afloat.
4. Transparency means less Worries
Loyalty, veracity, and transparency are all linked. A successful start-up should have little to nothing to conceal. It’s just plain easier with less clandestine methods about billing, customer purchases, and pricing strategies. In addition, you are more likely to have a devoted staff as well.
Successful companies, entrepreneurs, leaders, and confident people in general have a knack for communicating well. They convey positive news and communicate adverse news with frankness and simple language. They are skillful communicators, point blank, and no great company can succeed without one. If you are not that one, hire someone who is. It is well worth the investment!
6. Don’t Set Expectations too High
You know you have what it takes; however, that enthusiasm must be tempered with a bit of realism. Setting your sights low does not mean that you shouldn’t “plan for success.” It only means that it will take work and there will be inevitable bumps in the road along the way. Your product or service may be revolutionary, but if you “go over the top” right from the start, a modest beginning may disappoint you. By starting conservative, a self-effacing success will be visible making you look even cleverer. […]
Read full article via 10 Proven Methods That Successful Startups Live By.
Jim is president of InnoThink Group and Leadership Matters. He is a leader in workplace learning, productivity, performance, and leadership training solutions. For over 25 years, we have helped companies improve their performance, productivity, and bottom-line results.