So you want to found a startup. What does it take? A lot of hard work, determination and know-how in the related industry, for starters. With a market that is strong in startups, especially in a country like Australia, it may seem like the perfect time to hit the ground running with your business ideas. Consider these six characteristics we found most successful startups have before opening your doors.
1. Ability to identify fertile ground for market opportunities
Otherwise known as “strike while the iron is hot.” Do you think you can anticipate a market trend or an industry need? Then go for it. But don’t forget to research, research and then research some more. Make sure your business proposition has strong roots on which to grow. Imagine your research as the nutrients in the soil, feeding the roots of your business. Without proper knowledge of the right time and place to plant, your business may miss its opportunity.
2. Compelling value proposition
What about your startup idea sets you apart? What would draw customers to your door, or clients to your service? If you don’t have an answer to these two questions, you may not be quite ready to launch your business. You have to be able to attract consumers to you, not just go in search of them. You may not have a marketing team in the early days, so educate yourself about the newest trends in advertising to be savvy enough to compel customers to your product or service through your marketing efforts.
3. High-performing teams
You can’t run a business by yourself. You can try, but chances are you’ll burn out or miss something important before your startup’s launch. Startups are famously small staffed, so you don’t need a huge workplace to get the job done well. Having a handful of qualified, trustworthy, hardworking employees could be more beneficial than a workplace of 500.
4. Effective communication of a vision which connects the dots
Effective communication should make an appearance on any list involving any part of a business. To have everyone on the same page takes tremendous effort, but is wildly important to the success and promotion of your startup. Make sure the key people of your business, at least, know the company culture inside and out, and can share it with other employees. Make sure your foundation for the business relates to this company culture, and that your company culture connects to the product or service you’re offering. If there’s any disconnect, go back to square one and make sure you have everything mapped out.
5. Successful navigation of uncharted territory
Startups often wander off the beaten path, exploring new corners of the market that have previously been undiscovered or ignored. The key to a successful startup however, is knowing what uncharted territory should become charted, and the ideas that should be left undeveloped. Your passion for something does not mean enough other people are passionate about the same thing to make it profitable. Love what you do, but make sure there is a need for it.
6. Confidence and drive
If you don’t believe in your idea, why should your customers or clients? Having confidence in your business, your employees and your service or product will help create a positive work environment and a positive buying environment.
Your drive can support your confidence, and vice versa. The world of startups is gruelling, with several new businesses popping up all too often. With a strong drive to offer your customers the best in your field, and the confidence that what you offer is actually the best in your field, you’ll be on your way in no time.