7 Lessons You Can Learn From Professional Startups
Saturday, April 2nd, 2016
According to a paper by the Wall Street Journal, three out of every four startups often fail. Why is that? Could it be lack of a good idea? The truth is that a startup can fail for more than one reason. However, knowing the pitfalls to avoid and the pointers to follow can go a long way in increasing the likelihood of a startup taking off and making it big. This article is about exploring the lessons that can be learnt from startups that have been successful and the many that have bitten the dust.
Good ideas do not always beget good products
Most of the big founders underestimated what was needed and what it meant to convert their good idea into a good product or service. The fact that you have an idea that seems great to you does not mean that you can actualize it. Be aware of this and give focus to what matters, evaluate your idea and do your research. Above all, challenges will come! Buckle up and be prepared.
Keep an open mind
You have a good idea and you have already started implementing it, but are you keeping an open mind? The fact is that most times, the original idea a founder might have concerning a startup requires tweaks here and there. Such tweaks make idea implementation feasible, practical and successful. Fight rigidity. Be open-minded. Learn on the job and accept relevant advice.
A stellar team that is short on harmony gets beat by an average team that understands team work. History is littered with examples of feats of average teams that understood this fact. Assemble a good, harmonious team; it will be the channel for making the good idea a reality. Anything causing disharmony is poison, fight it!
A journey of a million miles begins with a single step. Do not try to go ten steps at a time without first learning how to take a single step. You will fail. Do not focus on too many details as you begin, it will only suck you of your drive and lead you down a road called failure. Focus on what is important, focus on the problem you are trying to solve and build from there.
Be determined. Once the challenges stack up, will you pack and leave? You cannot give up if you want to taste success. Change tact, change the idea if you have to, but by no means give up. Most of the successful startups had to change tact at some point. That is sheer determination. Are you determined enough to see your idea through?
Listen and Put yourself in others shoes
This cannot be emphasized enough. It will help build a good team for starters. Do not be hard headed. Listen to others. This way you will be able to understand your customers and come with something relevant or improve what you already offer. Be empathetic.
Importance of design
Design is more important than most entrepreneurial enthusiasts think. Do not fall into this trap. Come up with a solid business design for the startup you intend to undertake. If it is a product, invest in its design. It will be your products face. All the successful businesses that were once startups such as Apple had a great design; a design that got through to people.
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Filed under: Tips & Tricks
Tags: business, determination, focus, lesson, lessons, professional, small business, startup, startups, team work
Disclaimer: This information is intended for informational purposes. Some information may not be accurate or current and are of the author's opinion (not 10KHits). It's not meant as financial, investment advice, a recommendation regarding a course of action or legal advice.