We’ve said it before and we’ll say it again: launching a startup is full of promises and excitement but it is also a journey full of uncertainty. Every success story worthy of the name has adopted some key success factors that put it where it is today and the same key factors, often being overlooked, have led to entrepreneurial setbacks and downturns for others. Check out our list for the five key factors that lead to successful startups. You should definitely consider them before kicking off your new venture.
If you have a valuable idea that struggles getting off the ground, remember that there are several factors that might influence a startup’s success. Before doing anything else, pay attention to your business paradigm to be able to thrive through ups and downs.
The Business Ideas
Being an essential ingredient for any startup’s success, the business idea is indeed a golden factor. Without an idea, there’s no progress, no change and no startup birth running behind. But with a unique idea in mind, you can raise funding, get a team, find the network, and get the necessary resources and help to attain great success. However, the idea alone will not cripple your chance of success. A million-dollar idea can still fail to succeed with poor timing, bad planning and so on.
Ask yourself these questions: Is it what the market is craving for? Can my idea benefit the market? Is this idea solving a problem? Do I have sufficient industry knowledge and experience? The right questions will help you determine if your idea can really change the game and if it is viable to find interested customers. Take your time, build a plan, develop your idea into a significant product/service, and then offer a solution that no one has previously thought about or improved.
The execution timing is one of the most important factors to consider for a startup’s success. With a proper timing, your business can take off within the market and provide early success. So, how do we determine the adequate market timing? A part of it comes down to your gut feeling and a bit of luck, but as for the rest, doing market research and predictive analytics could potentially help you minimise the risk of bad timing.
Well, we all know that there’s not an ideal time to launch. One has to do the necessary research and get the relevant feedback directly from the market to know if consumers are ready and willing to use the product or service. An example of having proper timing on one’s side is when Airbnb launched at the height of recession when people needed ways of making money. Renting personal space to strangers for extra income was more than relevant at the time and it became a major success.
Not every business is self-sustaining from the start. Actually, most of them seek different sources of funding to sustain their startup in the long run and scale. Which one does guarantee startup success? Being the fuel on which startups run and survive, funding can be found in many ways if you know whom to contact and where to look. Angel investors, business loans, personal and familial investments are different options that are available to secure funding for any entrepreneur interested in starting a new business.
Test Drive, a Pre-Incubation programme designed by Turbine, is a wonderful opportunity for entrepreneurs to build their startups with funding opportunities, enter the market and scale their businesses. This 12-week intense programme has a clear value proposition and quantifiable benefits. From its weekly business coaching sessions, different workshops delivered by top experts in Mauritius, and networking opportunities, to its distinct access to investors and business angels to whom you can pitch your initial idea, you’ll be well-positioned to meet the challenges ahead with a wealth of support for all your entrepreneurial endeavours.
Building a high performance team
Now that you have determined three essential factors underpinning your startup’s success, remember that great things are rarely accomplished alone! Your dream team is another core factor to increase your chances of success. Hiring the wrong people might result in creating setbacks and putting development off track but hiring the right people will surely drive innovation, help in the execution of high-level goals, and create a predisposition for success. To make the most of your hiring process, choose highly skilled professionals in tune with your business’s vision and always focus on quality over quantity. This is the secret behind growth and success!
Startup Business Model
Last but not least, the business model hugely impacts the success of a startup. Why? Simply because a business model is about how you formulate, execute and implement your business idea. It is a valuable business framework from which you can develop your service or product and understand the client’s demands better. It sets whether your business operates online or offline, where’s the revenue generated, what problems are you solving and for whom, how your business will stay ahead of the curve and more. Without a proper business model in place, your business won’t make any sense. While crucial to a startup’s success, a business model will always evolve over time and grow with the business to bring better chances of making it to the top.
Even with the idea, timing, funding, team or business model in place, there’s never any guarantee of success. However, if you’re determined and willing to beat the odds, to leave little to chance, and approach your endeavours strategically, chances are you’re already primed for success. These key factors will surely guide you in facilitating success, but maintaining the momentum, responding to market changes, and remaining focused on outcomes and your vision, will create the foundation to bear the fruits.
Maximise your chances of success today by contacting us through email@example.com and let’s set the path for change!