5 Traits Startups Need to Succeed

Starting a company is challenging and risky. If you have a unique idea or product that you think people will be interested in purchasing than you may be on the right track. It takes more than a good idea to be successful though.

The producers of Services On TV found there are at least five traits that successful startup companies have in common. Kevin Harrington, the co-executive producer of Services on TV gives his thoughts on the five traits that are needed for a startup to succeed.

  1. Great Service or Product-you have to start with a great product or idea. Without a good idea you won’t attract investors. Your idea has to create buy-in from investors, employees and management. Before you get started you need to research your product or idea to make sure it has widespread appeal.
  2. Risk-Takers-not only is the owner of the company taking a risk but so are the employees and the investors. The people involved in the startup need to be willing to take this chance and believe in your idea.
  3. Communication-the CEO and management must have good communication skills. Not everyone has this skill. If you are the CEO and you are not a great communicator you should have a partner or management team that does. The vision of the company should be clear as well as the ongoing communication of goals and changes that take place.
  4. Buy-In-a company’s success has a lot to do with the employees you hire and how much they believe in what you’re doing. Are your employees willing to work long hours if necessary? Do they believe in your product or services?
  5. Great Management-when you start a company you need to put a strong management team in  place. You need a team to get the funding, make the deals and create the ongoing vision. This is critical to a startups success.

Starting a company is always a risk and sometimes the best ideas fail, but if you put these five things in place you will have a better chance of succeeding.

 

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