About 10 percent of startups will actually succeed in their journey and when it comes to startup there isn’t a formula for success but, all successful startups have a few things in common. We’ve compiled a list of 6 business components that your startup needs to succeed in 2019.
Defining a Vision. As a startup, you’ll need to define the exact vision and mission of your business — they should be strong and concise with the ability to drive the business forward and motivate key investors and team players. Without a strong vision for the future of the business, your startup is likely to get lost along the way and unable to sustain hard times or failures.
Full Speed Ahead. Move, move, move. But, do so wisely. Don’t rush the launch of products or services without fully developing strategies and campaigns surrounding said launches. Launching a new product or service without a sales strategy and or a marketing campaign to support sales means that your launch will likely fall flat. Also, be sure that your investors and key team players fully understand and support the launch, as they’re your biggest asset — it’s incredibly hard to make sales and close deals if your team isn’t on board.
Serious Social Skills. The more social you are, the better you can convey your products or services and the benefits they provide to your target audience. Businesses can leverage social media platforms as a free/inexpensive marketing tool, conveying your brand and the benefit of choosing your business over competitors through strong visual content and messaging. If you’ve recently run a BRTV or DRTV campaign with AsSeenOnTV.pro, learn more about how to leverage your TV media campaign on social media.
Time Management. As a startup, your time is valuable and you need to use it to propel the business forward versus wasting resources and energy on minuscule tasks. Priorities constantly change, so for startups, it’s important to focus on what you do best, stop procrastinating, stop multi-tasking, make task lists and deadlines (and stick to them), group together routine activities and interruptions, and utilize your peak energy time.
Risk Taking. Risks can propel a business forward and give an entrepreneur a competitive edge. They can gain the owner a reputation as someone who knows how to make good decisions and accurate business assessments. Entrepreneurs with a well-informed risk-taking spirit might see opportunities where others don’t and might be able to spot trends well before the market is saturated.
Failures Are Your Friend. Nobody wants to talk about failure in business, especially not when you’re a startup company. But, it’s important to remember that business failure is a reailty and it’s how you bounce back and use what you learn from it to grow and succeed. Some tips include accepting advice from the right people; plan for the worst before, during and after a failure; eliminate things that aren’t working; denial will only make matters worse; and, bouncing back is always possible, you have to want it and work for it.
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