Secrets to Startup Success

Posted by Ryan Howard on Mar 12, 2018 9:56:15 AM

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Have a great business idea? Getting that idea to market may seem like the next challenge but there are plenty of other challenges ahead. The good news is that others have treaded the path of startup success before you. Yes, you may be creating your own industry or entering one already established but some basic business rules remain the same.

Here are some secrets to startup success as told through the eyes of entrepreneurs and others who've been there.

Make It Uniquely You

While it seems easier to enter a market that has already been established, Renée Mauborgne suggests that strategy puts you in a bloody red ocean filled with competitors. Renée's groundbreaking books, Blue Ocean Strategy and Blue Ocean Shift, suggest creating your own unique space - a big blue ocean. These untapped markets are wide open spaces and ripe for new ideas.

Know Your Why

Author Simon Sinek asks entrepreneurs to consider the story they're telling. Most businesses leaders know what they do and how they do it, but they may not know why.  Why does your business exist? And why should anyone care? His TED Talk on leadership is one of the top viewed talks of all time. If you can define your "why", you will be able to clearly tell your story and your audience will believe you.

Don't Underestimate the Power of Broke

Shark Tank investor and serial entrepreneur Daymond John tells of the many financial mishaps he encountered along the way to being a millionaire in his 2016 book, The Power of Broke. Part of achieving success is not being afraid to fail, failing, and then getting back up with new determination. Knowing what you're worth, and not being afraid to ask for it, is one of the things that will set you apart from other entrepreneurs. 

Surround Yourself with Greatness

Michael Dell, founder and CEO of Dell Technologies, once told a college graduating class, "Try never to be the smartest person in the room. And if you are, I suggest you invite smarter people... or find a different room." Entrepreneur and author Tim Ferris was also quoted as saying, "You are the average of the five people you most associate with," during his book tour for Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers. At the very least, the people in your life should support your vision, and if possible, lift you up so you can achieve it. 

Reaching your goals also means getting financially organized, understanding what venture capitalists are looking for in a startup, and attracting the right clients for your business who'll pay on time.  Remember, you're not alone in going out on your own. There are far too many resources available to give up on your great idea. Good luck!

Learn the Best Way to Get Clients to Pay

Topics: Entrepreneurs