Running a startup can be a very risky yet a very rewarding business. It takes a lot of guts, dedication, time and efforts. There’s no pre-defined magical road that leads to success but following in the footsteps of proven startups and their leaders can give you the right start.
Successful startups and their founders can vary in their strengths, skills and mindset. However, most of them have a few key traits in common that separate them from the rest of the pack.
Here are some of the many traits that successful startups have in common:
Understand the Market
Before moving forward with ideas and plans, successful startups have always done thorough market research. This can help save a lot of money and time while ensuring that all efforts are focused in the right direction.
Having the right product-market fit is important to determine whether your idea is sustainable in the long run or not.
Know Your Customer
Coming up with ideas where profit is the the centrepiece isn’t sustainable. Instead, create products that solve problems or fulfill needs of potential customers. You must have clarity about what does a customer need, why does he need it and how can you fulfil those needs.
Be Ready to Sacrifice
Startups are all about grinding it out, especially in the initial stages. That’s where sacrifice comes in. A dedicated entrepreneur knows that successful startups require you to go beyond the conventional 9-5 work hours. You need to breathe in the startup just like the air around you. Hobbies, time and relationships may have to take a backseat so that all your time and efforts are going into making your vision a reality.
Persistence is Key
When you’re aiming to go up the ladder, staying persistent is key. Growth is not an overnight process. It takes time, patience and unwavering commitment.
Hire the Right People
Getting the right match for your team is crucial. Your team needs to be full of people who are passionate, skilled, ambitious and fit the company culture. Hiring the right employees in the first go will save you from a lot of headaches and costs.
Elevate Your Employees
Training and knowledge-sharing is how employees learn and grow. Open and honest communication is also very important for clarity of expression and honesty within the company. A successful enterpreneur and leader uplifts all the people around him. Value your employees by giving them the respect and appreciation they deserve. If they make mistakes, give them constructive feedback.
Written by Gagan Dhawan
