Thousands of people start new businesses every single year. And some of them end up being hugely successful. When it comes to successful startups, what separates the wheat from the chaff? This is a question many books and articles have attempted to answer with varying degrees of success. Yet when it comes right down to it, successful businesses do in fact tend to share some commonalities. Certain traits are necessary for a business to be successful and these include the following:
- The ability to create a product or offer a service that people actually want. According to a Fortune survey reported by Neil Patel, one of the major reasons start ups don’t make it is that they make products or offer services that people simply do not want.
- The ability to maintain cash flow. Many start ups don’t make it for a very basic reason – they run out of money. If you are starting a business, the more financial security you have the better. When you can’t pay your staff or your bills trouble quickly follows. In fact according to an article in Fast Company 13% of startup founders identify cash problems as a major reason for business failure.
- The ability to handle rapid growth. Hand in hand with the point above, in order to generate cash flow, you need to be able to grow your business. Handling growth successfully is essential to any business. Many businesses lose customers and eventually face failure when they simply can’t deliver on their promises.
- The ability to stay focused on what’s most important. According to author David K. Williams, the majority of start ups don’t make it because they don’t stay focused on what’s most important – making something important and selling it. Instead start ups become consumed with internal business issues or with secondary tasks they’d be better off outsourcing like accounting , qa testing or software development.
- The ability to bounce back and handle rejection, hardship, disappointments and frustrations. Sooner or later any business has to face some struggles. Often the difference between a successful company and a failure is how they handle difficulties. Cultivating a resilient team that is able to stay calm and focused while facing challenges is a key part of cultivating a successful start up.
- The ability to put customers first. At the end of the day, any successful business understands the value of customers. Truly putting customers first is an important part of any startup that wants to stand the test of time. Though it may sound easy to do, putting customers first can often prove to be a considerable challenge. Especially when paired with the challenges of rapid growth.
As a provider of custom software development, we have the opportunity to interface with many different companies. Some are smaller startups while others are more established corporations. Though are certainly many different ways to be successful in today’s business world, we have found that the most successful organizations do tend to share the traits described above. Fortunately we benefit from this because many companies recognize the benefits of outsourcing software development, QA testing, and project management. Interested in more info? Contact us today for a free consult.