If you have formulated an idea for a product or service and have decided to launch a start-up business, it might pay dividends to follow a well-trodden path where successful entrepreneurs have walked before in order to achieve success.
Whether your aim is to tell your customers that you can replace Brother ink cartridges online and offer competitive prices, or have a new hi-tech offering that you believe there will be demand for, many successful start-up’s tend to have similar characteristics, so here are some of the key factors to look out for.
Turning dreams into reality
The vast majority of successful entrepreneurs launched their business on the strength of a dream that want to see grow into a reality, by becoming a success in the real world.
It may be a bit of a cliché, but following your dream and having an idea that you want to pursue is a common theme amongst successful business people, who can often tell you about that initial spark of inspiration or that seed of an idea that they turned into a successful business venture.
Launching any sort of business is a calculated risk, although some ventures are perceived to be riskier than others.
Even putting your money into a proven franchise idea doesn’t guarantee success, but business people who become the winners are those that understand the risks associated with launching a start-up business and have weighed up those risks and taken a calculated gamble, based on a solid comprehension that they could lose their money.
You will be in good company if you start your business having weighed up the probable risks and fully understand the potentially good and bad consequences of their decision.
It is perfectly understandable that if you have hatched an idea and want to see it through to the point where it hopefully goes from a start-up to a successful and prosperous business, you may feel that you are the best person to achieve this goal.
Going it alone and trying to handle every aspect of the business works for some of us but there are some persuasive figures that suggest teaming up with others can turn out to be a smart move for a number of reasons.
According to 10 years of data compiled by venture capital firm First Round, one of the interesting statistics they uncovered, was the fact that start-ups run by pairs or groups of founders managed to perform over 160% better than solo start-ups, and often achieved higher business valuations too.
Prepared for sacrifice
So many success stories have a common denominator that seems to be part of the DNA of a successful start-up, which is the fact that sacrifices were necessary to achieve the dream.
Starting a new business and growing it into something of tangible value can often involve sacrificing your time, personal relationships and financial stability, whilst you work hard to justify your belief and optimism.
As long as you are prepared for the journey, and know how to market and manage in equal measure, there are plenty of rewards to be had in the long run with your start-up.
John Sollars is a business owner of many years. When he gets the time, he likes to sit down and share what has worked for him. Look for his informative posts on a number of websites and blogs today.