Unfortunately, it’s a stark fact of the business world that the majority of startups fail. As Tanya Prive points out, writing for Forbes.com, a new business represents a journey into the unknown, and entrepreneurs need to embrace ambiguity, uncertainty and multiple challenges.
With that in mind, the author highlights some of the qualities that are deeply ingrained in successful entrepreneurs and help their startups succeed:
• Vision. Prive comments: “A startup needs to envision how to monetise from the very beginning. The first dollar counts, especially for potential investors.”
• Speed. If startups are to reach their goals and milestones, getting things done quickly is essential. Launching on time and moving faster than competitors are among the keys to success. Good productivity, making the most of your time and knowledgeable staff will help you achieve the speed you need.
• Mastering the budget. You have to be efficient and operate a lean business model. Avoid unnecessary expense and master the art of doing more with less.
• Social skills. Startup CEOs need to inspire people to follow them.
• Discipline. You need self-control and self-imposed standards to make a success of a new business. A positive work ethic will lead to things getting done efficiently and effectively.
• Determination. All successful businesses have overcome imposing challenges, especially in the early stages. Determination and a refusal to be beaten are common traits among successful entrepreneurs.
• Ability to adapt to changes. Not only will you have to make adjustments to products, services and business plans in order to steer a startup towards success, but you need to embrace new thinking and technologies.
• Fundraising skills. A business cannot run without sufficient capital. The primary task of the startup CEO is to raise funds.
• Execution. Having a business idea is just the beginning of entrepreneurship. You need the skills to see it through. Building a strong team with the right experience will aid successful execution.