"Happiness us not at the top of the mountain, but in how to climb.” ~ Confucius
Starting a business is an exciting yet challenging endeavor. The path is filled with twists and turns, but with the right strategy, you can increase your chances of success.
Today, we’re sharing some of our favorite tips to help make your startup succeed.
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1. Define a Problem & Solution
As the founder of TechCrunch Michael Arrington said, “The best startups generally come from somebody needing to scratch an itch.” For a stronger chance at success, your startup should be built to solve a specific problem for a specific clientele.
Identify a clear problem and solution to help focus your efforts. It will give you a clear direction for your business, no matter what branding, technological, or business changes happen along your journey.
For example, at BearPeak, we recognized the problem that 90% of startups fail, with 10% not even making it through their first year. We believe that with better guidance, a strong network, and access to experts in software development and leadership, we can provide a solution to those startups that truly want to succeed. We help startups start up.
2. Validate Your Idea
We hate to say it, but there are ideas out there that simply don’t have a market. Before investing your hard-earned time and money into a startup, make sure there is a market for your product or service. It's important to conduct market research and validate your idea by talking to potential customers and getting feedback.
Be your own first customer: Would you buy it?
BearPeak validated its business idea by talking to startup Founders and CEOs. They were searching for software experts, leadership guidance, and a stronger local network, all things BearPeak provides! We found our first clients in our Boulder neighborhood.
3. Build a Strong Team
"The whole is greater than the sum of its parts." Your team is the backbone of your startup, so it's important to build one that's strong, supportive, and diverse. Not only will you gain different perspectives and insights, but even ones that you don’t agree with will challenge what you previously thought true. Stay open to new ideas to keep your startup afloat through uncharted waters.
4. Make Connections
For a better chance at success, it's important to surround yourself with like-minded people. Step outside your office and meet other startup founders! Building a network of contacts and relationships can help you find new opportunities, gain access to resources, and even find new customers.
It's excellent to follow a structured system to get your startup moving, but making connections will bring opportunities you couldn't have predicted. We recommend attending events, joining organizations, and connecting with others in your industry as often as possible.
5. Be Flexible
In the early stages of a startup, it's important to be flexible. It’s your baby, but you can’t control exactly how it will turn out. Be prepared to pivot your strategy and make changes as needed based on feedback from customers and the market.
When our founder John Eckhardt had the idea for BearPeak, he had a completely different name in mind! He was willing to brainstorm new names, styles, even services and clienteles, in order to serve people as best as he could. You're currently browsing the fourth version of our website! New and improved iterations wouldn't have been possible without flexibility.
6. Focus on Cash Flow
No, you’re not being greedy by focusing on the money; Cash flow is the lifeblood of your startup, and it's important to carefully manage your finances.
Before investing all your savings into one new tool or extra-cool gadget, do your research and compare competitors. The ultimate goal is to keep expenses low, track your cash flow, and make sure you have enough money to sustain your business through its early stages.
7. Stay Persistent
Starting a business is not easy, and there will be challenges along the way. Stay focused, persistent, and never give up.
Why did you start your business? What motives you to keep going?
Reflect on your successes so far to encourage yourself to keep making improvements every day. Even minuscule improvements can add up to something great.
Make Your Startup Succeed
This takes hard work, dedication, and a bit of luck. But by following these tips, you can increase your chances of success and turn your dream into a reality.
It's hard to stay persistent without accountability and assistance; make sure to check out BearPeak's services to start building a network of startup professionals.