The first thing that comes into the mind of every potential entrepreneur is Success. However, it’s not that easy to success just how it’s to imagine. Often things take unexpected turns and potential millionaires are just left broken with a few dimes in their pockets.
As a recent study suggests, 90% of startups fail due to some undermined decisions someone failed to anticipate. So, what are the stories and reasons behind all those successful entrepreneurs whose startups has been growing ever since? Didn’t they face any such unwanted downfalls? How did they manage to get on their feet and reach the height they targeted?
If you’re trying to require your newfound ideas as a startup and the above-mentioned questions came into your mind, you’re in the right place. We’re going to outline the 7 inside stories of success from the people we all want to be, successful.
Someone Needs a Break
Timothy, a CS graduate hailed in high regards within his peers, thanks to the ongoing traction his latest startup is receiving; feels confident and enriched every day. Things look all too well. However, his family members don’t find him like his old self, funny and adventurous.
His tension is growing every day to keep up with his continuous success. As newer opportunities pour in front of him, he is becoming more and more tensed. He often thinks about how other startups he thought would shine vanished from the market before his eyes. His decision isn’t as feasible as they once were. Sticking with safe bets are decreasing the revenue every day now. After taking a week off to cruize in and around the Hawaii with his fiancee, Timothy feels as fresh as mountain air. He faces his challenges with more agitation and is again seeing signs of success in work. The thing is, with the numerous workloads associated with our startup, we often forget how elementary it is to make sure our mind is calm and profound. A calm mind is a determined mind, and a determined mind is always successful.
A Demanding Market is the Right Market
Cynthia, a US-China citizen, is seen tense pretty often. Her new business of selling traditional Chinese Hanfu is not meeting the success stories she dreamt of during her planning. Her friend Maggy, on the other hand, is met with tremendous success selling Moroccan rugs that she imports directly from Morocco. Her customers seem to love their rugs and often gossip about their greatness in parties or social gatherings, contributing to an increased profit for Maggy.
The problem here for Cynthia is not the quality of her products. People in Manhattan simply aren’t looking to buy traditional Chinese garments. They aren’t a trend yet. Using handmade Moroccan rugs, on the other hand, adds too many people aesthetics and thus attracts a lot of customers with classy taste. Targeting the right market is what that clicked the success button of Maggy’s business. Contrary to Cynthia’s failing of anticipating her customer base.
Hiring Efficient Team Members
Matt’s idea of delivering luxury helicopter services for the rich may seem copied from Uber or Lyft; he was meeting with a significant profit until recently. Two of his most experienced pilot left recently, and Matt was forced to hire two newcomers for replacing them.
Julian and Rick, on the other hand, are not people he expected. Despite their impressive resume, Julian is often late while Rick being impolite. Customers complained a few times before turning their face from Matt’s services. As soon as the word broke, business is becoming dry day by day and Matt is losing profits. Only after firing both his slackers and asking forgiveness via formal email, Matt succeeded to turn the tide on his favor. It’s a known fact that efficient team members are essential to a startup’s success. Also, big teams of proficient employees are known for bringing much more revenues than small teams.
Learning from Earlier Mistakes
Wonder what happened to Cynthia, the woman who couldn’t cash-in her idea of selling traditional Chinese Hanfu? Contrary to what you may think, she’s quite successful after migrating her customer base from people of Manhattan to New York-based theater aficionados. Whenever a production requires traditional Chinese clothing, independent directors and producers seek them to Cynthia. The factor behind her turn around in business is nothing but her ability to learn from her mistakes. Learning from your mistake is the single most important thing when launching your ideas into a self-made business. Not every successful person you know gained it the first time they tried. Chances are they failed several times but learned their lesson before going bankrupt.
Always Develop Detailed Business Plans
To ensure the success of your new business, you need to start planning in detail right from the time you start. Failing to prepare every course of action that you will take can result in troubles that you didn’t even imagine. Successful entrepreneurs always plan everything in detail. You need to keep notes of both your current activities and future actions. Without a detailed plan, your startup can sink like a boat without a boatman.
Keeping the Morale Up
Problems are common to every business. Startups are just much vulnerable to them as a single big screw up can flush out your business from the industry. So, entrepreneurs such as Matt and Cynthia are always on a huge pressure. However, you should never give in to these pressure and always maintain positive morale. A lack of morale in the work space is credited as a primary reason behind the failure of many startups that emerge every week.
Spend Your Money Wisely
Believe us when we say, running out of money before even you started to capitalize is the last thing you want. Each year we see a lot of potential startups to flash out the window just because they used their money on the wrong things. Remember, when you start you’ll see many different tasks that require outright money. From buying coffee machines to setup custom servers, every single thing is going to cost you. However, spending money on the most elemental things should be your only action if you want your business to succeed.
We’ve outlined the 7 most important tips you need to know before you kickstart your new business. You should always try to follow step taken by successful entrepreneurs if you want to be a success. Follow the tips mentioned above correctly to have the edge over your competitors.
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Someone Needs a Break
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A Demanding Market is the Right Market
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Hiring Efficient Team Members
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Learning from Earlier Mistakes
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Always Develop Detailed Business Plans
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Keeping the Morale Up
- Spend Your Money Wisely
Bio:
Jacob Dillon is a professional writer and distinctive journalist from Sydney. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.
