Avoid Startup Failure with These Five Tips

A startup is like a newborn child. It’s expensive, time consuming, keeps you up late at night, and demands almost constant attention. You want to see your startup become something incredible, something bigger than yourself, and you will do whatever it takes to help it get there. Yet, like child rearing, the road to startup success is fraught with challenges and uncertainty. If you want to see it succeed, there are some things you have to do.

Greg Nunan of Blogtrepreneur offers up these five tips to help you avoid startup failure:

  1. Choose Your Team Wisely – A successful startup isn’t a one-person operation, it requires a group of committed individuals for it to work. A passionate, enthusiastic, and skilled team will do more for a startup than any amount of capital or interest ever could.
  2. Pay Attention to Your Customers – Customer feedback is your greatest source of learning in the early days of a startup, so pay attention to what they have to say. Negative feedback is even more useful than positive, so also don’t be afraid to listen to criticism, it could save you from making bigger mistakes long-term.
  3. Look for Ways to Optimize – Don’t get stuck into a single way of doing things. If a process can become optimized, more efficient, do it. Flexibility will be a strong ally in the rapidly changing modern market. It also will make it easier for you to overcome unforeseen hurdles.
  4. Plan First, then Hustle – Planning is an important part of the process, but it is ultimately the doing the matters. Set goals and milestones for yourself, and work hard to achieve those goals. Not producing enough? Work harder, then update your goals as need be.
  5. Generate Buzz – You may have the best team in the country and the best idea to come out of the 21st century, but if no one outside of the company is enthusiastic about it, it’s never going to get anywhere. Invest money in marketing, use social media strategies, and get people excited. For people to believe in what you’re doing, they need to actually know about it.

Read more at Blogtrepreneur.

There are many roadblocks and challenges when it comes to getting a startup off the ground. Avoiding common pitfalls, finding the correct resources, and choosing the right team can ultimately mean the difference between success and failure with a new venture.

What are some things you’ve done to raise your chances of success with a new startup? Is there something you wish you could’ve done better at the outset? Which of these 5 tips do you find to be the most beneficial?

About the Author Bill Ringle

Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.

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