[INFOGRAPHIC] 4 Factors That Make Startups Successful
Have you ever wondered what makes the difference between success and failure?
What is that secret ingredient that makes that 1 in 4 startups really succeed?
After all, more than 100 millions startups are created each year and competition is more than tough. We have already talked about the most frequent reasons of startup failure. Now is the time to give practical advice for making your idea sustainable and scalable in the long run.
1. Prepare for Lift off – Prepare Your Elevator Pitch
In those first years of your startup existence, your elevator pitch is something you will come back to over and over again. It is something that should be influenced by your narrative – that unique story that emerges from the nature of your business – and is still simple enough for your grandmother to understand. Your elevator pitch will be opening or closing the doors to your target audience, potential investors or media. Make sure you perfect it from the start.
2. Find a Hole and Fill It – Do the Market Research
You idea may be the best ever. It may make your family and friends very excited and feel like bragging about smart you are. However, if it does not present an answer to a real need of large enough audience, you are very likely to fail. When it comes to getting it right, it’s all about nuances and timing. Remember the story of New Coke? In 77 days – the amount of time it took Coca Cola to reintroduce Coca-Cola Classic – company lost millions in sales and lost market share. Before you make any major decision, make sure to do a proper market research. It will save you a lot of trouble down the road.
3. Make it or Break it – Choose the Right Domain Name
Research shows that 85% of Internet users type a domain name into a browser address bar at least sometimes. What this means for your startup is that your domain name can help you add to the uniqueness and memorability of your brand.
When choosing a domain name, the worst thing you can do (beside not securing your domain name on time) is choose a domain name that is:
– Not exact match to your startup’s name. Counterintuitive domains present a real marketing challenge because they foster distrust with your audience.
– Too long, thus being hard to memorize. Some startups have been known to use the appendages such as “the” in front of their domain name.
– Hard to type and/or is spelled differently than what it sounds. I don’t know if you heard but dash in a domain name is popularly called the “Dash of Death”. Fitting. 😀
When it comes to startups, .ME is one of the most popular domain names. 1.32% of all startups, from all over the world, have chosen .ME to make their brand truly personal and memorable.
4. You Are Who You Hire – Assemble the Dream Team
When starting your business there are not many resources available to you. You are most likely still searching for the financial support and are struggling to develop the product and/or consumer base. What you do have is your idea and your team – people with passion and commitment that (should) represent the driving force behind your company.
You will be working more hours that you should, solving problems you never thought you would have and cursing your decision to leave that safe and well-cushioned job “for this”. But all of this is more than bearable when people in your team are the ones you can trust and that can make you laugh, even on Mondays. As a general rule of thumb, the first employee you hire will cause your startup to fail or thrive. Choose someone you see trusting and working with 20 years down the road.
