Just 25 percent startups succeed, which means that the other 75 percent are doomed to fail. Of all the startups that are founded every year, and we are talking of thousands, just a few of them survive, and even less develop into business with the sustainable income.
So how to start a business and be sure that it will grow and flourish? How can your business be the one that survived?
Unfortunately, there is no a universal solution for this. There is no some magic recipe that could be applied to everyone’s companies, and make them successful. I there was something like this, we’d all be rich at this point. But again, one of the biggest reasons why so many startups fail so quick is wrong expectations or rather misaligned expectations. Young entrepreneurs are usually not ready for the journey that is before them after starting a business. And it’s not just that they don’t know what it takes to build some giant company, they don’t really know how hard it is to build some marginally successful business. Here are four things you should know if you are considering starting business:
- Build in silence.
The chairman of the Stealth Performance Communications, Quiane Crews, says that building in science is very crucial to starting a business. “They can’t stop what they can’t see.”
He said that a lot of entrepreneurs make the same mistake and that’s telling people around them about their idea because they get too excited. “The bad part about that is not everyone is meant to know your vision.”
He added that he has learned not to tell people about his intentions and actions before making them because that way no one can interfere with your business. For him telling people about your moves is showing them your hand before you play it.
“I’ve had my shares of ups and downs as well as any successful entrepreneur,” Crews said. “One of the main reasons I was able to gain massive success in a short period of time is that no one knew what I was doing, and I had an amazing team that was on the same page as me.”
“Overnight success” is a myth, make peace with it. You need to understand right away that making a successful business will require years of focus.
Forget all the movies, the process of establishing your business will be very hard. You will have daily tasks, and it won’t be easy at all. You will probably be staying all night, sending emails, or whatever the job requires. And amid all this, you will have to stay completely focused most or rather all of the time. It is very important to learn to say no to many things, as your time will be your most valuable resource. There will be no extra time, and sooner you realize this the better. With all the competition, you really have to make the most of your time. Use it to help your company, to get the most out of it if you want it to grow.
- Listen to the feedback.
Being in charge means that you will be responsible for everything, the good and the bad. The thing that is very hard to deal with is feedback, and even more so when feedback is not really good. Building a successful company requires two things:
You will have to disassociate your personal feelings from the feedback you receive. You really cannot get offended when someone criticizes your company.
And second, make sure the truth wins out.
You can’t dismiss the feedback you get because that will only mean you are hiding the truth. And the truth must always win. You have to be unbiased in decision making as much as plausible.
- Learn to adapt.
Your ego will also have to be put aside in order to achieve something because you will eventually have to adapt. There will probably be more downs than ups in the process of building your company. The days will come when everything will look bad, but that’s just part of the process, you will have to learn how to endure the failures and success. The days when your employees just quit and your investors want their money back will come, and that is where the test is. In those moments best entrepreneurs show their skills, they adapt. When that time comes, think more about the problem and not about the solutions, and make decisions that are completely unbiased.
In the today’s world where constant change is the rule, companies and their founders that don’t know how to change and adapt will fall first.