Does Your Startup Have What It Takes To Thrive?
Will your startup survive?
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Pretty much every entrepreneur that starts their own business thinks that it has what it takes to thrive. Just watching one episode of Dragon’s Den, you’ll see a ton of entrepreneurs who believe in their business idea. The only problem, is that some of them just aren’t viable. They seem dismayed when the dragons tell them this, but that’s just the way it is. If you want to know for sure whether your startup has what it takes to thrive, this guide is for you.
You Treat Your Employees Like Your Most Valued Customers
As a startup, you should know that your employees are just as important as your customers. You should be treating them as such! Providing you’ve taken the time to hire employees who share your vision and will help to drive your business forward, you need to show them that you don’t want to lose them. There are many ways you can do this, so make sure you work out what is most viable for you. Will you offer many perks and bonuses? Happy employees will always be more productive and stay with you for longer.
You Know Your Numbers Well
Knowing your numbers is an absolute must if you’re going to thrive. If you don’t know what you have coming in, as well as the other all important numbers, how will you be sure that you’re going to thrive? This is one of the most peeving things on Dragon’s Den - when an entrepreneur doesn’t know their numbers. Not only should you know your numbers, you should be finding ways to increase your profit. By making small changes, such as offering payment with a credit card reader, you can bring in more cash and boost your income!
You’re Excited And Passionate About It
Being excited and passionate will definitely help to drive your business forward. Although Dragon’s den has been mentioned a lot here, it’s another point to make. Some entrepreneurs get poor feedback, and still go on to do great. Why? Because they have unwavering passion and excitement for what they are doing. It’s this kind of thing that will help you to thrive.
You Learn From Your Mistakes
You must learn from your mistakes. A startup is basically a constant stream of experiments. They won’t all work, so make sure you learn from them rather than let them get you down. Try looking at them in a different way, as a learning curve.
You Make Constant Changes
Making constant changes to your business is essential. This means you won’t go stale, and that you’re keeping up with your competition. Some of these changes only need to be subtle, but they’ll all make a big difference.
So, does your startup have what it takes to thrive? If this is something you’re doing purely for the money, rather than because you are passionate about it, you should probably change what you’re doing. Without passion, you’ll never be happy. No matter how much money you have coming in!
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