The 3 Key Secrets To Making A Startup Successful That You Need To Read Right Now

According to the latest statistics, less than 50% of startups survive and in most regions of the UK, in a year, nearly as many startups will shut down as those who are set up.
There is no getting around it, the odds are against you if you are trying to start up your own business. However, the rewards are so big and so amazing if your business does manage to survive, that it is absolutely worth the risks associated with bringing your very own startup into the world. Some of the top draws of owning your own business include:-
  • Building a business based on your beliefs and morals
  • Controlling where you work
  • Choosing when you work
  • Having an outlet for creativity
  • Eventual financial payback
  • Choosing who you work with
  • Choosing the direction your business goes in

There's a lot to be gained by creating your own business, but it does take a lot of hard work, time, effort, blood sweat and tears to get it going in the first place. Once you've started the business, there's a long road of hurdles to overcome in order to find stability and keep it going. There's a lot to contend with, but there are ways to ensure your business is much more likely to succeed against your rivals. Here are the 3 secrets to making your startup successful that you never knew about:

1. Be A Problem Solver

Within the world of project management, the most successful at their game of managing projects, helping huge corporate projects and businesses survive and weather even the most ferocious storms, have one major skill under their belt: problem solving. As the project manager of your very own project - your business - you should become the most incredible problem solver. Because there will be hurdles and problems galore, almost constantly. As Richard Branson says an a useful article about his approach to problem solving:

"Starting a business is essentially an adventure in problem solving"

Those who fail will simply see these problems as walls that they cannot get around, but as a survivor and a success, you will see the cracks in the wall, the tunnels underneath, the tools to knock it down, the opportunity to utilise it as part of your journey. Being a problem solver is an absolutely huge part of making a startup successful and if you master that skill, you are already well on your way to keeping your business afloat.

2. Keep Your Eyes On The Money

With so much going on, it can be difficult to keep your finger at the beating heart of your company, which is the money. Sure, the morals and passion and desire for success all fuel the company, but it can't keep going without finance, that is just the cold, hard reality of business. Ever watched Dragons Den only to see the latest failing entrepreneur or fledgling business admit they have plundered lots of money into the business before they have even sold a thing? Or they aren't quite sure of the different figures involved in their incomings and outgoings? Or at worst, they don't have a forward thinking financial forecast for the company at all? Learn from the mistakes of many, many businesses before you and become very hands on with the finances related to your company. You don't need an accountant in the beginning, you just have to have a very good grip on cash flow. The three easy short films on cash flow in this startup article are a good place to start. You should also have a good idea of your financial options for growth. You have to think ahead in this game and there will come a time (likely over and over again) where you need a cash injection in order to expand your business. Learn about all the different options available to you like angel investors, invoice discounting options, business loans, private loans etc, so that you have a good base understanding of which options are applicable to you depending on your business needs at different stages of growth.

3. Learn From The Past Mistakes Of Those Who Have Failed Before

Often with the inflated excitement of creating a new product or simply going it alone, caution can be thrown to the wind and we can get carried away with all the good stuff, forgetting all the things we need to be wary of. Entrepreneur compiled a list of the top reasons that startups fail, which included a lack of focus, and taking advice from the wrong people. Lists like these are built on facts, which means they need to be listened to. Print off a list of the key reasons startups fail and have it on your wall as motivation to succeed. Go through each point and check that you aren't falling into the trap of making that mistake. Are you focused? Are you receiving the right support? Are you getting advice and guidance from the right people? Are you still motivated to succeed? You should always be believing in yourself, but never based on emotions alone. Base your self-belief on fact when it comes to business.

The more you educate yourself, the more you'll know ahead of time how to make your business even more likely to succeed. With the right attitude and the right approach, your business has every chance of succeeding and surviving long into the future. Who knows, startups could well be asking you what your secrets to success are.

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