5 Sure Signs A Startup Firm Will Succeed

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Active member
Dec 22, 2017
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#1
Here goes 5 Sure Signs A Startup Firm Will Succeed.


1. Has Validated Customers. This is one of the core rules of consummate entrepreneur and fellow Forbes Contributor Alan Hall. Do you know in advance that you have customers who are willing to pay the price you are asking for the product or service you have? Too many good startups fail to sufficiently validate their customer assumptions—or, in the case of internet firms, scale too quickly before validating the initial marketplace and streamlining their costs. A successful startup scales its growth on the basis of proven, steady and paying customers (especially where residual/subscription income is involved). Steady acquisition is also a very good sign, as opposed to high and low fits and starts.


2. Shows a Strategic Perspective. This is the direct opposite of a company that is operating in panic mode, or exhibiting survival thinking. A startup actively planning and moving towards national and global expansion; that has a solid one- and five-year agenda and is making steady and measurable strides to meet the critical milestones is poised to succeed.


3. Is Cash Conservative. There’s never been a better time to start a business in many respects, but there’s perhaps never been a more challenging time to obtain early stage credit or funding. Today’s successful startups are a stark contrast to the high-flying internet firms who bragged about their rabid “burn rates” in 2000-2002. Lean operations are the name of the game, and the ability to stretch and conserve early stage funds, even if greater funds are available, is a significant sign that points to future success. One of my favorite agency clients, Dan Dyer (CEO of NASCAR Car Wash) notes that none of his high-flying executive contemporaries have ever proven to him yet the genuine economic need for a private jet. “Do you know what I call a company jet?” he said recently. “Transportation to bankruptcy.” Good one, Dan. A funny statement, but he’s pretty much right.


4. Operates with Transparency. Commitment, integrity and transparency are closely related. A successful organization has little or nothing (other than its proprietary IP) to hide. Life is simpler with fewer secrets about billing methods, pricing and customer acquisition strategies. It’s also easier to keep employees committed and fully engaged. Transparency is key to my favorite topic, public relations, as well. Deep in the midst of a discussion on corporate spokesperson training (Watch the whiteboards. Know who you’re speaking to. Be aware who’s in earshot) one of our astute clients made a profound statement: The easiest way to avoid bad press is to live and operate each day as if everyone’s watching. He was right. Rarely does bad or embarrassing exposure occur when a company operates in a fashion that leaves nothing to be secretive or embarrassed about. Transparency of operation is a very positive sign.


5. Communication. Yes, my favorite topic is the element of strength that I’m saving for last. Again, a word of wisdom from Alan Hall: Every great leader and every great company communicates well.They communicate good news. They communicate bad news, with candor and straightforward language, as well. They communicate with skill—imagine the frustration of the investor who knows he or she has invested in a great company, but due to lack of communication, the world may never know. No great company was ever conceived and grown in a vacuum. Every successful company recognizes the vital need and the tremendous opportunity they afford themselves when they communicate well. More on that topic in columns to come.
 

Bernard

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Jul 16, 2019
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dinarys.com
#3
I highlight such 5 Sure Signs A Startup Firm Will Succeed

1. Develop your own Business Plan for Your Startup.
I think that every eCommerce company can benefit from a solid business plan. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.

If you want to see how to Write an eCommerce Business Plan for Your Startup, so I recommend you read: How to Write an eCommerce Business Plan for Your Startup dinarys.com/blog/how-to-write-an-ecommerce-business-plan-for-your-startup

2. Clear strategy.
Organisations must have a clear sense of direction if they are to be effective. This involves establishing a goal and a strategy (plan) to achieve this goal. The strategic planning process also helps you uncover ways to improve performance.

3. Great team in place.
Businesses thrive when they have a diverse team of people who can contribute individual ideas. Teamwork helps solve problems. Collaboration within a group can help solve difficult problems. Brainstorming is a good opportunity for the team to exchange ideas and come up with creative ways of doing things.The purpose of creating teams is to provide a framework that will increase the ability of employees to participate in planning, problem-solving, and decision-making to better serve customers.

4. Communication.
It is crucial to communicate effectively in negotiations to ensure you achieve your goals. Communication is also important within the business. Effective communication can help to foster a good working relationship between you and your staff or customers, which can in turn improve morale and efficiency.

5. Operates with Transparency.
Work transparency provides all the necessary information in order to increase the speed, efficiency, and quality of decision making. People want to know what drives the company they are working for, what its long term goals are and how they will be involved in achieving these objectives.

Good luck!
I hope your business stays as good!
 
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