You may have heard the statistic that 97 percent of startups fail within their first year. If you’re thinking of setting up your own startup, it’s important to ask why this is and try to work through the problems. Luckily, we’ve got the answers you need, and if you follow this advice, we can guarantee your startup succeeds.
Offer Something New
The first thing you need to think about is whether or not the idea for your business is fresh. No idea is completely original, and as long as you have a fresh spin, you’ll be in a good starting position. You have to be able to show investors and customers that you are bringing something unique to the table.
Get A Strong Team Together
You might be thinking about setting up a business by yourself. But remember, two heads are always better than one just like four heads are better than two. The most successful companies in the world today are diverse. They have people with different ideologies working together moving towards innovation. This is exactly what you need if you want your startup business to succeed.
Plan For The Future
Finally, it’s important that you know what your business can be rather than just what it is. Ideally, you should be able to show investors what they stand to gain if they support your company. As seen in the infographic below you should be working on a five-year plan with everything in place for the future. These days it’s not enough to consider where your business will be tomorrow. The vision for your business must have longevity.
Infographic Created By Washington State University