“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs
Whenever an overnight success story makes you dream of building your own business from the ground, remember that according to statistics more than 60% of start-ups only survive up to three years, while 35% make it to 10 years. A new company should benefit from perfect market timing, a lot of flexibility and a great vision in order to meet the odds to survive through the years. The first year is critical for a start-up. Here are three important steps to take in order to keep your start-up from turning into another sorry statistic.
1. Explore the Market’s trends and challenges. One of the main factors that leads to new companies fail within the first year of existence is that there’s no market for the product or service they’ve developed. With no compelling reason to trigger a buyer to actually purchase the product, the start-up odds to fail increase substantially. A well focused entrepreneur should carefully research the market, from its history to the applicable government laws and regulations. Trying to understand where an industry is headed is very important. Thus, the businessman can measure the potential impact on his start-up and the way to remain relevant. Don’t be afraid to reinvent the product or service you’ve build, in order to address your customers’ pain points. On a macro level, an entrepreneur should never enter a market that’s in a downward spiral. Knowing the impact of the economic conditions of the market is vital for the health of your start-up. Thus, the potential opportunities of the new business will be quickly revealed. Identify the competitive landscape, the weak competitors, as well as the strong ones and try to build and redirect the start-up accordingly.
Before launching a start-up, make some industry research. This will provide relevant information to reinforce your start-up.
2. Make sure to remain relevant. Flexibility is the key. Be receptive to the trends and changes in the market! Thus, your start-up will rapidly gain both success and endurance.
3. Anticipate your Consumer Needs. In order to turn invaluable insights into high satisfaction levels, an entrepreneur should always try to identify and target the best buyers for marketing initiatives. Asking the costumers is one of the most effective ways to measure satisfaction. Find out about your customers needs through social platforms like Facebook, Twitter and Linked. This is called “social listening”, a great way to gather candid feedback from potential customers.
Successful entrepreneurs agree that flexibility, in-depth industry knowledge, first-rate customer service, the right partnerships, and a solid business strategy are vital for a healthy start-up.