Launching a startup from scratch is a daunting task, but it’s an achievable one if you keep some crucial things in mind. Here are some things worth knowing to give the business the best chance of thriving and avoid pitfalls.
1. Timing Really Is Everything
“Timing is everything” is a familiar saying in the world of business and elsewhere. And, according to the findings of Bill Gross, a company founder, timing accounted for 42 percent of the difference between a startup’s success and failure. This study only involved 100 companies, but it’s a reminder of why entrepreneurs shouldn’t leap into things haphazardly. Keep in mind that there are various kinds of timing, too. For example, some entrepreneurs need to determine if now is a good time in their personal lives to launch a startup, but it’s worthwhile for others to think about the timing supports a market need or whether the timing is right concerning the currently available technology or what’s getting released soon.
2. Strong Emotions Are Inevitable, But You’re Not Alone
Many people dream of having businesses for years before making good on that goal. So, it’s not surprising that the individuals who decide to begin startups often don’t realize that they’re also getting on an emotional roller coaster. For example, you can expect to feel a rush of pride on the day that you sign the lease for your first business space but may feel discouraged if a new product doesn’t sell as well as expected. Even if your startup enjoys more success than expected from the start, there will be down times, too. That said, people can rest assured that there are other entrepreneurs around the world feeling those same emotional peaks and valleys. Consider joining a support group, especially if you’re feeling isolated or overwhelmed. If you don’t have a circle of friends that naturally includes other entrepreneurs, many people may wonder why you’d go through all the stress and uncertainty that starting a business often brings. But, being around others who are in similar situations should offer comfort as well as practical resources.
3. Understand Requirements Related to State Laws and Employees
Startup founders often feel compelled to put most of their efforts towards things like marketing or product development. Those aspects typically seem exciting, and perhaps the things most likely to solidify a company’s future prosperity. But, entrepreneurs also need to tackle things that might seem less thrilling like legal requirements or insurance. It’s best to get clarification from a legal expert about insurances like workers’ compensation and umbrella policies, and even formalities related to employee wages and taxes. Otherwise, entrepreneurs could realize that legal-related misunderstandings compromise the potential of their businesses.
4. Surround Yourself With Hard-Working, Like-Minded People
One of the nice things about starting a business is the control from comes that deciding how and when to do things. Entrepreneurs are frequently fiercely independent people not afraid to think outside of the box and go against the mainstream. If that sounds like you, it may feel tempting to do as much as you can without help. After all, taking that approach gives you the maximum level of control. But, individuals who’ve launched startups and learned from their experiences — including what not to do — advise entrepreneurs steer clear of the independent route and to instead surround themselves with good people who are similarly motivated by their beliefs in the company. Doing that avoids the isolation mentioned earlier, plus allows startup founders to gain perspectives from others.
5. Failures Teach Valuable Lessons
People who experience failure associated with their startups often want to try and move past those scenarios as soon as possible. They might try and block them from their memories or laugh them off as if those problems never happened. But, entrepreneurs need to realize that they can learn from failures by adopting the proper mindset. You can start by being willing to investigate every outcome and understand what didn’t work well. Some people also find it helpful to write down their mistakes and periodically review the list to avoid similar future issues. Also, don’t be so afraid of failure that you get choked up by the fear of something not working out well. Then, your best ideas may never come to light.
No Magic Concoction For Success
People who’ve read autobiographies about their favorite entrepreneurs probably know by now that there are no clear-cut answers that bring guaranteed success for your startup. But, this list should help you get on a steady path that lets you put the pieces in place and build momentum.
*Bonus! Check out this podcast in which self-help and transformational speaker Tony Robbins interviews serial entrepreneur, Bill Gross, on how he grew seven companies to over $1 billion. Hear and read the interview by clicking here!
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