The evaluation that nine out of ten startups actually fail has been circling the web for quite some time, so this is the perfect opportunity to see what we can derive from this seemingly discouraging fact. The first observation would be that, considering how dense and vivid the competition is these days, these odds are manageable. The second lesson we can learn is that you should do your best to emulate all the features of wildly successful business in order to find your place in those lucky 10% and success as an entrepreneur. Let us look at some of them.
Focus on the User
Today, with all the online options available, everyone can conduct a successful marketing campaign, even on a meager budget. What separates the successful companies from the unsuccessful ones is that they put the users in the focus of their marketing campaigns, and indeed their end products. When Google’s Android saw its commercial debut in the late 2008, one of the things that helped this ambitious OS to reach the masses was the plethora of customization options which made pretty much every device unique. In short, if you are to succeed, your customers have to find a piece of themselves in your products and services.
Leave no Loose Ends
Your business may be a well-oiled machine, but, as you now, even the small debris can bring the entire thing to a halt. Sure, giants like Volkswagen can afford themselves to withdraw millions of vehicles off the market, but such moves are not the commodity you can afford yourself. So, in order to prevent such disasters, keep a close eye on everything happening in your company, ranging from product testing to online marketing analytics. If your business is using heavy equipment, like a scissor lift or a forklift, establish regular maintenance duties to keep them in good shape.
Increase Your Online Visibility
If you are starting from the ground up, chances are that your customers will have to stumble upon your name before ever knowing that you exist. That is why it is absolutely essential that you increase your online visibility. The most common way to do that is through blogging and SEO, but any other strategy that will back up these endeavors is more than welcomed. One of the most efficient ways to reach mass audience is to establish a firm foothold on the social media, and then branch out through various contests, and calls to action.
Establish a Professional Network
Doing everything on your own is very hard and counterproductive, especially in today’s commerce environment where a network of influential acquaintances, associates, partners, and possible investors is considered a foundation of any viable business. Larger the network is, higher are the chances that you will get an access to more favorable suppliers, better staff, or even a merger which can grant you an access to entirely new markets.
Play it Safe and Put the Things into Perspective
Remember, Rome was not built in a day, so you should not be discouraged if you do not see the fruits of your labor immediately. What you should do instead is to play safe, keep up with technology, and always put enough resources on the side so you are able to bridge some more difficult periods. Yes, overnight success is something every entrepreneur hopes to, and strives for, but honestly, such cases are very rare. Be prepared for the long and hard work, avoid impulsive moves, and you will reduce the risk to minimum.
While the recipe for instant success most certainly does not exist there is an experience of thousands and thousands of successful businesses before us, we can always resort to. Follow their footsteps, and those 10% we mentioned above will look much more certain.