We Have Lift Off: 5 Things Successful Startups Have in Common

Startups have never had so many great opportunities for success, and failure. Prototype development, efficient manufacturing, and open ecommerce channels allow you to run from conception to market at a breathtaking pace.  Whether you’re a budding entrepreneur or a seasoned startup founder, chances are you aim to do more than survive—naturally, you want your business to thrive and prosper. When you’re shooting for the stars, it’s worth taking notes from other successful startups to see what common characteristics they share.  The following are a few observations that we have made in working with Startups across the globe.

1) Infectious optimism for their products.

Successful entrepreneurs share their vision with an infectious optimism.  Your startup idea may have begun with a dream, or a vision for a new product or service that will make a difference in the lives of consumers. If you’re passionate about realizing that vision, your passion will keep momentum flowing as  you go through the long, difficult, and often risky path to the market. While there is no substitute for quality and price, your enthusiasm for your business will differentiate you from the competition when it matters.

2) Focused upon a clear target.

Successful startups identify a defined, reliable and accessible consumer base that will either want the product, or better yet, need the product when it hits the market.  Messaging is key — use all manner of social and traditional media sources to let your targets know you are have what they need.  It is critical to get outside your echo chamber.  Listen and understand your customers — what do they need from you, what they expect from you, and what is their “perfect experience.”

3) A team of skilled and loyal employees.

The more thought you put into hiring strong employees with relevant skill sets and experience, the more they can contribute to the success of your startup. It’s equally important to keep your employees motivated by rewarding those who contribute, and to keep them happy by creating a respectful and supportive workplace culture.  A shared vision becomes a successful vision.

4) Courage to Fail, Wisdom to Succeed.

Every startup has its share of ups and downs. You will need confidence to forge the path to your vision, as well as the wisdom to pivot when a dead-end presents.  The most prosperous startups constantly learn from successes and mistakes.  Talk to your competitors, attend trade shows, learn from your vendors, observe best-practices and recognize your weaknesses as a leader. Remake yourself rather than doggedly hold true to a failed approach.

5) Partnering with others for success.

The path to startup success is neither clear nor cookie-cutter.  As you build for the future and look to attract customers, it is important to find complementary businesses that can help you succeed — ones that would ideally succeed with you.   Avoid the ever present temptation to think you have all the answers in the quest to realize your vision.    Wise entrepreneurs will look to the future with confidence while keeping an open mind about the possibilities available to their company.

What else can you do to get your startup off the ground and take flight? A seasoned business attorney can tell you more. Get in touch with BRADFORD, LTD to speak with a lawyer who will analyze your business objectives and provide you with the legal strategy you need to succeed.

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BRADFORD, LTD

Our national law firm works closely with clients in all sectors of technology, healthcare, and hospitality to develop effective and efficient strategies for dealing with litigation, corporate, regulation, and the competitive market.

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