About a hundred million businesses open every year around the world. Almost every minute, there is a new startup. But how many of them will survive until the end of the year? The answer is known – only 10% of these startups will be successful. Nevertheless, the attempts to do business do not stop. And some of them become so successful that they, even more, encourage other people to start their own business. According to the Statista website, as of April 2021, ANT Group, a Chinese fintech company that spun off from Alibaba’s Alipay, valued about 200 billion U.S. dollars, making it the highest-valued unicorn globally. A unicorn is a privately held company with one billion U.S. dollars or more market valuation. As of April 2021, there were over 590 unicorns globally, with the majority in the United States and China.
When you launch your startup, you are full of ideas and dizzying goals. However, to succeed and be among the business leaders, you need to know a few key rules. This article has collected eight valuable tips from professionals on growing your startup and becoming a global leader in your industry.
1. Make sure your idea is relevant
Businessmen are full of ideas for starting a business. However, not every idea will be viable in the long run. For your idea to turn into a long-term business and find itself in the top positions of industry leaders, you need to check that your vision is relevant and solves some problems in the future. Millions of entrepreneurs come up with millions of cool ideas. But for this idea to become something lasting, this idea must solve the problems and pain points of most people.
A leader’s vision guides the organization and keeps team members focused on a single goal in a world full of uncertainty. Having a solid vision that resonates with the team is critical and serves as a starting point when facing challenges. Some words that describe “vision” include “focus” or “the first step towards any transformation.”
3. Patience and perseverance
Being patient and persistent in achieving your goals is essential for both a leader and his startup. Forbes notes that successful teams are made up of those who combine knowledge and experience with purpose, engagement, and connection. Individuals who are more self-aware, exemplify empathy and establish conscious relationships with others can help lead the startup to increased performance, productivity, and financial outcomes.
Having a high level of patience and perseverance is especially important when overcoming the challenges startups face daily. This trait requires both thinking and developing the necessary skills and disciplines deliberately.
4. Practice consistently raising the bar for your employees
The professionals on your team largely determine business success. You should never think that the main thing is your idea. The implementers – the people you’ll be working with – choose a lot of how your idea will come to fruition.
In the hiring process, participate personally in selecting personnel, have guidelines about who to hire, and your idea will succeed.
5. Be innovative
Most entrepreneurs who have built successful companies have a defensive and defensive mindset, clinging to the core competencies of the past.
New inventions come with risks and costs, and they don’t notice that other companies are using them until it’s too late. The price of being late will be too high. Be an innovator use new technology concepts and management methods to win and stay afloat.
6. Make decisions quickly and efficiently
Sometimes it is better to make a decision and, if possible, change it later than to think for a long time and weigh the pros and cons of the decision being made.
7. Trust your intuition
Most successful entrepreneurs listen to their inner voices. You may find yourself drawn in several directions when you start a business. At each stage, it’s important to weigh which products, innovations, and solutions fit your values and discard those that don’t.
8. Learn to adapt
The ability to adapt and be flexible in decisions is essential for any business, especially startups. The example we are seeing now is related to the global pandemic. It taught us that the faster you can adapt to new conditions, the easier it will be for you to survive, for your business to survive.
The competitive nature of business means that companies must have a clear understanding of their customers’ ever-changing business goals and the ability to meet their requirements. This ability to grow with the needs of our clients has undoubtedly been one of the keys to my company’s continued success.
There is no universal answer to finding exemplary leadership qualities for a leader and his organization. However, starting a startup, you should always rely on the basic rules discussed above. All traits, including foresight, perseverance, and sincerity, are vastly interconnected and interdependent. The right combination of leadership ingredients, their prioritization, and alignment with the organization and its members is essential to the project’s success. It does not matter whether you are recruiting a dedicated software development team for an IT project or creating a new car. These rules work for all startups.
Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.