Seventy-five percent of startups fail, most of them is not successful. Of the thousands of companies founded every year, a mere fraction survive. And, of those few remaining, only a tiny number will go on to produce a sizable and sustainable revenue stream year over year.
Most novice business owners are not prepared for a hard journey ahead. Most startup founders have no idea what it takes to build a marginally successful business. But there are at least four things they should know before they build a business:
One of the most common mistake of entrepreneurs is that they get too excited about their new ideas or business ventures and they share their vision with people around us. It is not bad to tell other people what are your plans but there are people may mimic your plans. Do not tell to anybody your next move if you haven’t made it yet.
Focus and Concentrate
Building anything successful will take years of intense focus. Building a business is not easy as eating a piece of cake, you will be sending e-mails, drinking gallons of coffee just to finish everything on time.
The hardest part is staying focused. There are fathomless opportunities outside your comfort zone, there are temptations that can take away your concentration. You have to learn how to say ‘no’ sometimes. Focus on your goal, your time is your most valuable resource. You can always raise more money. You can always hire more people. But you cannot manufacture more time. If you are really serious about your business, you must be conscious of how you spend your time and focus on what really matters.
One of the hardest parts about being the person in charge of your business is taking responsibility for everything — both the good and the bad parts. Feedback is hard to handle especially when you are going through rough days.
If you want to build a successful company, you have to do two things:
You need to disconnect your personal feelings from the negative feedback you received. To have a successful business, you have to accept and know how to handle criticisms when people criticize your work or strategy.
Make sure the truth wins out. By dismissing the feedback they receive, founders often hinder the truth; they imbue their own personal bias into the decision-making process. But for those businesses to be successful, the truth must win. You must do whatever it takes to remove bias from your system so that you are always making decisions as cleanly and “bias-free” as possible.
Be ready to adapt
Building a startup is a lot like a roller coaster. For every up, there are likely three-to-four downs.
To achieve a successful business, you will have to learn how to endure both the successes and the failures. There will come a day where everything looks bad. Your employees will want to quit. Your investors will want their money back. And, it is at this moment where the best founders shine. They adapt. They are obsessed with problems, not solutions, and are able to take out all bias and make the right decisions.
To build a successful company, you must be able to change. In a world changing so quickly, founders and their companies unable to adapt to change will fall far behind.