LIKI 5

WHAT DOES YOUR START-UP NEED TO SUCCEED

Looking for a start-up idea and torn between options, or maybe you are in a need of an advice on how to make your idea successful. Well, you came to the right place. Thanks to those 5 simple actions you will have a better knowledge on how to make your business thrive.

We are hearing about start-ups that are growing fast, but what we do not know that an immense amount of work and thought was put into the creation and figuring out “What’s good for the business”.

1. Timing is key

Imagine you have a great business Idea, a perfect business model, promising workers and enough funds. Sounds great, but when one thing is missing – the customers’ needs or their consciousness of the need – who are you going to sell your product to? Now imagine the opposite situation: You have the perfect timing, so you are among the first ones to launch that type of idea which is your business. Everything else is not so great but the need is present. It’s the timing that fits perfectly into the trends that make your product wanted. The thing is, there is no analysis that will determine the perfect timing for launching a product, it is always a gut feeling mixed with a little bit of luck.

2. Perfecting your budget

Many entrepreneurs tend to get a little too over-the-top when they get to a big chunk of money. Thinking that their behavior is rational, they end up planning their budgets without the help of professionals. Then comes a big surprise: We can’t afford this, we can’t afford that, etc. Leave budgeting to a professional. It is not as easy as it seems to be. Every aspect of your business has to be a part of the budget, it is easy to forget about the minor expenses and, but that can cause major future problems.

3. Self-discipline

Entrepreneurs gain their success having a planned path to specific goals and they persevere in working on realizing their tactic. Yet there are leaders that can talk for hours how life-changing is their idea but have no precise way to make it happen. The solution is to set smaller objectives. Either by working with the S.M.A.R.T. technique, which consists in: your objectives being: Specific, Measurable, Achievable, Reasonable and Time-based.

4. Networking, Networking, and Networking

Knowing people on “high places” (meaning their position in the industry or their capacity of investment in your business) is already an advantage. If you don’t, try to contact them, participate in events, go to conferences. Every event or meeting is an opportunity to open the doors to partnerships and to find business angels. Social skills have also a great impact on your team – a CEO has to be able to help business members and employees feel comfortable and encouraged. This will help in potential hard times, such as salary cuts, limited or no health insurance etc.

5. Ability to accept changes

Your work on starting a business is technically going to consist in work on two businesses. There will be constant changes, similarly to the environment that is changing. You can have a clear path, determined skills and tools, but do not be afraid to implicate a change into your plan. This can be at first taken as a risky step, buy with a deep analyse of the outcomes it can even be a breakthrough for your business. You should constantly try finding ways that will adjust your actions to greater success.