What Makes a Successful Start-up?

With so many people taking the plunge into business ownership over the past 18 months, a significant number have found it can be difficult to hit the ground running and make a success of your new venture. That’s why we’re here to make sure you get off to the best start possible and build strong foundations for a long and prosperous future for your business.

Some start-up failures are a result of problems within the team. This can range from lack of experience to not having the same end goal but almost always causes issues. Having the right people at the helm will help boost your chances of success. So, what makes a good team? A common answer is a team with prior start-up experience but everyone has to start somewhere, right? It’s that vicious cycle in which you need prior experience but nobody will give it to you, so how will you ever progress? Harvard Business Review found that prior experience alone does not always equal success and that soft skills such as entrepreneurial spirit and strategic vision are just as, if not more, important when it comes to success. Though having some experience is always useful.

Illustration of startup business

Hiring a diverse team has shown to be a big indicator of success, too. A variety of perspectives from people with different genders, disabilities, backgrounds, cultures and religions can ensure your business understands more than just what you’re familiar with, making it appeal to more potential customers and clients. This also helps budding entrepreneurs see beyond their own ideas, products and services and become an expert in the market as a whole, meaning they can discover their unique selling points and what makes them better than their competitors.

There are, of course, many other factors that make a start-up successful besides building an “A Team”. Deep knowledge and understanding of the market in which you operate is crucial in knowing your place and which areas to exploit. A strong financial acumen will see you keep hold of the hard-earned money your business makes. A passion for what you do and wanting to succeed is how the very best get started.

If you’re looking to start a business, we’ll help make sure you are as prepared as possible before you set sail into the world of new business. Learn more at www.thestartuppack.co.uk, email info@thestartuppack.co.uk or give us a call on 01604 435133. We succeed if you succeed!

Exciting news! We are about to launch the Startup Finance Guide which we believe is a complete guide for new business owners as we are living in a world where “Cash is King”! The Guide will be available in PDF download format to anyone who registers on the Startup Pack website www.thestartuppack.co.uk.

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