Creating a successful startup is easier said than done.
We deal with lot’s of startups from the creative and cultural sector so we have seen our fair share of success and failures. In this post we share a few ideas on what we think results in startup success.
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Here are our 9 ideas on How to succeed as a startup
- Have an awesome idea, Search for your HIDDEN GEM
Have you distinguished a unique opportunity that others don’t see?
There may be a hidden opportunity in your future.
Look where other people don’t see because best opportunities are often hidden. All great companies are built upon finding answers to secrets– this is the heart of innovation.
For instance, AirBNB or how Albert Einstein found the Theory of relativity. Secrets are problems which have an answer, but nobody has figured it out yet or we can say they’re waiting to be uncovered, you just have to look and find them.
It all starts with the spark, the first idea. Without an idea no startup. Do you already have a world changing idea, great! Otherwise our post on how to generate business ideas is a great place to start.
- Be timely
Time plays a huge role in terms of – probably – almost everything. Thus, it would be neat to ask: ‘’is this the right time to start your certain business?’’, ‘’is this the right time to start your venture?’’.
Is it too early? Too late? Or perhaps, it’s the perfect timing.
It is very important to keep in mind if your idea would be relevant to this age and time and if it would be able to cater the current necessities of the market.
And what kind of market are you planning to establish your business in? Are you entering an existing market with the product? Is it a slow moving market, or a fast moving one?
- Create a kick-ass Business plan
An idea without a plan is useless. You really need to sit down and map where you want to be in three, five and ten years time.
- What’s your Vision?
- What market need are you fulfilling?
- Jobs to be done are a good exercise to do here?
- Make a SWOT-Analysis, banks and investors love this. Getting funding is an important factor in a startup’s life. And pitching is a skill you can always become better at. Read our post on pitching, the advice are invaluable.
- How will you market yourself?
- Investment plan, with a proper budget.
And remember. A business plan is a document in constant development. It evolves as you and your business evolves.
- Don’t think too big
Starting from a small market or niche and scale from there. Ensure that you’re going to enter the right market. If you can’t monopolize a unique solution for a small market, you’ll be stuck with ferocious competition.
Every startup or business starts from scratch – oftentimes, small at first. Every monopoly dominates a large share of its market. Always go on the side of starting too small. Thus, the infamous saying ‘’go big or go home’’ does not apply to this situation.
- Tell your story
Without a proper story, it will be hard to convince investors, customers and people to join and believe in your startup and it’s idea. We humans are born to like stories. See what we wrote about storytelling.
- Create the perfect team
The best idea is useless if it’s not executed by a perfect team. The best startup really put effort into creating an awesome team. Read our guide on how to hire the perfect team.
- And the culture you need
When you have the right people you then need to set the perfect culture. It’s no wonder that Google and the other tech giants put massive amounts of time and money into hiring and creating the best working environment. Culture is a success factor, the one thing that will keep your company evolving from year to year 🙂 Here’s our 5 tips on how to create a rad culture.
- Be durable
Will your market position be tenable 10 and 20 years from now?
Always opt for a long-term planning. Be the last mover of a certain market— the last man standing, as they say. It would be great to plan things out and make projections! Both financial and market — these are crucial materials in a start-up world.
- And make sure you can deliever
Having a prototype of a product and marketing it are important materials, however, it is also good to ensure that you have a way to not just create but also deliver your product – that’s one way for you to know what mechanics you need to have in order to sell and deliver your product.
You can never expect consumers to buy a superior product merely in its obvious great quality without any distribution strategy, you should never assume that people will admire your company without any public relations strategy. A great press can help to attract investors and employees.
Creating a successful startup is not a walk in the park. It all comes down to a good idea, a bit of luck, a one of a kind story, a great team with a good plan that can deliver and grow, and the most important part: passion. Good luck!
Are you a startup in the Creative and cultural sector?