Thousands of people make the decision to start their own business every year. And although many individuals make an attempt at company ownership, very few are actually successful. Hard work and dedication are two important qualities associated with running a successful business. However, some entrepreneurs have a special edge on top of that. Startup companies are usually led by people with excellent time management, efficient processes, fantastic timing for market entry and an undeniable confidence in their cause.
If you are considering starting your own business, make sure you have these traits in your back pocket:
When you begin working towards starting your own company, there are an absurd number of things that must be accomplished like securing a location, filing appropriate paperwork, store design and even hiring exemplary employees (plus so much more). With so much to get done, it’s essential to have great time management skills and the ability to keep things moving forward at a reasonable pace. Staying organized and following a goal-based schedule can be a big help in turning your business goals into reality.
To help with this, many companies turn to technology to aid them. ConnectCPA, an accounting startup, adopted a number of apps in order to streamline many of their processes and improve customer service. Some of the apps they incorporated into their business model helped to improve their handling of in-house finances and reduce need for paper documents. In today’s modern marketplace, embracing current technology and adapting your company’s needs around it can only bring about a winning partnership.
In a world where markets grow and change at a shocking rate, entering your products into the marketplace at the right time can be critical. When a majority of startups fail, (we’re talking around 90 percent here), it’s a risky gamble to assume how your core demographic will respond to your new product without conducting any research first. It takes extensive market research and a pretty large dose of luck to release something to an audience that is both ready and interested in buying your idea.
Releasing a mediocre product at the right time will almost always beat out an amazing product that is released before customers are ready for it. Entrepreneur Bill Gross stated in a recent TEDTalk that timing, more so than anything else, can be the biggest make-it-or-break-it factor for new businesses. Many tech-savvy entrepreneurs employ tools such as business analytics to test the waters for a product before jumping into business development. These analytics can help to identify trends in consumer purchases as well as save valuable resources and time.
Another essential thing that most successful startup companies have is a deep belief in ability of their product or service to improve the lives of the people using it. This belief is key because it will encourage you to keep pushing forward during difficult times, which there will be plenty of. Ask yourself, “Is this an idea I can be devoted to for five years? Ten?” If you are not willing to spend your waking moments from here on out to see it through, then perhaps it isn’t worth it.
Furthermore, company investors want to hear a pitch that oozes confidence and leaves no doubt that they will see a return on their investment in exchange for getting your idea off the ground. This idea works the same with potential buyers of your product. Initial customers will be taking a leap of faith in trusting you with their purchase, so making them feel confident they made the right decision is vital.
As you begin making your passion a reality, be sure to take into consideration your time management skills as well as your confidence in your idea or product. When you’re getting ready to hit the market, be sure to do some research into how to make sure you have the best timing possible. With a little luck, you may become a successful entrepreneur in no time.