Driven individuals are taking the startup route much more frequently now than ever before. No longer are we seeing the same trend of people working for companies for decades at a time. Competition is fierce as 90% of startups fail within the first year. There is a growing need to be as economical as you can in order to survive. What sets that last 10% apart from the rest? How can your business be successful without having to take such extreme measures? Here are 5 crucial characteristics of savvy startups:
1. Be Economical
Sometimes there is very little funding for startups but that does not mean that they are destined to fail. It's important to look for free tools and resources that can help your business grow. In a new series I've begun discussing how you can start a digital media startup for only $10.
In a very recent article I also went over a helpful list of 5 fantastic free image editing programs.
Another amazing new tool to add to that list of great image editing programs is Desygner. Desygner is a free graphic design platform that allows anyone from CEO's to freelance bloggers the opportunity to create beautiful visuals for social media profiles (LinkedIn, Twitter, Facebook, etc.), marketing materials, blog and email headers, ebooks covers, and branded business documents. And they can easily be done on a mobile device. Here are some images you can create with Desygner:
● Social Network Posts: Instagram, Facebook, Pinterest, & Twitter
● Web ads or Banners: All dimensions for websites & social media
● Blogs & Email: Create blog titles, blog images, & email headers.
● Headers for Social Networks such as LinkedIn, Twitter, YouTube, Facebook, and Google+ pages.
● Marketing Materials such as certificates, posters, brochures, menus, flyers and others.
● Events and Cards: For all variations of invitations
● Corporate Documents such as presentations, letters, resumes, business cards and more.
● Fun and Celebrations: Murals, Certificates, Awards, "Wanted" posters, and much more. Get creative! You can download the documents to your device or post them directly to your social media channels from your Desygner account.
2. Be Resourceful
This goes along with being economical and being intentional with where you are spending money. Perhaps there are certain tools that you could find for free. However, sometimes what is most efficient for your business to move forward is not always the most economical. There are times when outsourcing work is the quickest and most efficient way to get a vital project completed. This does come at a small cost but can mean less of your time spent on a project that doesn’t necessarily require your full attention. Luckily there are many freelance sites out there where people bid on your project.
For example, Upwork will partner you with an independent contractor or an entire team depending on the details of your project. You have control over who you invite to submit applications and then make the final decision. It also has the added feature of being able to track your project’s progress. This will help you set goals that can and will be accomplished.
3. Be Innovative
That's right, time to channel your inner Steve Jobs! Hopefully you have already done your research on the specific industry your product is trying to enter. Irrelevant products are one of the biggest reasons startups fail in today’s market. This might be due to the fact that the timing is wrong and not your actual product. Or maybe the market is just not large enough. In order to be innovative with your startup you must first put in the time and do the research.
This will mean that you are putting in the time and effort beforehand so that you can work smarter, not harder. And remember, sometimes you have to tell the customer what they want before they are even aware that they want it.
4. Be Relentless
Being relentless in business means that you should have your company’s best interest in mind at all times. It's doing everything in your power to help your business succeed. It is also about being able to identify the times when you should say no to certain business opportunities that will not serve you. A skill to fine tune is the cost / benefit analysis of business deals in order to differentiate lucrative deals that will profit your business and harmful deals that drain your time and financial resources. Launching a business involves encountering a myriad of challenges that need to be overcome. Be creative, persistent, and resilient. But being relentless does not mean that you need to work until you are completely burnt out. Making time for yourself to be healthy and taking part in activities that make you happy will ensure that when you go back to work, you will be focused and hungry.
5. Be Humble
Once that funding starts coming in, and it will, remember to remain humble. Knowing that you are part of the top 10% of startups that succeeded gives you every reason to mentor other entrepreneurs as they venture into the startup world. Humbleness is the type of confidence that other entrepreneurs will respect and make them more willing to partner with you in the future. Nobody wants to work with a pompous egomaniac that doesn't interact well with others.
Begin your startup with these 5 tips in mind and you will have a solid foundation for success. The most important part now is to begin - don’t sit back any longer. Start developing that product, service, or idea. It might be exactly what the world needs right now.
I hope you enjoyed my post about crucial characteristics your savvy startups need to survive in today's competitive business landscape.
Looking for more top tips on starting your successful business?
Read My Blog Posts:
- 30 Lessons In Business By Age 30
- 8 Money Lessons From Kevin O'Leary
- 7 Simple Suggestions For Success
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