Small Business

The Five Secrets to Building Successful Startup

building successful startup
credit: The Startup Garage

The Five Secrets to Building Successful Startup

As every entrepreneur knows, building successful startup is hard work.  Sure, you’ve got a great idea, but do VC’s agree?  Have you done the research and identified an actual need in the marketplace?  Do you have a plan of attack on how to get your product to market? With so many factors at play and research indicating up to 90 percent of technology startups fail, how do you make it work? 

A good place to start is with the people you surround yourself with.  A great idea is the catalyst to gets things in motion, but at the end of the day, it’s the team you hire who will ultimately determine the success, or failure, of the company.

There’s not a specific cut-and-dry formula, but if you keep these five tips in mind during your hiring process you’re sure to find that perfect team to help achieve your goals.

Related:  Young Leaders Arena Guide for a Successful Business Start-up

Know your weaknesses

Whether you’re the sole founder or you have partners, it’s important to identify your weaknesses.  Take stock of the voids in your skillsets, and prioritize which positions you need to hire first.

For example, if you (or your-co founders) are tech savvy but lack the skills to sell a product, you’ll want to quickly find someone who does. Recognizing these needs from the start will save a lot of extra time down the road.

Also, make sure you’re aware of which roles make the most sense for your industry.  If your dream is to build the next big mobile app, a copy editor may not be the wisest choice but someone who can write code is a great option.  If you’re not sure where to start, seek input from other leaders in your field who have already gone through the team-building process.

Related:  Surviving in Business: Startup Advice from Global Business Experts

Lean on your network

It’s not just the people within the company walls who are pivotal to your business’s growth, it’s also the people you bring in from the outside. Advisors, mentors and board members aren’t just for show — they play an important role in helping to guide you both personally and professionally.  Lean on your individual networks to find industry experts and veterans who can advise on matters with the hindsight of someone who’s been there before.

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