It is estimated that ninety percent of startups fail. If you’re an entrepreneur or small business owner starting your new business, that’s a scary statistic. Thankfully, only one in ten fail in the first year. Most failures occur between years two and five, when the reality of the situation sinks in and some of the initial excitement wears off.
However, against all odds, ten percent of startups succeed. They are successful not only for today but also for a long time. Obviously, there are some tried and true formulas to follow for business longevity as you go through tough and challenging times in the beginning and then set out to prosper and grow. To fully understand the direction your new business should take, it’s important to know the four traits that successful startups share.
Owners got the education they needed
If you want to navigate your business through the turbulent early years, you need an incredibly thorough, professional education. As a new owner, you will constantly wear a variety of hats, from operations and finance to human resources and inventory management. A degree program can give you the training and education you need. If you need to come up with the money to pay for your degree, consider taking out student loans. This will allow you to cover most of the costs associated with college. You can get the training you need up front and pay back your student loans over time.
A brilliant business idea that disrupts the marketplace
To become a successful startup, you want to come up with a shining star that can help disrupt the market. New business models and concepts that reinvent how we do things can create ways to make money in dull markets. When you create a model that eliminates the middleman or introduces frictionless business into the marketing stream, you set yourself up for a successful product launch and own that business space. You can create an entirely new enterprise that makes money by eliminating inefficiencies in existing business lines.
Have a cohesive, high-powered team
Just having a good idea and hoping to succeed is not enough. You also need a team of stars who really believe in what you’re doing. They must be professionals with the drive and determination to see things through no matter what obstacles come their way. While drive is incredibly important, you also need a cohesive team that brings a lot of energy to move as one. The term well-oiled machine applies perfectly in this case, because the efforts are constantly and aggressively aimed at taking you to your goal.
Constant desire to network and create
To be a successful startup, you need people who are constantly learning and willing to innovate. They need to approach problems in new ways and be open to seeing solutions through fresh eyes. Instead of coming at things like everyone else, they should be creators. One of the best ways to develop these creative skills is to network and brainstorm with others in the company or with industry peers. As you enroll in your degree program, you’ll find that connecting with your classmates or professors opens you up to new and higher levels of perspective and understanding.