Business startups account for a good portion of the United States’ economy. Led mostly by tech-savvy young adults, these enterprises have been at the forefront of the Digital Revolution. But as the number of startups keeps growing year by year, entire markets are succumbing to oversaturation.
Everyone wants to get in on the action, lured in by success stories of college dropouts becoming millionaires. This passion, however, creates the perfect recipe for business failure.
In his book, 6 Secrets to Startup Success How to Turn Your Entrepreneurial Passion into a Thriving Business, John Bradberry makes it a point that businesses are unable to sustain themselves in the long run. To him, passion will cause a startup’s downfall if business leaders are unable to use it to their advantage. It becomes a problem when entrepreneurs fall into a “passion trap” where their ambitions keep them from realizing their core business objectives.
Indeed, your startup won’t survive on the expectations you have set for your business. Concrete and goal-driven planning are still important and Bradberry reveals his six secrets to building a startup that won’t fail in the long run.
Secret #1: Start acting like a leader
It takes a certain amount of confidence and creativity to build a strong business model. Sure enough, startup founders need to realize the leadership value their positions entail. This should result in the creation of support systems that help you face adversity and push your business forward. Bradberry suggests for young entrepreneurs to prepare themselves in becoming founders whose decisions will have an impact on the long term.
Secret #2: Play along with market rules
The reason you’re in business is simply that there’s a market for you to cater. After all, the revenue you need to keep your business rolling relies on how well you understand your niche. Successful startups spend a lot of time and resources in market research, which is crucial to effective strategizing. Such efforts in research should always put greater emphasis on providing value, forming strategic partnerships, analyzing opportunities, and religiously tracking their sales figures.
Secret #3: Keep the momentum going
When managing a startup, entrepreneurs will have to ensure constant access to funds they use for their operations. It’s in this sense that startups should focus on continued growth by financing specific activities that deliver the right results.
Secret #4: Roll with the punches
To Bradberry’s mind, it’s crucial to change your perspective based on the factors that are favorable to the growth of your startup. In this sense, it’s actually beneficial to tweak your game plan depending on what’s currently on the horizon. In other words, you should be able to become more familiar with the startup process and make necessary changes to promote continuous business growth.
Secret #5: Make communication work for your success
Of course, no organization could ever survive without maintaining a collaborative network. Your employees will be able to work better and immediately resolve a crisis if you make open communication an essential feature. Information is crucial for identifying issues that often go under the radar and crafting plans intended for specific purposes. Whether good or bad, any piece of information has value along the lines of effective decision-making.
Secret #6: Stay on track
Startups don’t have it easy contrary to what other people say. There are risks to consider and being able to address such risks can help give your startup a smooth launch. You just have to act swiftly in resolving critical issues and establishing additional income streams to support growth and secure the operational capacity of the business.
Startup founders can learn a lot more from Bradberry’s book. And as things go with guides for newbie entrepreneurs, his 6 Secrets can help startups set the tone for greater success.
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