Menu Close

3 Characteristics of a Successful Start-Up

Developing a successful start-up can be a stressful experience, but when you have the passion and drive you can achieve the goals you have set yourself through your business idea.

By analysing successful start-ups you can learn tips and tricks that will give your start-up a better chance of achieving victory in it’s field. There are a number of characteristics true to the successful start-ups already operating, however three of these should be kept in mind at all times to improve your chances of running a good business.

The Prototype

When you have your idea clear in your head and decide that it’s time to begin operations then you should begin planning your prototype. Though sometimes complicated, the prototype serves it’s purpose through gathering a range of feedback in order to decide whether you are able to continue your idea and in which direction you should take it. In addition, a good prototype can aid in the marketing department such as marketing the idea and making relations.

Your prototype should be the minimum work that you need in order to demonstrate the business idea to a variety of different people. It needs to reach people in a unique way so they feel confident in you and your idea. Usually the prototype takes around 2-3 days to be ready for display, however it is not unheard of for it to take longer, but your prototype shouldn’t really take any longer than 2 weeks to be ready for demo. If your prototype was to take longer than 2 weeks you may be coding the idea as opposed to prototyping it, which is completely wrong at this stage.

When your prototype is ready you should pick a group of people and collect any feedback they have to offer. If they like it, there’s not really anywhere else you can go! If they seem to like it but need a bit more convincing, this is completely normal and you can use the feedback to improve areas they weren’t as happy with. Should they decide they don’t like it don’t get too disheartened as you can rethink the idea and build a new start-up idea.

The Business Model

Everyone loved your prototype and now it’s time to launch the business model. It is generally thought that the golden rule of the business model is to ensure you prepare the business model first before launching, otherwise disaster ensues. Relying on a USP or cool-factor is the wrong way to go abut things. Investors are wanting to understand how you are able to generate money through your idea, not how cool the product seems at first. They also want you to display confidence when discussing your business model, as if you don’t believe in yourself they aren’t very likely to disagree with you.

Begin your business plan prior to any coding and support this with estimated figures. Your business plan should then help you make an informed decision at the most appropriate time. Updates, marketing, expansion and funding shouldn’t be arbitrary decisions right now, you should take these steps when needed based on your functional business model.

The Team

The team you have working with you should be the most important factor you consider for business success. In order to have a low-turnover and great working environment, you need a team that works well together and is kept happy enough to continue supporting your throughout the life of the business. You want individuals who have the qualifications, the passion and the personality to best suit your business needs, as these are the bread and butter of your company. A number of start-up businesses were bought or invested in due to the excellent team of people working within them.

You should be very careful when picking your team and don’t fall into the trap of hiring a bunch of – for want of a better term – geeks. Sure it would be great to have a load of brainiacs working for you, but they might not necessarily be the right choice. You should instead choose people with qualifications that you personally lack. Take into consideration the importance of a business person and a marketing person as they will be the main driving force behind your business advancement.

Never underestimate the importance of passion when choosing your team-mates. Passion will drive the company in good times and uplift the company in bad times and many start-up companies have succeeded because of the team’s passion in the face of adversity.

Remember these characteristics when developing your start-up and you could be incredibly successful in your business venture.

Leave a Reply

Your email address will not be published. Required fields are marked *