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6 Rules Of Successful Entrepreneurs And Startups

6 Rules Of Successful Entrepreneurs And Startups

Statistically, most startups in the world fail. This is due to several factors: the startup didn’t address a real market need, it ran out of cash, it didn’t have the right team, it got outcompeted, or because its go-to-market strategy was insufficient.

There are currently 31.7 million small businesses in the United States, which make up 99.9% of all U.S. businesses.1 Many small businesses start up every month but the failure rate is high.

It seems that most businesses are destined for failure. But there are key points to not becoming a faliure

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1.You need to create a unique brand of your product

1.You need to create a unique brand of your product

You need to create a unique brand proposition of your product. The need of the utility of the product has to be created and the value proposition has to be communicated loud and clear to the customer. You need to make sure that the product is developed keeping in mind it fulfills the need of the user. What is more significant is that the customers understand the utility well and realizes the need for it.

“One product can be life-changing, game-changing,” says Pravin Daryani, CEO of A&A Business Consultancy.

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2. Effective Calculation

2. Effective Calculation

You need to test the product viability before launch, test, validate and determine the core features. You have to focus on using the feedback as a basis to build the next version of the product. Each step has to be logically derived on the basis of calculations. No step should be based on intuition and gut feeling. Everything should be derived from calculations and logically driven.

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3. Dominate the Market Category You Are After or Create New

3. Dominate the Market Category You Are After or Create New

It is not enough to just be another face in the crowd. If a startup wishes to succeed, it must aspire to lead its market category eventually. It can do this in one of two ways: challenging an existing category by offering a better way to do something or defining a new category or sub-category that didn’t exist before.

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4. Foresee the Future and Innovate to Meet Its Demands

4. Foresee the Future and Innovate to Meet Its Demands

Startup entrepreneurship refuses to believe“there is nothing new under the sun” They believe that there is always a better solution, new needs to be met, and constant changes that require constant innovation.

The entrepreneur needs to have a hypothesis of where the market is going, foresee the new market needs, and aim to build a solution for these future needs.

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5. Invest in the right team

5. Invest in the right team

Michael Jordon rightly highlights the importance of the right people working as a team,” Talent wins games, but teamwork and intelligence win championships”.

You need to make sure you have the best people from diverse fields and together as a team you can maneuver any challenges and pitfalls. Do not emphasize on a one-man team. A balanced team builds empires and helps you thrive in each situation.

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6. Bend the Rules

6. Bend the Rules

The rules can pertain to what is physically possible or what is considered “good practice.” One implicit rule of commerce is that nothing should be given away.

Startups have repeatedly turned that rule on its head, declaring that something previously for sale is now free and creating a new business model that didn’t exist before.

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7. Show, Don’t Tell

7. Show, Don’t Tell

This advice is usually given to fiction writers. In the world of high-tech startups, it’s not enough to tell people what you can do – that won’t convince them. However, if you provide living proof of what your product can do and that your technology works, people believe you, there’s a good chance they will become your clients or investors.

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8. Enhance leadership skills

8. Enhance leadership skills

You need to enhance your leadership skills and focus on personal development. Keep building your acumen and never stop learning. "A great leader can steer the radar smoothly in all stormy times"

You have to keep your technology and software updated and be flexible too. You need to communicate, motivate, delegate and channelize the energies of the team to be successful.

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Conclusion

Conclusion

Startups are based on novel ideas, which if synched with market demands, can work wonders. Starting a company or building a product is an easy part, sustaining operations or making them grow is the biggest challenge. Retain your calm, invest wisely in your team and go step by step. 

It’s self-confidence, unique ideas and passi that will truly make any startup unstoppable.

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CURATED BY

crt7

🙋Am a self taught Digital Creator , Editor 💻 from India 🇮🇳 , as well as a Technologist and a COD Gamer 🎮. Interested in learning📒 new things always for keeping up with the trend .

Starting a company or building a product is an easy part, sustaining operations or making them grow is the biggest challenge.

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