Traits that a good startup should have.
Taking the plunge into the world of entrepreneurship is not for the faint of heart. There are potential setbacks, challenges of all shapes and sizes, you are taking on a huge financial and personal risk. That being said, starting your own business can be one of the most rewarding endeavours you could ever undertake. Before you get started, you should establish a blueprint outlining the steps you need to take to get your business off the ground.
The road to entrepreneurial succeeding is never smooth but in today’s tech driven digital age, you have an incredible abundance of resources and case studies at your disposal. Now more than ever before, you are able to learn from other entrepreneur’s mistakes and learn valuable lessons before you ever need to suffer the same setbacks as them.
So, to outline a few here, successful startups generally have the following traits;
Entrepreneurs who have a clear notion of what they want the company to be and where they want it to go are all able to succeed because they have a clear understanding of the kind of goals they wish to achieve. These startups are able to weather the storms and make it through tough times by focussing on what makes them unique and separates them from their competition. Jeff Bezos, who founded Amazon in his parent’s garage, successfully transformed his startup into one of the most successful multimillion-dollar companies in the world. Every year, along with his annual shareholder letter, Bezos attaches a copy of his first ever annual shareholder letter to reiterate to his employees and investors that the company will always maintain what he calls a Day 1 mindset. He is focused and clear on what he wants his business to achieve and this has facilitated his success.
You are going to hit many bumps in the road, encounter many difficult situations, but you need to be willing to embrace new ideas and be willing to adapt and change. A company that isn’t adaptable and willing to adjust their business model and – like Kodak for example – will not be able to keep up and ultimately become redundant in today’s fast paced environment. Although in many ways, it is something you cannot necessarily control, the timing of your startup is really key to making a business idea work. Netflix 10 years ago would not have been possible, people just didn’t have the infrastructure to utilise the platform the way we do now, but with rapid development of home internet services and streaming software, Netflix managed to establish itself in a time where it would be a viable and profitable business.
Although you may be able to start your business on your own, you certainly will not be able to do it all eventually. As a startup, you need to be able to operate collaboratively, both within your business and with other potential business partners.
In business, as in life, failure in many endeavours is an absolute given. You are going to fail, but the good news is, that doesn’t mean the end. If anything, looking at failure as a lesson can result in some of the most incredible ideas and learnings for you personally and as a business owner.
Choosing the right name for your startup is another vital aspect of ensuring success and longevity for your business. There are several legal and operational things to consider when naming your business.
Various states and jurisdictions have their own particular rules around naming your business and so it is important that you fully investigate your own state’s laws. There are some rules for naming your business that apply generally, but these also vary depending on how you are going to register your business. Companies are required to include an abbreviation indicating to the public the kind of company that they are registered as. LLC’s for example, must include a state sanctioned variation of an abbreviation to indicate that they are an LLC while corporate registered entities should include Inc. at the end of their name. Although this can be complex, click here to find out more about what to consider when naming your company.
Your chosen name cannot include any words that may potentially mislead customers into thinking you provide a service that you do not. Your name also cannot have the potential to be perceived as an operation division of the government or state. The particular restricted words – which require additional paperwork should you wish to register your business name to include – vary per state, but it would be best to be sure of them before you proceed with registration.
Your business name is the first thing that customers will see and hear when they interact with your business. It is the bedrock upon which you are able to build a successful and enduring brand. When choosing what to name your company, it should be a unique and memorable name that gives them a clear understanding of who you are. It should also be a name that is able to grow alongside your business and will differentiate your company from your competitors.