How Can You Reduce The Chances That Your Startup Fails?

by Guest Expert

We need to understand the fact that most startups out there fail. This is something that we do not really want to acknowledge as business managers but it is one thing that does happen much more often than what you may be tempted to believe at first glance.

There are many articles on the internet that teach you about startup failure but if you are just starting out, here are some ways in which you can reduce the possibility that your new business fails.

Maximizing Resources

It is not that difficult to obtain information these days but when it comes to taking advantage of that data, everything changes. We are faced with limited resources for all new businesses. That is completely normal. How you use these resources is what will dictate survival. Trying to come up with various different solutions to maximize resources is vital and every single successful entrepreneur realized that.

Leveraging The Network You Have Access To

Every single businessman out there has 5 people types that appear in his network: influencers, downers, uppers, friends and family. The friends and family will always speak for themselves. Sometimes they are role models or mentors. Uppers basically means that the people are generally positive. They are not strategists and will rarely execute something well but their way of being is what influences you. The downers are those that are toxins and that you have to avoid at all times.

Influencers are the last ones in your network. This is a really important group for your business due to the fact that they aid you to connect with different other people. You have to remember that all people are a mix of all the types that we highlighted. There is no person out there that is just a friend or an influencer. You will need to basically see who is around you since this helps you to evolve better in business.

Building Learning Culture

Culture always appears because of processes, systems and people. This is what will define a company’s reputation. You cannot actually change culture without the change of behavior. Behavior can only be changed at a suitable scale by using processes and systems guiding you through a daily execution.

Remember the fact that startup success can be learned and taught. A proper process has to be followed but at the end of the day, everything depends on knowledge. You have to basically learn all that you can about business culture and how to properly develop it on the long run. This helps everyone be in sync and evolve as a part of the company.

The Minimum Viable Product

Minimal Viable Product (MVP) can be defined as the lowest service or product amount that can be brought on a market while achieving 2 objectives: minimizing costs and maximizing customer value. You can only gain good judgment when you have experience. However, experience does appear from the effect of bad judgment. It is really important that you never stop and that you keep improving. This is not at all difficult to do

You may also like:

Or read some more free business tips:

Filed under Start A Business. Posted by The Corporate Toolbox on