Just Because Most New Businesses Fail Doesn’t Mean Yours Will

Just Because Most New Businesses Fail Doesn't Mean Yours Will - Surge.ng
Startup desk/ Photo credit: Mashable

In the age of new businesses, having a good idea will only get you so far. You need to raise money, market your business, and attract customers, which is probably why 75% of ventured companies fail every year.

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Invest in people

You’re only as good as the people on your team. Look for smart, motivated individuals who possess all the skills that you lack. (That way you can delegate more intelligently.) Invest in team members who are just as passionate as you are: Launching a startup means long hours at the office and a job that goes way beyond 9-to-5. Above all, they should believe in the company’s mission. They’ll be your first brand ambassadors, after all.

Stay flexible

The key word to any successful startup? Pivot. Launching your own business is all about testing what works, taking calculated risks, and learning to fail better. You have to stay flexible in an environment like that and learn how to adjust when things don’t quite work out the way you thought. Remember: there are no mistakes, just learning opportunities.

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Do your homework

Sometimes it pays to learn from folks who have already been there. Startups.co (a lifetime subscription is currently on sale for $39) is an educational service that provides entrepreneurial advice from the world’s top founders. It has some 600 videos with experts from companies like Netflix, LinkedIn, and Airbnb, sharing tips for creating a thriving business.

If you’re looking for more personalized advice, you can join several moderated chats with founders and experts every Tuesday and Thursday. Startsup.co also offers complimentary access to BizPlan, one of the leading startup programs on the market.

Thanks to Mashable

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