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Sometimes it seems like everyone you know is somehow involved in a startup. However, despite their popularity, many startups struggle to ever takeoff. While every startup has its own unique challenges, you should definitely try to learn from those who have managed to find success.
Here are eight characteristics of successful startups that you should try to emulate.
Calculated Risk. Every decision has consequences. Successful startups are able to recognize potential outcomes and accurately calculate risk. Hasty decisions are never a good idea.
Persistence. Owning a startup is never easy. While most people recognize this, very few are prepared for the journey ahead of them. Successful startups are able to overcome countless obstacles and weather a seemingly constant onslaught of setbacks. It’s important to never lose your vision or passion. Persistence will pay off.
Customer Insight. Successful startups have an in-depth understanding of who their customers are and what they need. Intimate knowledge of your customer base helps in all aspects of your business. This is especially true for sales, marketing, advertising, product development, user experience, and branding.
Customer Service. The value of customer service cannot be overstated. Many successful startups have been able to gain traction because of their excellent customer service. If your customers feel valued, they’ll come back and become repeat customers. Exceptional customer service is hard to replicate, which makes it an effective tool for beating out competition.
Great Leadership. The importance of good leadership cannot be overstated. Even the most talented teams will struggle if leadership is lacking.
Valued Talent. Finding the right employees for your startup can be difficult. Unfortunately, many startups place too much emphasis on acquiring talent instead of retaining it. This can lead to a number of problems. Primarily, high turnover is expensive, demoralizing, and growth-inhibiting.
Positive Culture. If you want to win, you need to adopt a positive company culture. Successful startups are able to breed a positive environment throughout all levels of their organization.
Communication. Poor communication can be devastating for a young business. It can strain relationships between employees and between you and your customers. Ultimately, successful startups are able to overcome communication barriers.