While a startup can be a fun (and challenging) process for everyone involved, it is well-documented that startups are not a cakewalk. So much has to go right for startups to succeed. Let’s repeat that: So much has to go right for startups to succeed.
However, startups can turn into something much bigger. When it comes to successful startups, let these five traits be your guide, because all successful startups have said traits in common.
Risk-Taker
This should go without saying, but let’s tackle it anyways: People are taking a risk with startups, and that includes everyone involved in the company.
It doesn’t matter if you are one of the investors, the CEO or one of the employees — you are taking a risk with a startup.
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Everyone Buys Into The Company
Everyone has to buy into the company’s beliefs if a startup is going to succeed. That means the right employees have to be put into place, and of course hired.
If buying into the company’s beliefs means working long hours, then that is exactly what has to happen.
In the grand scheme of things, everyone has to be on the same page, and sometimes that is easier said than done.
Great Idea/Product
A great idea/product drives the startup ship. Without a good idea/product, how are the employees supposed to buy into the company? How is the company supposed to get funding from investors? How is the startup supposed to have an impact on the world?
None of the above is possible without a good idea. In some cases, the product sells itself. When it comes to a marketing and advertising standpoint, that is huge.
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Great Management
Without great management, everything will sink. Fast.
The employees can only do so much in a startup. Yes, they can do a lot by putting in the long hours (and being productive). However, at the end of the day, it is up to upper management to get the funding, make the deals and create the visions (in some cases, employees are part of the decision-making process as well).
Nonetheless, it is up to the management team to make all of the big decisions, and to guide the company.
Communication
This might seem like an obvious trait — and one that everyone should have — but communication skills are crucial in a startup (or any business). Things are bound to change over and over again.
If everyone isn’t on the same page, then time will be wasted, and the product could take a hit as a result.
While there are more traits that all successful startups have in common, the five above are very important. Without them, a startup will more than likely fail, after all.
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