Startups are literally a journey into the
unknown and entrepreneurs need to be comfortable with taking on ambiguity,
uncertainty and multiple challenges. Unfortunately, on average, 9 out of 10
startups will go out of business, and the remaining that are able to survive
and succeed are the ones that capture the qualities outlined below. These
qualities are generally deeply ingrained in the character of successful
entrepreneurs and is something that we see at Cofounders Lab, one of the
largest networks for entrepreneurs.
1) Vision
A well-defined vision is a skill or gift
that every company leader needs in order to cross the finish line. It will be
the major force behind an entrepreneur’s success and will serve as a compass in
tough times. A startup needs to envision how to monetize from the very
beginning. The first dollar counts, especially for potential investors.
2) Speed
Getting things done in a quick manner is
one of the many reasons why startups are able to reach their goals and
milestones. It makes a difference when a startup is able to launch on time or
when it’s able to move much faster than competitors. Successful startups never
delay the process of getting things done, and have to work as much as needed
until something is complete. The most productive people are the ones who make
the most of their time. Regarding speed, having knowledgeable people in-house
really makes a difference. I believe that the faster you can make the mistakes,
learn from them and improve your offering, the better.
3. Budget masters
A successful startup is efficient in
managing its finances and able to operate very lean. Every angle should have
its own budget assigned and unnecessary expenses should be avoided. It is
important to know what the company needs in order to accomplish milestones and
budget accordingly. When resources are limited, and time is of the essence,
companies need to master the skill of doing more with less.
4. Social skills
Networking is another reason for startup
success. A founding team that knows powerful and influential people in the
business is completely priceless and can open the doors to partnerships and to
find angel investors in a New York minute. Great startups have an outstanding
CEO who is able to work his or her way into any organization. On the other
hand, startup leaders need to inspire people and give them reason to follow
them through the uncertain journey, often where team members are required to
make many sacrifices such as work/life balance, salary cuts, limited or no
health insurance and so forth
5) Discipline
Discipline starts with self-control and is
a product of a strong self-imposed personal standard. Without discipline,
startups fail to succeed in business even if situated in the best economy.
Self-discipline leads to positive work ethic, and work ethic leads to getting
things done effectively and efficiently. It is critical to have all the team
members aligned and working together to get to the finish line